South East Europe’s energy M&A market is shifting as the region moves through its transition. Earlier transactions were driven by a megawatt-focused approach, with developers seeking wind and solar resources, investors targeting pipeline volume, and utilities pursuing decarbonisation assets. That framework remains relevant, but it is no longer sufficient for deal valuations across Greece, Romania, Bulgaria, Croatia, Serbia and the wider Western Balkans.
The emerging thesis places greater weight on platforms rather than individual projects. A renewable project is considered valuable, but a grid-secured, operating, contracted, multi-market renewable platform is described as more valuable. This change is reflected in how buyers assess assets and development positions in the region.
Global deal value rise and regional drivers
The shift aligns with a broader global trend in power and utilities transactions. PwC’s 2026 energy, utilities and resources M&A outlook estimates that global power and utilities deal value rose by around 57% from 2024 to 2025. The report links the increase to rising electricity demand, energy security concerns and investor appetite for large capacity-driven deals.
In South East Europe, the same forces are present alongside market-specific constraints. The region is dealing with grid congestion, coal-transition risk, market-coupling gaps, negative prices, storage needs and energy-security concerns. As a result, investors are described as seeking strategic positions in a market that is becoming more volatile and more integrated.
Masdar-Terna and PPC-Evryo highlight platform pricing
Masdar’s acquisition of TERNA Energy is cited as a key example of platform logic. The transaction valued TERNA Energy at an enterprise value of around €3.2 billion. The deal is described as one of the largest European renewables transactions and used as a benchmark for strategic platform value.
TERNA Energy had around 1.2 GW of operating capacity and a target of 6 GW by 2029. The valuation is presented as reflecting payment beyond existing operating megawatts, including a development engine and regional optionality. The figures indicate that the buyer was paying for platform characteristics rather than only current generation capacity.
PPC’s acquisition of Evryo in Romania illustrates another form of platform-based deal structure. PPC acquired a 629 MW operating renewables portfolio, mainly onshore wind, plus about 145 MW of pipeline assets. The transaction had an enterprise value of approximately €700 million.
The deal was expected to add about €100 million of annual EBITDA. It is also framed as part of PPC’s move toward becoming a larger regional utility. A Greek incumbent purchasing Romanian wind assets is presented as an indicator of cross-border consolidation in SEE power markets.
Cross-border solar frameworks and industrial partnership models
The PPC-Metlen solar cooperation points to similar direction in how projects are assembled through partnerships. The two Greek groups agreed to develop up to 2 GW of solar projects across Italy, Romania, Bulgaria and Croatia. The framework value was estimated at up to €2 billion.
The structure assigns different roles across the project lifecycle. Metlen develops and constructs, while PPC acquires projects after grid connection. This approach is described as showing how M&A activity evolves from outright acquisitions into industrial partnerships.
The model is linked to different commercial needs among participants. Developers are seeking capital recycling, utilities are targeting de-risked growth, EPC-linked developers are looking for predictable exits, and buyers are focusing on grid-connected projects rather than speculative pipeline positions.
Valuation shifts: grid access, contracted revenues and storage readiness
A first implication concerns how early-stage pipelines are valued. Investors are described as discounting projects heavily when grid access, land status, permits or offtake arrangements are unclear. In SEE, a theoretical pipeline can appear inexpensive while a grid-secured pipeline remains scarce.
A second implication relates to revenue contracting for operating assets. TotalEnergies’ sale of 50% of a 424 MW Greek wind and solar portfolio to Asterion valued the portfolio at €508 million, or about €1.2 million per MW installed. EDPR’s sale of a 150 MW Greek operating wind portfolio to Principia involved assets with 20-year CfDs.
A third implication addresses storage optionality within renewable value propositions. A solar project with battery-ready grid capacity is described as attracting more interest than standalone solar exposed entirely to midday price cannibalisation. The priority is expected to increase as negative prices and intra-day spreads grow across SEE.
Selectivity in Southeast Europe renewables M&A
The market rule described in the source sets out relative value tiers for different project attributes. It states that permitted megawatts are worth more than paper megawatts, grid-secured megawatts more than permitted ones, contracted operating megawatts more than merchant ones, and that storage-ready megawatts may soon command higher value than standalone projects.
The same framework leads to greater selectivity in dealmaking across South East Europe. Buyers are still pursuing growth but are expected to pay higher prices for platforms combining operating cash flow, development capability, grid access, storage optionality and regional strategic fit.
The next wave of transactions is described as not being won by parties with the largest spreadsheet pipelines. Instead it would be won by those controlling the most bankable positions within the electricity system.