Energy Transition M&A Outlook 2025
The Energy Transition M&A Outlook 2025 offers critical insights on M&A trends, strategic drivers, and emerging technologies that are shaping a cleaner, more sustainable future. Download your copy today to access:
- Comprehensive analysis of global transactions
- In-depth commentary from our internal lawyer survey
- Full explanation of our data set and methodology
In recent years, the energy transition has emerged as a critical focal point in the global economy, driving transformative changes across industries. Recognizing the significant implications of this shift, we have conducted a comprehensive analysis of the energy transition M&A market to better understand the evolving landscape. This report covers M&A transactions that include, among others, the diversification efforts of the oil and gas industry, the transition of the power industry to renewable and low-carbon generation technologies, mining and processing of critical minerals, and investments in the transportation sector, including electric vehicles (EV) and EV charging infrastructure.
Global M&A overview

Key drivers of energy transition M&A
Different patterns across energy transition sub-sectors were observed. Renewable energy generation transactions saw a decline in the overall share of deal volume and value across the time period analyzed. This trend suggests a maturing market, with major players increasingly focusing on strategic, high-value acquisitions, as well as a shift from the acquisition of assets in operation (higher value transactions) to co-development agreements, acquisition of early-stage projects (lower value transactions) or acquisition of development platforms or portfolio businesses.

Strategic rationales for energy transition M&A
Our data shows several rationales behind energy transition deals in the market, including:
- Optimizing and diversifying corporate portfolios. This often involves selling non-core assets and acquiring assets that align with energy transition goals.
- The pursuit of operational scalability. Businesses often use M&A to enter new geographic regions or to strengthen their presence in existing markets.
- Increasing regulatory and public pressure to move towards cleaner energy sources. Many countries have set ambitious targets to reduce their carbon emissions.

Geographical landscape


Energy Transition M&A Outlook 2025
- Comprehensive analysis of global transactions
- In-depth commentary from our internal lawyer survey
- Full explanation of our data set and methodology
New dynamics: traditional players vs new entrants
“In the US, a significant uptick is expected for M&A activity in the energy transition space. Private equity and credit opportunities particularly are poised for growth, targeting investments that capitalize on ESG initiatives and federal renewable tax credit monetization strategies.”
Looking ahead
“Energy transition M&A is a strategic imperative for an increasingly broad range of market players and is being driven by multiple factors.”
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