M&A trends powering renewable growth in mining and energy
M&A trends powering renewable growth in mining and energy
BDO’s Annual Renewables Report 2025, produced by BDO in the United Kingdom, captures the mining sector’s evolving role in a world currently shaped by decarbonisation, energy security, and technological innovation. The report explores how the industry is balancing critical supply with sustainability, while addressing economic and social impacts, health and safety, and the future of its workforce.
Global momentum and mixed messaging
Across the G7 nations, decarbonisation and energy security are central themes. Although the outlook for renewables is strong, policy and messaging are not always consistent. Some member nations are prioritising energy stability over a full transition to renewables, creating a fragmented landscape that complicates global coordination.
Resilient investment in energy transition
Despite policy uncertainty and inconsistent global messaging, mergers and acquisitions (M&A) related to the energy transition remained strong in 2024. Key areas of investment included:
- Solar and small-scale renewables
- Battery and energy storage systems
- EV charging infrastructure and microgrids
- Energy-as-a-Service (EaaS) platforms.
Total renewable energy M&A reached £91.5 billion (approximately A$172.9 billion) across nearly 700 transactions. Private equity firms, infrastructure funds, and strategic corporates led the charge.
Although some infrastructure funds are trading below net asset value due to valuation pressures, many are responding with consolidation strategies. A recent trend of declining interest rates has also improved sentiment and liquidity in the sector, unlocking capital and supporting increased deal flow.
Australia’s strategic role
Australia ranked fifth globally for renewable energy M&A in 2024 with £22.5 billion in activity (approximately A$42.5 billion). The country's mix of policy support, resource availability, and energy transition ambition continue to attract international capital.
Notable transactions during 2024 include:
Neoen S.A. divestment to HMC Capital (ASX:HMC)
- Value: A$950 million
- Assets sold:
- Bulgana Green Power Hub (224 MW)
- Numurkah Solar Farm (128 MWp)
- Victorian Big Battery (300 MW / 450 MWh)
- Significance: This transaction strengthens Australia’s standing in large-scale renewables and battery storage.
J-Power acquisition of Genex Power Ltd
- Stake: 92.28 per cent
- Value: A$350 million
- Projects Included:
- Kidston Solar Project (50 MW)
- Pumped Hydro Project (250 MW)
- Significance: This acquisition highlights ongoing foreign interest in hybrid and integrated storage assets.
Looking ahead
As Australia continues to attract strategic investment and lead in renewable innovation, the mining sector will play a critical role in supporting the energy transition and driving broader economic growth. BDO’s report underscores the need to align policy, capital, and capability to ensure the sector remains resilient and future ready.
How BDO can help
BDO’s renewable energy experts provide tailored solutions to help organisations manage the challenges of the energy transition. From strategic advisory to transaction support, we are equipped to guide businesses through every stage of the investment cycle.
Our global natural resources and energy team brings together local insight and international reach to help clients:
- Identify the right targets or investors
- Navigate regulatory and funding landscapes
- Mitigate risk and maximise returns.
BDO’s end-to-end support spans strategy, due diligence, structuring and post-deal value creation, positioning clients to achieve sustainable growth.
