Welcome to my first newsletter of 2026!

For those who don’t know me, I’m Nikita and for the past eight years, I’ve had the pleasure of partnering closely with developers, IPPs and investors driving the energy transition on high-impact leadership growth.

This has allowed me to build a fantastic network and gain perspectives on how this fast-paced market is continuing to evolve. Here you’ll be able to find an overview of the Renewable Deals, Developments & Direction I’m seeing.

With 2026 in full swing, it's clear the market is maturing through necessity. Capital is still strong, but more selective. Ambition alone isn't enough anymore, but the advantage now sits with those who can execute projects at speed and scale. And that's where leadership quality becomes a real differentiator.

Let's dive in...

Policy & Regulatory Developments

UK's NESO Reform - The overhaul of the UK grid connection process late last year - prioritising projects with credible delivery pathways - is a step in the right direction, but the government's 2030 clean power targets still feel ambitious. We've already seen many projects fall away, and even the developers with Gate 2 offers remain unclear on timelines, costs and locations, making investment and business decisions difficult. Add in technical skill shortages and transmission constraints, and we're likely to see further attrition as well as increasing diversification in project types and structures.

I've plugged a recommended podcast at the end which dives into more detail, and here is the senior talent I’m noticing UK Developers and IPPs prioritise in turn:

France's PPE 3 Decree - After renewable energy capacity additions in France slowed throughout 2025, the announcement of PPE3 on 12th Feb - a multi-year energy plan setting clear solar and wind goals through 2035 - provides much needed visibility and confidence for developers and investors. Though lower than expected, the ~48GW solar, 31GW onshore wind and ~15GW offshore wind targets feel pragmatic and there seems to be a sense of relief for many across the industry.

Germany's Grid & Market Design - As always, Germany remains central to Europe's scaling renewables story. Discussions around grid cost allocation and infrastructure investment incentives are becoming critical as the country's electrification accelerates. For utilities and institutional investors, risk-return clarity for network operators is becoming as important as CfD frameworks for generation. 

The Hyperion Search Cleantech Market & Talent Review

Check out our latest quarterly review published in January, with a look back on key industry news, deals, talent trends and people moves (below) from Q4 2025, as well as a few 2026 predictions. To access the full report, download it from our here

Finance, Investment & M&A Activity

Despite more disciplined capital, deployment remains strong for bankable firms with operating assets and late-stage developments.

Investment & Financing Highlights

• R.Power Renewables secure €250m equity to accelerate their European solar, wind and storage buildout. 
• Grenergy close a $355 million senior non-recourse financing agreement for three projects totalling 398MW solar and 1.4GWh energy storage in Chile.
• European Energy raise €64.5 million in long-term financing to support the operation of a 101MW solar/200MWh energy storage project in Denmark.
• Econergy Renewable Energy Ltd. reach financial close on a 40MW/120MWh energy storage project in Scotland, securing £21 million in project finance from Santander UK and a long-term optimisation agreement with EDF.
• Scatec ASA reach financial close for a 190MW solar portfolio in Romania and have begun construction of their first projects there.

As many projects across Europe were developed by companies without the capital or infrastructure to actually build them, we're also seeing sustained M&A activity and a definite buyers market. 

Project & Platform M&A Highlights

• Alight acquire two solar projects in Finland exceeding 200MW from 3Flash Finland, further expanding their Nordic pipeline.
• IST Investmentstiftung acquire a 91MW regulated solar portfolio in Spain from Bestinver (the asset management arm of ACCIONA) for an enterprise value of over €330 million.
• ContourGlobal enter the Greek market by acquiring ~37MW of operational solar assets and a suite of 500MW/2,000MWh energy storage previously developed by Quest Energy.
• Funds managed by Triple Point acquire a 28MW solar project in the UK from IG Renewables and Anglo Renewables Ltd.
• ABO Energy successfully sell three solar projects in France totalling ~85MW to TENERGIE and CVE (Changing Visions of Energy).
• Aneo continue their Nordic growth by acquiring RWE’s Swedish portfolio of 124MW onshore wind, 48MW of nearshore capacity.
• Nofar Energy agree to acquire a controlling stake in Ellomay Capital Ltd. (NYSE/TASE:ELLO), expanding their operational footprint and strategic growth across Europe, the US and Israel.

Congratulations to everyone involved!

The Developer & IPP Landscape

Across Europe, a clear pattern of pipeline rationalisation and asset rotation has emerged. Early-stage developers are divesting advanced projects, infra-backed IPPs are consolidating, hybridisation with solar or wind plus storage is increasingly being embedded, and corporate PPAs are regaining momentum. Negative pricing events are accelerating portfolio-level thinking and developers who built pipelines during the low-cost era are now partnering with utilities and funds capable of executing. 

Utility Strategies  

Europe’s major utilities are evolving. They're no longer simply asset owners but system integrators, leaning into grid upgrades, digital optimisation and flexible portfolios. They are orchestrating complex, decentralised systems meaning strategic priorities now include advanced trading platforms, AI-driven forecasting and grouping flexible energy resources. This shift was particularly visible at E-world with optimisation and software solutions front and centre. 

Supply Chain & Energy Security

AI-driven demand growth, industrial electrification and geopolitical tensions have made renewable energy projects strategic infrastructure rather than just climate assets, meaning they've firmly entered the security conversation. Supply chains are now very much a board-level topic, moving from cost to resilience focused.

Q3 2025 saw notable shifts in renewables across Europe and America. In Europe, expansion slowed for the first time in over a decade, largely due to reduced subsidies, placing 2030 targets at risk and exposing grid infrastructure bottlenecks. Despite this, investment rebounded, with major capital flowing into offshore wind and grid upgrades. In America, passage of the OBBBA eliminated federal support, driving industry consolidation and shifting attention to speed and scale in project delivery using storage and AI.

European Market Trends

Solar growth is facing setbacks amid policy shifts

Policy changes are slowing solar deployment across Europe. Cuts to subsidies in Germany, France, and the Netherlands have reduced projected installations. Despite solar briefly surpassing nuclear and fossil fuels in June, Europe is on track for 723GW of capacity by 2030 - below the EU’s 750GW target.

Grid infrastructure struggles to keep up with renewable energy growth

Wind and solar expansion continues to outpace grid development, creating saturation, negative prices, and reliability issues. Portugal faced major blackouts in Q2, prompting a €400m investment in grid upgrades and large-scale BESS. The European Commission has released new guidance on planning, connection charges, and tariffs to accelerate renewable integration.

Surge in renewable energy investments

Investment momentum remains strong, with capital shifting back to Europe after US market changes. Offshore wind in the North Sea is attracting significant attention, while Iberdrola’s €100bn commitment through 2031 highlights confidence in regional growth.

Decline in residential installations

Residential rooftop solar is weakening due to subsidy cuts and lower electricity prices in Austria, Belgium, Hungary, Italy, and the Netherlands. Utility-scale and C&I solar remain resilient, even as negative pricing pressures persist.

European Talent Trends

• Technical, Operational and Strategy: Rapid expansion to meet 2030 climate goals has created significant technical, operational and strategic talent needs. There is intense competition and skill shortages, fuelling focus on retention and new talent attraction, often looking at tech and construction sectors.
• Grid experts: Many developers/IPPs are looking for key grid experts with a mixture of engineering and commercial acumen, to help reduce project bottlenecks.
• UK growth: Recent reforms to the electricity grid which have created a favourable environment for new renewable projects is expected to create future demand for jobs.
• Key Project Leadership: Crucial for businesses to scale infrastructure, ensure timely project deliveries and navigate new regulations.
• Digitalisation & AI: Increasingly complex energy systems are creating the need for smart grid analysts, energy data scientists and AI-driven technology developers.

USA Market Trends

Policy shifts prompt industry consolidation

The July passage of Trump’s One Big Beautiful Bill Act eliminated key tax credits and $13B in federal renewable funding. This has driven M&A activity, with PE-backed firms and utilities acquiring projects and smaller companies. In August, CBRE Investment Management acquired ClearGen.

Investment in manufacturing continues to increase

Despite policy uncertainty, Q3 investment in clean energy manufacturing remains strong, supported by the IRA. Solar and battery OEM capacity continues to expand, though full vertical integration is constrained by reliance on imported components under new FEOC rules.

Renewable energy capacity growth slows

US renewable capacity is still growing but at a slower pace due to policy, permitting, and tariff challenges. Offshore wind faces setbacks, including a pause on Ørsted’s Revolution Wind project, while states like Texas, Arizona, Ohio, and Indiana see strong solar growth.

Data centre energy capacity demands

AI is driving energy demand, with data centres expected to add 100–200 TWh annually by 2030. Renewables and LNG will be critical. Google announced a $25B expansion of AI/data centre infrastructure across PJM in July.

USA Talent Trends

• Executional Leadership: Need for those who can drive projects NTP and COD quickly, with airtight processes and operational discipline.
• AI & Data Centre Demand: Creating opportunities for leaders who can navigate direct partnerships with data centre buyers and align utility-scale development with AI-driven demand.
• Community & Political Engagement: Developers increasingly require talent that can manage opposition to operate alongside technical delivery.
• Capital & M&A: Consolidation is accelerating the need for professionals skilled in structuring deals, managing portfolios, and attracting long-term capital.
• Policy Adaptation & Strategy: Leaders who can pivot quickly in response to shifting ITC/PTC timelines, FEOC guidance, and regulatory uncertainty are now essential.

You can read, download and share our full Q3 Market and Talent Review here: Hyperion Market Reviews