The report is based on continuous data collection from Refinitiv Eikon, public company announcements, and THEMA analysis. While the report provides a helicopter perspective, behind the figures lies a rich dataset and in-depth segment analyses. Please contact us if you would like more details on individual deals, model assumptions, or tailored analyses to support decision-making.
Key Findings from Q2 2025
M&A activity dropped significantly
Only 10 transactions were completed during the quarter (down c70 percent vs. Q1-25). 70 percent of buyers were foreign, demonstrating that international interest remains even as volumes decline.
Project financing down but still historically high
The rolling 12-month volume stands at USD 16.9bn, driven by three large wind projects in Q4-24. New projects (solar and wind) increased to 33 in both Q1 and Q2-25, a clear jump from mid-2023.
Bond market cooled off
After peaking in 2024, issuance volumes in Norway and Sweden have fallen to USD 2,235m LTM. The number of transactions remains high (34), but the average issued bond is significantly smaller than last year. Danske and Nordea lead the bond table with a combined 49 percent market share.
Few players dominate
Eight developers account for 73 percent of the project financing volume.
Strategic individual cases set the tone
- DEME acquires Havfram Wind for cEUR 900m, securing two WTIV vessels.
- Gasum takes full control of NSR Biogas in Helsingborg.
- Hystar raises USD 36m in equity plus EUR 26m in EU grants for a gigafactory for PEM electrolyzers.
Do you have questions, need further details, or wish to discuss the findings in more depth? Contact eirik.lindberg@thema.no
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