Giuseppe Maronna

European solar M&A has entered a harder phase. Portfolio scale is up. Margins are down. Assumptions baked into deals no longer hold. This panel looks at how asset owners, investors, and acquirers are approaching M&A in 2026, what no longer clears investment committees, and how valuation, risk, and deal structure are shifting as solar behaves more like infrastructure than growth equity.

• Why headline MW still trade, but quality, grid position, and revenue shape matter more
• What buyers now discount heavily. Curtailment exposure, merchant risk, grid upgrades, and retrofit capex
• How earn-outs, deferred consideration, and asset rotation replace clean exits
• The impact of refinancing pressure and higher rates on sell decisions
• When M&A creates value and when organic optimisation wins
• Why storage optionality increasingly influences acquisition logic