mynth
← DATABASE
03/2025

AKUO acquired by ARDIAN

FRANCE Power Generation / Renewables EV 1b - 4b EUR

Context

Ardian acquired approximately 97% of Akuo for an equity value of approximately EUR1 billion, enabling the exit of ICG (Intermediate Capital Group), which had provided EUR650 million in non-dilutive financing in 2022. The deal followed two years of complex negotiations where initial bids from KKR, Antin, and InfraVia failed to meet the founders' expectations. Ardian secured the deal by offering value-sharing mechanisms and earn-outs, ensuring the founders remain involved as minority shareholders and operational leaders.

AKUO, which reported an EBITDA margin of LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN.

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

Target

Akuo is a leading French independent producer of renewable energy. The company develops, finances, and operates a diversified portfolio of solar, wind, and energy storage assets globally. As of late 2024, its operational and storage capacity reached 1.9 GW. Akuo is also known for its innovative "Agrinergie" projects (combining farming and solar) and its strong focus on hybrid energy solutions.

Ent. Value

LOGIN

Equity Value

LOGIN

Multiples

EV / Revenue

LOGIN

EV / EBITDA

LOGIN

EV / EBIT

LOGIN

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2024
LOGIN
LOGIN
LOGIN
2023
LOGIN
LOGIN
LOGIN

Similar deals in Energy & Utilities

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
DateAcquirerTargetCountrySectorDeal Context
11/2025TOTALENERGIESENERGETICKÝ A PRŮMYSLOVÝ EPHCZECH REPUBLICPower Generation

TotalEnergies has entered into an agreement with EPH to acquire a 50% stake in a European portfolio of power generation assets, as part of a joint venture owned equally by both groups, which will be responsible for the industrial management and development of these assets. Beyond the capital structuring of the transaction, this deal aligns with TotalEnergies' Integrated Power strategy, aimed at increasing the group's exposure to electricity in Europe and developing synergies between its gas and power generation activities

06/2025ARESPLENITUDEITALYPower Generation

Ares Alternative Credit Management has entered into an agreement to acquire a 20% stake in Plenitude through an investment of approximately €2 billion, becoming the company’s second minority shareholder alongside Energy Infrastructure Partners. The transaction supports the diversification of the company’s ownership structure while providing additional resources to expand its activities across renewable power generation, energy retail and electric vehicle charging infrastructure. The investment is underpinned by long-term structural demand for energy infrastructure and the continued shift toward low-carbon energy systems

03/2025BROOKFIELDNeoenFRANCEPower Generation

Brookfield Renewable Holdings announced the successful completion of a mandatory tender offer for all outstanding shares and convertible bonds of Neoen. The offer, launched in February 2025, resulted in Brookfield and its concert parties acquiring approximately 97.7% of Neoen’s share capital and the vast majority of its 2022 convertible instruments, thereby satisfying the conditions for a compulsory squeeze‑out. The transaction follows Brookfield’s earlier strategic intent, expressed in early 2025, to secure a controlling position in a leading independent renewable‑energy producer with a diversified portfolio spanning solar, on‑shore wind and utility‑scale battery storage across four continents

11/2024KKRGreenvoltPORTUGALPower Generation

KKR announced a definitive tender offer to acquire control of Greenvolt – Energias Renováveis, S.A., a Portuguese independent power producer specializing in solar and wind assets. The bid represented KKR’s most recent foray into the European renewable sector, following a period of heightened investor interest in decarbonisation infrastructure. Greenvolt, founded in the early 2010s, has assembled a diversified portfolio of generation facilities across the Iberian Peninsula and has secured multiple power purchase agreements that underpin its cash‑flow stability

11/2024MasdarTERNA ENERGYGrEECEPower Generation

Masdar concluded the acquisition of Terna Energy, the pre‑eminent Greek renewable‑energy developer and operator. The deal, first disclosed in June 2024, culminated after a rigorous regulatory review by the European Commission and the Hellenic Energy Authority, confirming compliance with competition and foreign‑investment statutes. Terna Energy’s asset base comprises operating wind farms, utility‑scale solar installations, and hydroelectric facilities, complemented by a robust pipeline of development projects spanning the Aegean, the Balkans and the broader Mediterranean region

09/2024PPC GROUPCOPELOUZOS WIND PORTFOLIOGREECEPower Generation

PPC Group has finalized a strategic agreement to acquire an extensive energy portfolio from the Copelouzos and Samaras groups, a maneuver designed to fundamentally accelerate the group’s renewable transition. The strategic rationale for this transaction centers on a "portfolio-enhancement" play, merging the target's industry-leading technical operational depth in wind and solar generation with the group’s vast integrated utility infrastructure. This fusion effectively creates a specialized powerhouse in the Greek energy arena, providing the organization with the scientific talent and high-performance hardware required to address the increasing demand for decarbonized power and grid stability

06/2024KKREncavisGERMANYPower Generation

KKR disclosed the launch of a voluntary public takeover bid for Encavis AG, a leading independent operator of renewable‑energy assets in Europe. The proposal, structured as a cash‑only offer, rapidly achieved the statutory minimum acceptance threshold, prompting the formal conclusion of the transaction. The bid followed an earlier investment agreement signed in early 2024, under which KKR and a strategic co‑investor, Viessmann, committed to jointly accelerate Encavis’ growth trajectory and to provide a disciplined capital framework for future acquisitions

11/2023StatkraftEnerfinSPAINPower Generation

Statkraft announced the acquisition of Enerfin, the renewable‑energy subsidiary of the Spanish engineering conglomerate Elecnor. Enerfin comprises a diversified portfolio of operational wind and solar facilities primarily located in Spain and Portugal, together with an active development pipeline targeting additional on‑shore wind projects and utility‑scale solar farms. The transaction follows a period of intensified consolidation within the European renewable sector, wherein major generators have sought to augment geographic reach and asset depth to meet escalating policy‑driven decarbonisation mandates

06/2023ANTIN INFRASTRUCTUREOpdenergySPAINPower Generation

Antin Infrastructure Partners disclosed in June 2023 a voluntary cash tender offer to acquire the entirety of Opdenergy, a French independent operator specialised in renewable electricity generation. Opdenergy’s portfolio comprises on‑shore wind, solar photovoltaic and hydroelectric assets primarily located in metropolitan France, with an installed capacity that positions it among the leading domestic producers of green power. The transaction is subject to customary shareholder approval, regulatory clearance and the satisfaction of standard closing conditions

03/2022MACQUARIEReden SolarFRANCEPower Generation

Infravia Capital announced the execution of a definitive agreement whereby a consortium led by Macquarie Asset Management would acquire the French solar development platform Reden Solar. Reden Solar, established in 2017, has built a portfolio of utility‑scale photovoltaic projects across multiple European jurisdictions, primarily focusing on ground‑mounted, grid‑connected assets. The transaction follows a broader trend of international infrastructure investors consolidating fragmented renewable‑energy developers to achieve scale and geographic diversification

REFERENCES

Valuation range: EV 1b - 4b EUR

Revenue range: 250M - 500M EUR

EBITDA range: 100M - 200M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of AKUO by ARDIAN are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Acquirer: ardian