Swiss M&A trends in energy, utilities and resources

As geopolitical risks, climate goals, and digital acceleration reshape the investment landscape, dealmakers are shifting focus towards long-term resilience and cross-sector growth. PwC’s Value in Motion research identifies six emerging domains of value creation – one of which, ‘how we fuel and power’, is especially relevant to EU&R and projected to reach $6.19tn in value by 2035. This domain is driven by rising demand for clean, reliable energy to power data centres, AI, and electric transport.

M&A activity is already reflecting this shift. In Canada, CDPQ has proposed a $10bn acquisition of renewable energy company Innergex, while Sitka Power is acquiring renewable and battery storage assets from Saturn Power. Other examples of cross-sector deals include Mitsui’s acquisition of energy terminals for transporting low-carbon fuels such as ammonia and CO₂, and behind-the-meter energy solutions tailored for data centres.

This convergence is also visible in the chemicals sector, where specialty chemicals are being integrated into broader supply chains to support the energy transition and industrial reshoring –particularly in the US, where industrial policy incentives are boosting M&A. The message is clear: value creation in EU&R increasingly depends on the ability to integrate capabilities across traditional industry boundaries – combining energy, infrastructure, and digital technologies to capture growth in a rapidly transforming market.

Despite macroeconomic and regulatory headwinds, M&A in energy, utilities and resources remained resilient in the first half of 2025. While overall global deal volume dipped slightly year-on-year (2,322 deals, down 2%), deal value surged by 30%, underpinned by nine megadeals (deals greater than $5bn in value). The standout transaction: Constellation Energy’s proposed $26.6bn acquisition of Calpine Corp to create the largest clean-energy provider in the US.

Activity was fuelled by portfolio optimisation in mining and utilities, with higher volumes in the chemicals and power sectors partially offsetting declines in oil and gas and mining. Renewables M&A remained uneven, shaped by local pricing, permitting, and grid risks. Still, long-term drivers – such as demand for clean power and critical infrastructure – continue to support deal momentum.

Private credit is emerging as a key financing source for infrastructure, offering institutional investors stable returns through exposure to greenfield projects. In the first half of 2025, Blackstone launched its BMACX fund, while Brookfield announced plans to raise capital for its BID IV fund – both aimed at channelling private wealth into large-scale infrastructure debt strategies.

The EU&R sectors are undergoing significant change, influenced by shifting geopolitics, evolving energy security needs, and dynamic market conditions. We see three key themes set to drive M&A activity in the second half of 2025:

Energy security takes centre stage

Geopolitical uncertainty continues to influence global energy and power M&A, with some dealmakers taking a cautious stance as they monitor developments in trade policy, tariffs, and regulation. Yet energy security remains a central driver of activity – particularly in North America, where companies are consolidating upstream assets to secure long-term domestic supply. Notable deals include EOG Resources’ $5.6bn acquisition of Encino Acquisition Partners, expanding its position in Ohio’s Utica Shale, and Capital Power’s $2.2bn purchase of two natural gas-fired power plants in Pennsylvania and Ohio, which adds 2.2 GW of flexible capacity to the region’s grid. These moves reflect growing demand for dependable power amid rising consumption and extreme weather risks.

While Europe lacks domestic energy resources, it is doubling down on the energy transition with major investments in renewables and grid resilience. The focus is on reducing dependence on Russian gas and building long-term independence through clean energy infrastructure. In Asia Pacific, India is emerging as a key M&A market, underpinned by government-backed initiatives in renewables, battery storage, and green hydrogen.

Regional shifts shape diverging energy strategies

Energy priorities are diverging across regions, shaped by geopolitics and regulation. In North America, the focus is on securing drilling inventories and expanding fossil power portfolios to support data centre and AI-driven growth. In Europe, energy security and decarbonisation lead the agenda. Norway is stepping up offshore wind and carbon capture (CCS), including the Utsira Nord floating wind tender launched in May 2025. Slower deal activity is creating a more buyer-friendly environment. In Germany and other parts of Europe, continued LNG imports from the US and Qatar aim to reduce reliance on Russian energy.

Asia Pacific, especially India, is seeing strong M&A momentum in renewables and electrification. Notable deals include JSW Neo Energy’s acquisition of the 4.6 GW O2 portfolio and ONGC NTPC Green’s 4.1 GW Ayana platform deal. Policy support, including biogas grid integration and solar manufacturing incentives, is fuelling further activity. Meanwhile, low-carbon fuels and hydrogen remain early-stage, with greenfield projects hindered by pricing and transport challenges.

Where AI meets energy: powering the digital boom

The global expansion of AI and data centres is creating surging demand for reliable, low-carbon power, pushing investment in on-site generation, advanced storage, and behind-the-meter solutions – though M&A volumes are not yet directly impacted. In the US, home to around 50% of global data centres, hyperscalers are committing to renewables. Microsoft partnered with Brookfield to deliver 10.5 GW of new renewable capacity between 2026 and 2030. Meanwhile, Saudi Arabia’s DataVolt announced a $20bn investment in AI data centres and energy infrastructure in the US.

In the Middle East, CATL and Masdar launched a pioneering 5.2 GW solar and 19 GWh storage project in Abu Dhabi. In Asia Pacific, India is rapidly scaling its data centre footprint with strong policy support and greenfield investments, aiming to reach 4.5 GW of IT load capacity by 2030. In markets such as the UK, grid capacity constraints have triggered over 1,700 grid connection applications, prompting regulatory reforms to speed up access for renewables and storage. Globally, the convergence of digital and energy infrastructure is prompting new investment models – potentially opening up future M&A opportunities in decentralised energy, storage, and cooling technologies.

We expect the following major trends across the mining and metals, oil and gas, power and utilities, and chemicals sectors to drive M&A activity in the coming months:

While global trends in EU&R M&A reflect decarbonisation, electrification, digital infrastructure, and energy security, Switzerland’s specific context for utilities adds its own dimensions – driven by regulatory frameworks, a dominant hydropower base, emerging renewables, and high-tech energy needs:

1. Strategic energy transition and policy support

• Switzerland’s Energy Strategy 2050 commits to a 50% reduction in greenhouse gas emissions by 2030 and carbon neutrality by 2050.
• The ‘Mantelerlass’ (Switzerland’s comprehensive energy law package), passed in 2023, aims to boost new renewables, setting a target of 35 TWh/year from green technologies by 2035 – compared to just 6 TWh in 2022.
• This regulatory alignment creates fertile ground for M&A activity, especially in solar PV and distributed energy platforms.

2. Hydropower and grid modernisation

• Hydropower remains Switzerland’s backbone, accounting for over 50% of electricity generation and serving as a key contributor to energy security.
• The grid infrastructure – particularly the high-voltage network – requires modernisation to meet future demand and strengthen cross-border interconnectivity.
• M&A opportunities may arise around upgrading storage assets or owning established hydro and pumped-storage capacity to support flexibility and resilience.

3. Illustrative transaction themes

• Battery and storage complements: acquisitions of small-scale battery storage operators or decentralised energy platforms to optimise distributed generation.
• Cross-border partnerships: Swiss utilities may seek partnerships with hydro or solar peers in neighbouring countries to diversify and scale.
• Digital energy and smart grid tech: M&A involving energy data, automation, and grid-management software – possibly led by tech players such as ABB.

Swiss-based players in the energy and resources sectors are expected to remain strategically active in M&A with a global outlook and a focus on both (1) aligning with macro-strategic trends of the energy transition and securing access to resources, and (2) pursuing more opportunistic acquisitions arising from the decisions or needs of others to shift their strategic focus.