分析师注：2025年清洁能源私募股权趋势

INDUSTRY RESEARCH2025 Clean EnergyPE Trends Institutional Research Group John MacDonaghSenior Research Analyst,Carbon & Emissions Tech andClean Energy Techjohn.macdonagh@pitchbook.com Oscar AllawaySenior Data Analystpbinstitutionalresearch@pitchbook.comPublished on April 16, 2026 PE growth deals drive record deal value in 2025 PitchBook is a Morningstar company providing the most comprehensive, mostaccurate, and hard-to-find data for professionals doing business in the private markets. Contents Key takeaways •Clean energy PE deal value reached a five-year peak in 2025 at $47 billion, with bothdeal count and value recovering from a 2023 trough. This trajectory broadly mirrorsglobal PE trends, although with 2025 rather than 2021 as the high-water mark. •The grid technologies segment stands out for its consistent growth, driven bydemand from renewable integration, electrification, and datacenter expansion. •2025 saw a shift in deal composition, with PE growth deal value exceeding buyout/LBO value for the first time on record, reversing a pattern across all prior yearsof coverage. •US policy conditions introduced headwinds in 2025, with tariff exposureon clean energy hardware and modifications to tax incentives affectingdevelopment economics. PE activity PE deals This report adds to our existing coverage of VC trends in clean energy as part of theclimate tech space, focusing instead on PE trends. Following this note, the space willbe maintained with quarterly PE reports. PE deal value in clean energy reached a new peak in 2025 with a total deal value of $47billion, representing 9.7% growth from $42.8 billion in 2024. Deal count rose from 72 to87 over the same period, a 20.8% increase, making 2025 the second-highest year fordeal count over the past five years, behind 2023’s 100 deals. The five-year deal valuetrajectory broadly mirrors patterns in overall global PE, in which deal value declinedfrom its 2021 high through a 2023 trough, before recovering from 2024 to 2025.Looking at clean energy specifically, the key difference is a lower total deal value in2021, falling below the 2025 deal value peak. In 2025, 16 transactions exceeded $1 billion in value—eight buyouts/LBOs and eightPE growth deals. The comparable figure for 2024 was 14 large deals, of which onlythree were PE growth transactions. This increase in high-value PE growth deals wasthe primary reason 2025 was the first year on record in which PE growth deal valueexceeded that of buyouts/LBOs. Across all prior years on record, buyouts/LBOsaccounted for more than half of total annual deal value, averaging 68% from 2017 to2024 before falling to 45.8% in 2025 as PE growth deal value grew 129.7% YoY, from$9.8 billion to $22.9 billion. The shift is most visible in large deals. Among transactions of $1 billion or more,PE growth deals accounted for 43.7% of deal value ($14.6 billion) against 56.3% forbuyouts/LBOs ($18.8 billion)—significantly closer to parity relative to the 2022 to 2024period, in which PE growth deals represented between 10.9% and 26.6% of deal valuefor deals of $1 billion or more. Buyouts/LBOs still represent the largest share of dealvalue in large deals, but the gap closed substantially in 2025, and PE growth deal counthas been higher than buyout/LBO deal count in all years except 2017. Intermittent renewables and grid technologies constitute the two largest segments ofthe clean energy PE market by both deal count and value. Clean fuels and dispatchableenergy sources represent smaller components of the space. The grid technologiessegment stands out for the consistency of its growth trend; deal count and deal valuehas risen steadily since 2018, with 2025 marking a peak for both metrics. This reflectsthe infrastructure requirements created by renewable energy deployment at scale, aswell as the independent demand pressures generated by electrification and the rapidbuild-out of datacenter capacity. Deeper coverage of segment-level trends is availablelater in the note. Quarterly distribution of deal activity in 2025 was uneven. The second quarterrepresented a 2-year low in deal value, in sharp contrast with the annual high-water Segment breakdown Intermittent renewablesPhotovoltaics and mixed renewables make up the majority of PE deal activity. The intermittent renewables segment broadly matches the similarly named segmentin our climate tech VC coverage, which includes solar photovoltaics, wind energy,and solar thermal technologies. This PE coverage differs in that there is an additionalcategory, “Mixed renewables,” that includes companies that develop and operatediverse renewable energy technologies, which is very common for PE-backedcompanies. Further, some of these mixed-renewable energy companies also includea fossil fuel component, typically focused on natural gas energy generation. In some instances, these are presented as “cleaner” options for energy generation, but theyare more commonly included as just another compo