2026年第二季度清洁能源报告：数据中心能源需求为强劲交易渠道提供动力

Clean Energy Report Datacenter energy demand powers a strong deal pipeline Contents PE activity3 Institutional Research Group John MacDonaghSenior Research Analyst, Carbon & Emissions Techand Clean Energy Techjohn.macdonagh@pitchbook.com Clean energy PE ecosystem market map12 Clean energy PE investor map Oscar Allaway Senior Data Analystpbinstitutionalresearch@pitchbook.comPublished on July 29, 2026 Q2 2026 timeline Clean energy PE deal summary Segment data16 Intermittent renewables Grid technologies Dispatchable energy sources Clean fuels Clean energy public comparables21 References22 PE activity Key takeaways Overview Quarterly clean energy PE deal value held broadly in line with recent averages (prior to the outsized Q12026), extending trends established over previous quarters. Intermittent renewable energy sourcescontinued to account for the largest share of overall deal value, driven primarily by the volume of mixedrenewable energy company deals and the segment’s relative maturity compared with other cleanenergy technologies. Looking ahead, we expect energy storage—and the grid technologies segment ingeneral—to capture a growing share of deal value, as the number of operational energy storage assetsincreases and underlying economic conditions shift in response to higher intermittent renewablepenetration on power grids. Clean fuel technologies accounted for a larger-than-average share ofdeal value in Q2, though this was largely concentrated in a single deal rather than a broader increasein activity across the category. Through the first half of the year, valuations for US clean energydevelopers were likely influenced by the July deadline for solar and wind projects to begin constructionto qualify for the Section 45Y and 48E tax credits, as projects that began construction before this datehave some economic advantages over those that did not. •Q2 2026 clean energy PE deal value fell 62.3% QoQ to $24.5 billion. This reflects a return to the2024-2025 quarterly average rather than a slowdown, as Q1 2026’s $64.9 billion was dominated bythe $40.6 billion take-private LBO of AES. •PE exit activity set a new quarterly record, with $27.3 billion in exit value in Q2 2026 alone, led byINNIO’s $20.3 billion IPO valuation in June. The H1 2026 exit value of $45.3 billion already exceedsall full-year values except 2025’s $52.5 billion. •Segment composition shifted notably in Q2. Intermittent renewables recorded its lowest quarterlydeal value since 2024 at $8.4 billion, while clean fuels’ share of quarterly deal value jumpedto 35.8% ($8.7 billion), driven almost entirely by Bain Capital’s $8.6 billion buyout of Everllence(though Everllence covers applications across the climate tech space). •North America accounted for 73.6% of PE deal value through H1 2026, well above its 2021-2025average of 37.8%—a figure skewed heavily by the AES megadeal rather than a broader regional shift. •The outlook for the clean energy space is strongest for the intermittent renewables and gridtechnologies segments, both of which are in high demand to meet growing energy needs andensure grid resilience. Some grid technologies can also be used to increase the value fromintermittent energy sources, and the relatively short construction times for solar and wind projectsare a key benefit. Grid technologies The grid technologies segment has been the second largest in the clean energy PE space for threeconsecutive years, averaging 28.6% of the quarterly deal value from 2023 to 2025. This reflects thegrowing challenges facing power grids as generation mixes shift, and the corresponding value that canbe provided by technologies that improve grid resilience or extract more usable output from assetssuch as renewable generation and energy storage. Within energy storage specifically, applicationsspan a wide range of use cases and vary in technological maturity. Lithium-ion battery storage isnow well established, with economics that PE investors have grown familiar with, and operationalprojects are becoming more commonplace, often colocated with new renewable energy developmentsto simplify and expedite interconnection and to provide revenue benefits. Nonlithium storagetechnologies remain considerably less common by comparison, with many still in earlier stages ofprecommercial technological development. Those that have been deployed commercially are still notat the same maturity level as lithium-ion battery energy storage. Grid technologies recorded the second-highest quarterly deal count in Q2 and the second-largest PEdeal value across the four clean energy segments, at $7.3 billion across 14 deals. Within the segment,grid management & infrastructure was the largest category by value, at $6.3 billion across six deals,indicating a small number of large transactions rather than a broadly distributed set. Lithium batterystorage saw a slightly higher deal count, at seven, but accounted for only $1 billion in value. References 1