​Modo Energy tracked 53 battery energy storage system (BESS) deals in Q1 2026, up 50% from Q4 2025, adding 11 GW of capacity. Disclosed project finance (PF) debt reached over EUR 3 billion across 12 transactions that published a debt value across standalone and PV co-located BESS. Five offtake agreements were tracked separately, across five countries.

This is the second edition of Modo Energy's quarterly European BESS deal tracker. For a full review of 2025 activity, see the 2025 European BESS financing report.

Key takeaways

• Deal count and capacity rose 50% quarter-on-quarter, to a record 53 deals and 11 GW. EUR 3.1 billion of debt has been disclosed across standalone and PV co-located BESS projects.
• Standalone BESS accounted for 66% of deals, down from 88% in 2025. Falling solar capture rates combined with grid connection bottlenecks across Europe are pushing developers to increasingly opt for co-located projects.
• Seven deals closed at 500 MW or more, led by PPC/Metlen's 1.5 GW Southeast Europe JV, FRV's 1.2 GW Spain portfolio, and Low Carbon's 1 GW UK refinancing.
• Germany led with 13 deals, more than double the UK's six. France and Poland recorded four each; Italy, Spain, and Portugal three. Serbia and Hungary entered the tracker for the first time.
• Revenue structures remained undisclosed for most deals: 43 of 53. Of the ten disclosed, three were fully merchant (in Germany and Greece), five fully contracted and two mixed. Germany is the only market with deals across all three categories.

We track representative deals each quarter. Spotted a missing deal or have queries? Reach the author at cosima@modoenergy.com.

Tracked deal count reached a new quarterly high

The chart below groups every tracked event by type, capacity, and counterparty.

Q1 2026’s 53 deals by far exceed last quarter’s 35. Capacity reached 11 GW across 19 countries, up 51% from Q4 2025's 7.2 GW.

Germany extended its lead while new markets continued to emerge

Germany sat in a category of its own with 13 deals, double the UK's six and more than three times any other market. The top two markets alone accounted for 36% of Q1 2026 activity. 13 of 19 countries recorded only one or two deals.

France and Poland each recorded four announcements, but the two are not equivalent. France's projects are all commercial (equity rounds, one refinancing, one offtake). Three of Poland's four are subsidy-backed.

Serbia and Hungary entered the tracker for the first time with one deal each. Hungary's is a 10-year CfD secured through a public auction, supported by EUR 58.9 million debt from UniCredit Hungary. The CfD-plus-commercial-debt structure is a template to watch for other first-mover markets.

Project finance dominated, with equity and acquisitions closely tied behind

Project finance led with 32 deals and 7.3 GW; disclosed capital concentrated at the top. Three deals drove two-thirds (EUR 2.07 billion) of the EUR 3.1 billion disclosed debt: Enerparc's EUR 1 billion solar-and-BESS package across Germany, France, and Spain, Low Carbon's EUR 581 million UK refinancing, and Project Sophocles' EUR 487 million EIB-led Italian green loan. The first two bundle solar with BESS without breaking out the BESS share, so pure-BESS debt flow is materially smaller than the EUR 3.1 billion headline. Only Sophocles is cleanly pure-BESS.