​Modo Energy tracked 38 deals across ten countries in Q2 2026, covering nearly 14 GW of capacity.

Great Britain (GB) led with 12 deals and the most project-finance closings of any market. Germany came second, leading on capacity, though most of its headline capacity is allocated to platform investments. Contracted revenues underpinned the transactions that closed, although full tolls stayed rare.

Key takeaways

• Q2 2026 tracked 38 European BESS transactions across ten countries: 29 deals across project finance, M&A, equity and development, plus nine route-to-market and offtake agreements.
• GB led with 12 deals, including Coalburn, Enderby, Eccles-Leitholm and Hunterston. Germany came in second at nine deals, but roughly 5.6 GW of the total financed capacity came in the form of platform investments, not asset-level financing. Committed project finance reached about 2 GW.
• NORD/LB and Santander were the most active lenders, on three deals each, across a fragmented field of roughly 25 banks.
• 21 deals (55%) disclosed a revenue structure, at least partially. Five deals disclosed a toll. PPAs and optimisation agreements with optimisers carried the rest.

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Q2 2026 at a glance: deal count normalised after record Q1

The table below lists every tracked event by type, size, revenue model and counterparty.

Quarter-on-quarter, deal volume cooled 28% and pulled back to fewer, core markets, with GB overtaking Germany. At the same time the market matured on quality: offtake agreements nearly doubled, revenue-model disclosure jumped from 19% to 55% of deals, and both average and median deal size rose sharply

Project finance and M&A activity drove deals

Project finance and M&A were the most common structures with 11 deals each. Development followed at five.

Only two equity deals were recorded. Allianz Global Investors took a 51% stake in developer GESI, and Gresham House sold down 25% of three construction-stage projects to Summit Transition Partners. Otherwise, dealflow leaned on debt and M&A.

Nine further offtake and route-to-market agreements sit outside the financing count. They are tracked separately because they secure revenue rather than raise capital.