Key Takeaways
- Sector: Energy Infrastructure & Renewables.
- Geography: France.
Analysis
EQT has entered exclusive negotiations to acquire a controlling 54.1% stake in Waga Energy, a leading French producer of renewable natural gas (RNG), in a landmark deal valuing the company at approximately €534 million. The acquisition forms part of EQT’s broader push into clean infrastructure assets under its Transition Infrastructure strategy.
The acquisition will be executed at a price of €21.55 per share, with a conditional top-up of €2.15 based on performance milestones. EQT will buy shares from Waga’s founding team and early investors including Holweb SAS, Starquest Capital, Tertium, Noria, SWEN Impact Fund for Transition, and ALIAD. Following the transaction, EQT intends to launch a full public tender offer to acquire the remaining shares.
Waga’s board of directors has expressed support for the deal, which will provide access to EQT’s extensive industrial network and capital resources to accelerate global expansion. The company’s stock surged 27% on the news, aligning with investor enthusiasm around RNG’s potential role in decarbonizing the energy system.
“This partnership would unlock significant investment to accelerate our growth,” noted CEO Mathieu Lefebvre. “We look forward to partnering with a long-term infrastructure investor like EQT that brings not just capital, but sector expertise and a shared commitment to climate innovation.”
EQT's investment in Waga Energy fits squarely within its vision to build scalable platforms in the energy transition sector. With a growing portfolio of sustainable infrastructure assets, the firm has made several significant moves in recent years to position itself at the forefront of climate-focused private equity.
Other Key EQT Energy Transition Deals:
— OX2 Acquisition: EQT took over renewable energy developer OX2, securing access to a diverse pipeline of onshore/offshore wind, solar, and storage projects across Europe. The acquisition reflects EQT’s emphasis on integrated clean energy value chains.
— ju:niz Energy Investment: As its inaugural deal under the Transition Infrastructure strategy, EQT acquired ju:niz Energy, a German provider of utility-scale battery storage systems. The move enhances grid resilience and supports the renewable load balancing challenge.
— Equitrans Midstream Merger: EQT acquired Equitrans Midstream in a $14 billion transaction, creating one of the largest integrated natural gas infrastructure platforms in the United States. The deal offers a unique combination of scale, energy reliability, and decarbonization optionality.
— Scale Microgrids Acquisition: EQT expanded its reach into distributed generation by acquiring U.S.-based Scale Microgrids. The company designs and operates custom microgrid systems to provide decentralized clean energy to commercial and industrial clients.
— Exit from O2 Power: In India, EQT and Temasek exited their joint platform O2 Power in a $1.5 billion deal with JSW Neo Energy. The exit underscores EQT’s ability to create and scale greenfield renewable ventures across emerging markets.
With the Waga Energy deal, EQT strengthens its presence in the RNG space, a segment increasingly viewed as a vital component in achieving net-zero goals—particularly in hard-to-abate sectors like industry, waste, and heavy transport.
As energy systems evolve globally, EQT’s infrastructure arm is poised to play a catalytic role in reshaping the future of clean energy delivery through smart acquisitions and industrial partnerships.