Investors target resilient infrastructure amid grid constraints and energy uncertainty

Financing conditions have improved slightly in the first half of 2026, sparking a rise in deal activity. Debt markets are reopening and refinancing is gaining momentum—supporting transactions particularly in infrastructure services and grid-adjacent assets. Competition between PE and core-plus funds is rising, driving asset prices up and steering M&A towards targeted, platform-led consolidation and buy-and-build strategies to secure scarce capabilities and scale-adjacent assets. 

Energy and geopolitics reshape markets

Chris Durieux, PwC EMEA Energy Deals Leader, observes: “Security and affordability are now the dominant lenses shaping the 2026 energy M&A agenda in the Netherlands.” Policy and capital are increasingly focused on energy security and affordability, while still advancing decarbonisation. Recent events, such as the closure of the Strait of Hormuz, have highlighted our economy’s vulnerability to geopolitical shocks. Even temporary disruptions to global supply chains can lead to sharp price increases and shortages in certain commodities, impacting businesses, households, and public finances.  

These shocks follow a cautious year for M&A in the sector. In 2025, geopolitical tensions, escalating trade-tariff disputes and renewed US policy uncertainty (especially a tougher stance on renewables and sustainability-linked capital) drove volatility and widened valuation expectations. Ross Hart, PwC Transaction Services Partner, notes: “While mid-market activity remained strong in 2025, deal teams faced extended timelines and more complex execution as transactions often took longer to complete or were ultimately aborted.” Investors also explored alternative growth funding methods, such as debt refinancing. Yet energy-transition investments continue, driven not only by sustainability targets but also by fundamental system constraints. 

PwC Strategy& Partner and EMEA Energy Transition S& Lead Guillaume Laffitte-Rigaud notes: ´Unlocking grid capacity and easing congestion is the priority. The Dutch energy market is entering a phase where demand growth alone is no longer the central story; access is.” If digital infrastructure expands faster than grid capacity, the Netherlands may face tough trade-offs between supporting new technologies, preserving industrial competitiveness, and enabling broader electrification. What’s unresolved is how these trade-offs will be managed—and whether, in a constrained system, some sectors will inevitably be deprioritised as others take precedence in accessing scarce grid capacity. 

Grid capacity constraints and opportunities

With over 14,000 companies awaiting a grid connection, congestion on the Dutch grid is slowing economic growth, accelerating capex spend for grid operators in the short term, and driving M&A premiums for assets that ease congestion. Investors are backing investments across multiple fronts, such as behind-the-meter energy systems (including PV, BESS, EMS, and EV charging) and the broader grid supply chain (including OEMs, EPCs and services). Buyers favour portfolios with speed-to-capacity, resilience, and clear pathways to contracted or regulated revenues. Platforms that integrate hardware with credible energy management software and can aggregate flexible capacity for grid services will command strategic interest. 

In the grid supply chain, backlogs are deep and labour bottlenecks are widening. Transformer, cable, and substation suppliers, along with EPCs and maintenance firms, are well-positioned, and platform-led buy-and-build activity is likely as investors seek exposure to the grid capex cycle with better cost pass-through. 

For Benelux-based EV charging infrastructure, 2025 was a strong year marked by consolidation and growth funding, as buyers favoured proven site quality, utilisation, and grid connections. This segment is expected to continue attracting deal flow, especially along fast-charging corridors and through depot solutions for commercial fleets. 

We expect deal activity in this area to focus on securing reliable power access, spanning primary generation solutions such as microgrids and backup options such as generators, with investment flowing toward supplier networks and alternative sourcing strategies. Recent regulatory developments in the Dutch district heating sector are also likely to drive M&A activity as it shifts toward greater public ownership and control.  

Molecules move up the investment agenda

Increased M&A activity is expected in molecules, driven by a dual imperative: securing supply and complying with tightening emissions regulation. Valuations will be shaped by limiting factors that include feedstock availability, technology readiness, and offtake certainty. Platforms with secure advanced feedstock chains and clear compliance pathways will be favoured. Deal interest is likely to gravitate towards small-scale biorefineries, co-processing partnerships, and feedstock logistics, as well as the physical backbone that enables scale—tank terminals, blending, and storage assets with long-dated, contracted cashflows.  

Traditional terminal operators face significant capex to repurpose infrastructure for low-carbon molecules, creating an active landscape for refinancings, partial equity sales, and JV structures to fund upgrades, with Rotterdam retaining its role as the gateway to northwestern Europe. The acquisition of LBC Tank Terminals by a strategic buyer demonstrates the continued relevance of midstream storage and logistics within EU&R.