Axios Pro Exclusive Content

Clean energy M&A grew in 2023, Bain says

Global energy M&A deals greater than $1 billion
Data: Bain and Co.; Chart: Axios Visuals

Data from Bain & Co. show that clean energy M&A grew last year, driven by renewable energy developers and battery storage suppliers.

Details: Bain focused on deals valued at more than $1 billion.

  • The number of such deals involving clean energy companies nearly doubled to 47 last year, Bain says.

The intrigue: M&A in that sector nearly overtook the number of $1 billion-plus deals involving fossil fuel companies.

  • The number of $1 billion or more M&A deals in the oil, gas and coal sectors dropped 29% to 53 (from 2021).

Yes, but: The number of fossil fuel deals may be dropping, but their actual size remains large. Chevron agreed to a $60 billion deal to buy Hess; ExxonMobil struck a $59.5 billion agreement for Pioneer.

Go deeper