SWITZERLAND Law and Practice Contributed by: Nicolas Wehrli and Melanie Wilhelm, Loyens & Loeff
1. Market Trends 1.1 Energy and Infrastructure M&A Market In the past year, Switzerland’s energy and infrastruc- ture M&A market has faced notable challenges, includ- ing inflation, elevated interest rates, a strong Swiss franc, geopolitical tensions, and the introduction of 39% US tariffs on Swiss goods in August 2025. These factors have extended deal timelines and added com- plexity to transactions. Despite these headwinds, the Swiss market has dem- onstrated resilience. Deal activity in energy and infra- structure rebounded in the second half of 2024 and continued into 2025, fuelled by strong investor inter- est in renewables, digital infrastructure, and energy security. Compared to global trends, Switzerland’s M&A activity has kept pace – and in some areas, outperformed – thanks to its reputation as a stable, safe-haven market and its ongoing commitment to M&A activity remained subdued through the first half of 2024 but saw a notable recovery in the second half. Deal volumes held steady year-on-year, while total deal values rose significantly, driven by several large strategic transactions in renewables, grid infra- structure, and digital energy systems. Overall Swiss M&A value increased from USD72 billion in 2024 to USD115 billion in 2025, marking a 60% year-on-year rise. The energy and infrastructure sector maintained a stable share of deal volume but recorded over 25% growth in deal value. Inbound transactions represented approximately 60% of total deals, underscoring Switzerland’s continued appeal amid European market volatility. Outbound activity also gained momentum, with Swiss com- panies expanding their renewable energy portfolios across Europe. Domestically, deal activity was par- ticularly strong in hydropower and digital infrastruc- ture. sustainability. Deal Activity This positive momentum has continued through the first half of 2025, with sustained investor interest in renewable energy and digital infrastructure assets –
setting the stage for a solid close to the year and con- tinued deal activity into 2026. Navigating Sustainability, Investment and Innovation Switzerland’s energy and infrastructure M&A land- scape is evolving rapidly, shaped by sustainability goals, technological innovation, and strategic capital flows. • Renewables and decarbonisation – investor focus continues to shift toward net-zero-aligned assets, driving activity in wind, solar, and hydroelectric power. Capital is steadily moving away from fossil fuels toward sustainable energy projects. • Infrastructure modernisation – significant invest- ments are being made in energy storage, grid upgrades, and EV charging networks to support the energy transition. • Investor dynamics – private equity and institu- tional investors are central to financing large-scale projects, fostering innovation and accelerating the shift to a low-carbon economy. • Policy tailwinds – Swiss regulatory frameworks increasingly support renewable initiatives. Meas- ures like the “ Mantelerlass ” reform and the 2024 Electricity Supply Act amendment are boosting investor confidence and pipeline visibility. • Cross-border momentum – Switzerland remains a safe-haven for foreign investors, with inbound deals rising to 60% of total volume. At the same time, Swiss firms are expanding abroad, particu- larly in renewables and digital infrastructure. Foreign Direct Investment Screening Switzerland currently does not have a general foreign direct investment (FDI) screening regime. However, certain sectors, such as banking, real estate, avia- tion, telecommunications, broadcasting, and nuclear energy, are subject to regulatory or licensing require- ments that may restrict foreign ownership. On 15 December 2023, the Federal Council adopted a dispatch introducing new investment screening legislation. The proposed law targets acquisitions by foreign state-controlled investors in critical sec- tors (eg, electricity grids, water supply, and transport infrastructure), subject to turnover thresholds. Reflect-
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