SWITZERLAND Trends and Developments Contributed by: Nicolas Wehrli and Melanie Wilhelm, Loyens & Loeff
The Energy Transition to a Sustainable Model Market activity M&A activity in Switzerland was relatively muted dur- ing the first half of 2024 but rebounded strongly in the latter half of the year. Deal volumes remained stable year-on-year, while total deal values rose sharply – primarily due to several high-value strategic transac- tions in renewables, grid infrastructure, and digital energy systems. Notably, the overall value of Swiss M&A transactions increased from USD72 billion in 2024 to USD115 billion, representing a substantial 60% year-on-year rise. The energy and infrastructure sector maintained its share of deal volume but saw deal value grow by more than 25%. Inbound transactions accounted for approximately 60% of all deals, underscoring Switzerland’s reputa- tion as a safe-haven market amid European volatility. Outbound activity also accelerated, with Swiss com- panies expanding their renewable energy portfolios across Europe. Domestically, deal activity increased, particularly in the hydropower and digital infrastruc- ture segments. This positive momentum continued into 2025 but was tempered by the introduction of 39% tariffs on Swiss goods entering the United States, effective 7 August 2025. Despite this challenge, strategic M&A remains central to Switzerland’s energy transition, with compa- nies rebalancing portfolios and forming partnerships to manage risk and pursue growth opportunities. Switzerland’s commitment to carbon neutrality by 2050 continues to drive a shift toward renewable energy. This has resulted in increased M&A activity focused on wind, solar, and hydropower assets, as well as emerging technologies such as battery stor- age and hydrogen. Both local and international mar- ket participants are acquiring or partnering with Swiss firms to gain a foothold in the clean energy market. Recent notable activities in the Swiss electric vehicle (EV) value chain include: • Shell’s investment in EVPass, a charging network; • Electra’s entry into the Swiss market, supported by EUR200 million in financing from Energy Infrastruc-
ture Partners and plans to deploy over 600 public charging stations; • Avia Volt Suisse AG’s acquisition of Plug’N Roll, a local provider of electromobility and fleet solutions; and • Energie 360° Group’s acquisition of Move Mobility SA, a public charging station operator. Utilities are investing in new technologies related to batteries and hydrogen to support the country’s ener- gy transition goals and enhance grid reliability. Swit- zerland’s hydropower industry continues to attract investment and consolidation as companies seek to optimise their portfolios. As renewable energy produc- tion increases, market players are also investing in energy storage solutions – particularly pumped-stor- age hydroelectricity and battery storage – to manage the intermittent supply from wind and solar. M&A in energy storage is expected to grow as companies seek to balance supply and demand and improve grid stability. Switzerland’s ageing infrastructure requires significant upgrades in transport, utilities, and digital connectiv- ity. Recent M&A activity has included deals focused on modernising transport and utility infrastructure, supported by both private capital and government initiatives. While modernisation presents substantial investment opportunities, it also brings challenges in integrating new technologies and managing complex logistics. Investors must carefully assess the viability and costs of updating older assets with smart grids, 5G, and fibre-optic networks. These projects often require extensive collaboration with government enti- ties, which can result in bureaucratic hurdles and prolonged negotiations. Looking ahead, further deals are anticipated, especially in digital infrastructure such as data centres, fibre-optic networks, and smart grid technologies. A notable transaction in 2025 was IFM Global Infrastructure Fund’s acquisition of Green, one of Switzerland’s largest data centre operators, from InfraVia Capital Partners. Strategic partnerships and joint ventures between Swiss companies and foreign investors, particularly from neighbouring European countries, have become increasingly common. These collaborations often focus on renewable energy and digital infrastructure,
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