DENMARK Law and Practice Contributed by: Jakob Østervang, Peter Østergaard Nielsen, Anders Hørlyck Jensen and Tejs Degn Leth Ernst, Accura Advokatpartnerselskab
due diligence reviews, and managing complex processes and projects. Tejs also serves as a corporate advisor in all renewable energy sectors, including the wind industry and Power-to-X projects.
Accura Law Firm Alexandriagade 8 2150 Copenhagen Denmark Tel: +45 3945 2800 Email: info@accura.dk Web: www.accura.dk
1. Market Trends 1.1 Energy and Infrastructure M&A Market Over the past 12 months, the Danish energy and infra- structure M&A market has diverged across technolo- gies. While biomethane and CCS have seen increased deal activity driven by regulatory support and certifi- cate-based business models, solar and offshore wind have slowed due to inflation, grid delays, and sup- ply chain risk. Financing conditions have tightened, particularly for standalone battery and Power-to-X projects, which remain capital-intensive and com- mercially uncertain. Geopolitical tensions and mac- roeconomic volatility have increased risk aversion, leading to fewer financial closes and a shift toward joint ventures and strategic partnerships. 1.2 Energy and Infrastructure Trends The Danish energy and infrastructure market has seen a clear shift toward strategic technologies such as biomethane, CCS, and battery storage, driven by regulatory incentives and certificate-based business models. Business approaches have evolved to reflect long-term decarbonisation goals, with increased focus on vertical integration, carbon removal credits, and scalable offtake structures. Regulatory changes – including subsidy schemes for CCS and maritime fuel mandates under FuelEU – have influenced deal structuring and investor appetite. At the same time, political and infrastructural delays have slowed devel- opment in offshore wind and Power-to-X, prompting
a more cautious and selective M&A environment. The market is increasingly shaped by the need for dis- patchable power, grid flexibility, and alignment with EU climate targets, including the Paris Agreement. As a result, energy trading, hybrid project design, and long-term ownership strategies have become central to how businesses engage with energy infrastructure. 1.3 Access to the Energy and Infrastructure M&A Market Investors access the Danish energy and infrastructure M&A market primarily through direct acquisitions, joint ventures and structured investment platforms. Strate- gic investors often pursue long-term partnerships or co-development models, especially in offshore wind and Power-to-X projects. Private equity funds typical- ly engage via platform investments or bolt-on acquisi- tions, focusing on scalability and ESG alignment. The investor landscape includes pension funds, utili- ties, and international institutional investors. Copen- hagen Infrastructure Partners (CIP) plays a central role, managing multiple funds with global reach. Danish and Nordic investors remain active, but recent trans- actions show rising interest from international players (European, North American and Asian) seeking expo- sure to Denmark’s stable regulatory environment and green energy credentials. Investors are adapting to market volatility by prioritising long-term ownership, flexible financing structures, and assets with clear subsidy or certificate pathways.
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