Likely buyers · Energy in Norway.

1. Eiffel Investment Group, Mirova SponsorVery High91

23 platform investments in Energy & Climate · 15 deals 2024–26

AUM €7.0B · Eiffel Energy Transition III · 2025 vintage · deploying · check €24-180M

8 platform investments since the 2025 vintage · largely deployed vs its usual 7 per fund.

Backed British Solar Renewables, 2026 · Energy, UK

2. RGreen Invest SponsorVery High87

17 platform investments in Energy & Climate · 8 deals 2024–26

AUM €2.5B · INFRABRIDGE IV · 2026 vintage · deploying · check €10-75M

3 platform investments since the 2026 vintage · mid-deployment vs its usual 4 per fund.

Backed Geogreen, 2026 · Energy, France

3. Luxcara SponsorVery High87

16 platform investments in Energy & Climate · 3 in Norway · 4 deals 2024–26

AUM €7.5B · FLAVEO V · 2024 vintage · deploying

4 platform investments since the 2024 vintage · largely deployed vs its usual 3 per fund.

Backed Kozani Solar PV, 2026 · Energy, Greece

4. Aquila Capital funds SponsorVery High85

17 platform investments in Energy & Climate · 5 in Norway · 8 deals 2024–26

AUM €6.5B · Aquila Capital Energy Transition Fund I · 2025 vintage · deploying · check €12-90M

Accelerating: 5 deals in the last 2 years vs 0.8/yr before.

Bought Desfina Wind Farm from Aquila Capital, 2026 · Energy, Greece

5. Just Climate SponsorVery High84

9 platform investments in Energy & Climate · 1 in Norway · 11 deals 2024–26

AUM €1.7B · Natural Climate Solutions Strategy · 2024 vintage · deploying · check €7-52M

Accelerating: 9 deals in the last 2 years vs 1.5/yr before.

Backed Zanskar, 2026 · Energy, US

6. Ardian SponsorVery High83

53 platform investments in Energy & Climate · 2 in Norway · 51 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Energia Group, 2026 · Energy, Ireland

7. EQT SponsorVery High83

29 platform investments in Energy & Climate · 12 in Norway · 51 deals 2024–26

AUM €291.0B · EQT X · 2023 vintage · deploying · check €440M-3.3B

53 platform investments since the 2023 vintage · largely deployed vs its usual 11 per fund.

Backed Calisen, 2025 · Energy, UK

8. Ring Capital SponsorVery High82

11 platform investments in Energy & Climate · 1 in Norway · 32 deals 2024–26

AUM €470M · Ring Altitude II · 2025 vintage · deploying · check €4-33M

17 platform investments since the 2025 vintage · largely deployed vs its usual 13 per fund.

Backed Solarock, 2025 · Energy, France

9. Ardian Clean Energy Evergreen Fund SponsorVery High81

51 platform investments in Energy & Climate · 2 in Norway · 44 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Energia Group, 2026 · Energy, Ireland

10. Ardian Mid Cap Buyout SponsorVery High81

49 platform investments in Energy & Climate · 2 in Norway · 42 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Energia Group, 2026 · Energy, Ireland

11. Ardian (Clean Energy Evergreen Fund) SponsorVery High81

50 platform investments in Energy & Climate · 2 in Norway · 43 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Energia Group, 2026 · Energy, Ireland

12. Ardian (ex-AXA Private Equity) SponsorVery High81

49 platform investments in Energy & Climate · 2 in Norway · 42 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Energia Group, 2026 · Energy, Ireland

13. Ardian / Crédit Agricole Assurances consortium SponsorVery High81

49 platform investments in Energy & Climate · 2 in Norway · 42 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Energia Group, 2026 · Energy, Ireland

14. Ardian + Tikehau Capital + EMZ consortium (Bpifrance + Amundi + Siparex) SponsorVery High81

49 platform investments in Energy & Climate · 2 in Norway · 43 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Energia Group, 2026 · Energy, Ireland

15. Ardian and Centerbridge Partners SponsorVery High81

49 platform investments in Energy & Climate · 2 in Norway · 42 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Energia Group, 2026 · Energy, Ireland

16. Ardian and GoldenTree Asset Management SponsorVery High81

49 platform investments in Energy & Climate · 2 in Norway · 42 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Energia Group, 2026 · Energy, Ireland

17. Ardian and Latour Capital SponsorVery High81

49 platform investments in Energy & Climate · 2 in Norway · 42 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Energia Group, 2026 · Energy, Ireland

18. Ardian Expansion SponsorVery High81

49 platform investments in Energy & Climate · 2 in Norway · 42 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Energia Group, 2026 · Energy, Ireland

19. Ardian Expansion (Fund V) SponsorVery High81

49 platform investments in Energy & Climate · 2 in Norway · 42 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Energia Group, 2026 · Energy, Ireland

20. Ardian Semiconductor SponsorVery High81

49 platform investments in Energy & Climate · 2 in Norway · 43 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Energia Group, 2026 · Energy, Ireland

21. Ardian Tikehau EMZ consortium SponsorVery High81

49 platform investments in Energy & Climate · 2 in Norway · 42 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Energia Group, 2026 · Energy, Ireland

22. Ardian, Finint Infrastrutture SponsorVery High81

49 platform investments in Energy & Climate · 2 in Norway · 43 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Energia Group, 2026 · Energy, Ireland

23. RIVE Private Investment SponsorVery High79

10 platform investments in Energy & Climate · 1 in Norway · 7 deals 2024–26

AUM €1.2B · RIVE Infrastructure Impact Fund (RIIF) · 2024 vintage · deploying · check €6-45M

7 platform investments since the 2024 vintage · largely deployed vs its usual 6 per fund.

Backed REBI (Recursos de la Biomasa), 2026 · Energy, Spain

24. Idia SponsorVery High77

53 platform investments in Energy & Climate · 27 deals 2024–26

AUM €2.4B · Crédit Agricole Assurances Avenir et Territoires · 2026 vintage · deploying · check €2-15M

5 platform investments since the 2026 vintage · early in deployment vs its usual 25 per fund.

Backed MELVAN, 2025 · Energy, France

25. Asterion Industrial Partners SponsorVery High77

12 platform investments in Energy & Climate · 8 deals 2024–26

AUM €10.0B · Asterion Industrial Infra Fund III · 2024 vintage · deploying · check €68-510M

7 platform investments since the 2024 vintage · mid-deployment vs its usual 8 per fund.

Backed Southern Water, 2026 · Energy, UK