Buyer landscape
Likely buyers · ClimateTech in Spain.
Prepared 2026-08-28 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables
How companies like this sold · 35 verified exits: 37% to sponsors, 57% to corporates and platforms, 3% via IPO, 3% other routes. Route shift since 2020: sponsors 27% (was 28%), corporates and platforms 69% (was 66%), IPO 4% (was 6%) (sector-wide).
The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers, including 21 geographic expansion candidates without a local platform yet. A first round of the Tier 1 names plus the expansion buyers covers the demonstrated demand.
Financial buyers · 25
Tier 1 · Very High · score 70+
1. Ring Capital SponsorVery High89
11 platform investments in Energy & Climate · 1 in Spain · 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 Enerin, 2026 · ClimateTech, Norway
2. Swanlaab Venture Factory SponsorVery High89
6 platform investments in Energy & Climate · 24 in Spain · 18 deals 2024–26
Swanlaab Innvierte Agrifood Tech · 2024 vintage · deploying
Accelerating: 15 deals in the last 2 years vs 1.3/yr before.
Backed Pack2Earth, 2025 · ClimateTech, Spain
3. EQT SponsorVery High88
29 platform investments in Energy & Climate · 13 in Spain · 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.
Bought Waga Energy from SWEN CAPITAL PARTNERS, 2025 · ClimateTech, France
4. Ardian SponsorVery High85
53 platform investments in Energy & Climate · 27 in Spain · 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.
Bought Akuo from ICG, 2025 · ClimateTech, France
5. TiLT Capital Partners SponsorVery High82
11 platform investments in Energy & Climate · 2 in Spain · 8 deals 2024–26
AUM €340M · TiLT Capital Fund 1 · 2024 vintage · deploying · check €6-48M
Active in Spain since 2025.
Backed ENDENA, 2025 · ClimateTech, Spain
6. Ardian Clean Energy Evergreen Fund SponsorVery High81
51 platform investments in Energy & Climate · 22 in Spain · 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.
Bought UNITe from Bpifrance Investissement, 2024 · ClimateTech, France
7. Eiffel Investment Group, Mirova SponsorVery High81
23 platform investments in Energy & Climate · 2 in Spain · 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 Reforest'Action, 2024 · ClimateTech, France
8. Ardian Mid Cap Buyout SponsorVery High80
49 platform investments in Energy & Climate · 22 in Spain · 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
9. Ardian (Clean Energy Evergreen Fund) SponsorVery High80
50 platform investments in Energy & Climate · 22 in Spain · 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
10. Ardian (ex-AXA Private Equity) SponsorVery High80
49 platform investments in Energy & Climate · 22 in Spain · 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 / Crédit Agricole Assurances consortium SponsorVery High80
49 platform investments in Energy & Climate · 22 in Spain · 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
12. Ardian + Tikehau Capital + EMZ consortium (Bpifrance + Amundi + Siparex) SponsorVery High80
49 platform investments in Energy & Climate · 22 in Spain · 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
13. Ardian and Centerbridge Partners SponsorVery High80
49 platform investments in Energy & Climate · 22 in Spain · 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 and GoldenTree Asset Management SponsorVery High80
49 platform investments in Energy & Climate · 22 in Spain · 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
15. Ardian and Latour Capital SponsorVery High80
49 platform investments in Energy & Climate · 22 in Spain · 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 Expansion SponsorVery High80
49 platform investments in Energy & Climate · 22 in Spain · 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 Expansion (Fund V) SponsorVery High80
49 platform investments in Energy & Climate · 22 in Spain · 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 Semiconductor SponsorVery High80
49 platform investments in Energy & Climate · 22 in Spain · 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
19. Ardian Tikehau EMZ consortium SponsorVery High80
49 platform investments in Energy & Climate · 22 in Spain · 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, Finint Infrastrutture SponsorVery High80
49 platform investments in Energy & Climate · 22 in Spain · 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. KGAL SponsorVery High80
17 platform investments in Energy & Climate · 7 deals 2024–26
AUM €15.0B · KGAL ESPF 6 · 2023 vintage · deploying · check €5-38M
9 platform investments since the 2023 vintage · largely deployed vs its usual 6 per fund.
Backed Grevesmuehlen Battery Storage, 2026 · ClimateTech, Germany
22. Asterion Industrial Partners SponsorVery High79
12 platform investments in Energy & Climate · 9 in Spain · 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 Abio, 2024 · ClimateTech, Spain
23. Idia SponsorVery High78
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 GROUPE VALOREM, 2025 · ClimateTech, France
24. Finorpa Gestion SponsorVery High78
6 platform investments in Energy & Climate · 27 deals 2024–26
Hauts-de-France Avenir TPE PME · 2026 vintage · deploying
8 platform investments since the 2026 vintage · early in deployment vs its usual 28 per fund.
Backed Reempro, 2026 · ClimateTech, France
25. Just Climate SponsorVery High78
9 platform investments in Energy & Climate · 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 NatureMetrics, 2025 · ClimateTech, UK
Scores and facts derive from verified deal records only; sample floors and thresholds are published on the methodology page. Figures marked with a tilde are bands, not disclosures.