This report provides unique insight into DG project M&A in the US with data and analysis from Conductor’s advisory and intelligence platform. Robust project information from sellers and standardized bids from buyers create a rich data set for key segments of the market.

Drawing on M&A activity in 2025, the report explores buyers and sellers, projects and portfolios listed for sale, and bids offered. Sellers identified projects in 46 states and surfaced $2.2B in investment opportunities for buyers across new and operating assets.

Key highlights

◼ Deal sizes $5M - $50M were most common, especially in the community solar and small utility segments
◼ Development fees averaged above $0.50/Wdc in all segments, but varied by geography
◼ Bid spreads averaged above $0.30/Wdc across all segments and system sizes
◼ The federal policy context impacted deal timing, pricing, and market activity throughout the year