Mergers and Acquisitions in Renewable Energy

Student: Martoian Sevak

Educational Programme: Economics (Bachelor)

Year of Graduation: 2019

This study examines capital markets response to renewable energy mergers and acquisitions announcements. Using the event study method in a multi-country sample, I use a 157 mergers and acquisitions announcements data, which took place from 2009 to 2019. In this study, evidence was found for substantial value creation for acquiring companies in renewable energy deals. On average, alternative energy companies gain significantly higher abnormal returns than companies from other industries, which confirms the idiosyncrasy features of the alternative energy industry. These high premiums are likely caused by government intervention, which is considered a pre-condition for clean energy development. Alternatively, the premium may be a result of the acquisition of environmental innovation and the positive secondary effect of trust inherent in renewable energy transactions.

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