The natural gas power generation industry in Europe plays a vital role in energy production, providing flexible and reliable electricity supply. Different types of companies operate in this sector, ranging from large multinational energy corporations like TotalEnergies to private equity firms investing in infrastructure. The industry is transitioning towards cleaner energy, with natural gas seen as a bridging fuel on the road to sustainable solutions. With increasing investments in carbon neutrality initiatives, investors are focusing on innovative technologies, contributing to a significant shift in how energy is generated and consumed across the continent. The future promises advancements in efficiency and environmental responsibility.


In 2024, a range of investors made their mark in Europe's natural gas sector, from corporate giants like Shell to private equity firms such as EQT Group. These entities vary in size and scope, with many having been established in the late 20th century. Their headquarters span across major European hubs, showcasing a broad geographical reach. Notably, the total number of investments made this year emphasizes the significant interest in the natural gas power generation market, as companies look to solidify their positions amid a changing energy landscape.


Top 15 Natural Gas Power Generation Investors in Europe


1. Shell

  • Website: shell.com
  • Type: Corporate
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1907
  • Headcount: 10001+
  • Number of deals in 2024: 20
  • LinkedIn: shell

Shell plc is a multinational oil and gas company based in London, England, operating in the energy and chemicals sectors. Founded in 1907, Shell provides essential products such as fuels, lubricants, and chemical solutions to businesses and consumers globally. The company is heavily involved in the extraction, refining, and distribution of oil and gas. Notably, Shell has made significant investments in the natural gas sector, including the acquisition of Arrow Energy for A$3.5 billion, which encompasses coal bed methane assets and a power generation business in Australia. This acquisition highlights Shell's commitment to expanding its footprint in natural gas power generation. Additionally, Shell has invested in various energy solutions, including a $20 million equity investment in Husk Power Systems, which focuses on renewable mini-grid solutions, indicating a broader strategy that includes natural gas as part of its energy portfolio.


2. TotalEnergies


TotalEnergies is a corporate energy company based in France, founded in 1924, that focuses on producing and marketing a diverse range of energy solutions, including oil, gas, and renewable energy. The company is committed to achieving carbon neutrality by 2050 and serves both businesses and consumers with sustainable and reliable energy sources. In recent years, TotalEnergies has made significant investments in the natural gas power generation sector, including the acquisition of EDP Comercializadora, which includes two gas-fired combined cycle power plants in Spain with a total capacity of 850 MW. Additionally, in November 2023, TotalEnergies acquired three gas plants located in Texas for $635 million. These transactions highlight TotalEnergies' active role in the natural gas power generation industry, reinforcing their position as a relevant investor in this sector.


3. Equinor

  • Website: equinor.com
  • Type: Corporate
  • Headquarters: Stavanger, Rogaland, Norway
  • Founded year: 1972
  • Headcount: 10001+
  • Number of deals in 2024: 6
  • LinkedIn: equinor

Equinor ASA, founded in 1972 and based in Stavanger, Norway, is a public entity operating in the energy sector with a diverse portfolio that includes oil, gas, and renewable energy. The company is committed to sustainability and aims to become a net-zero emissions entity by 2050. Equinor serves a wide range of customers, including governments and industries, providing energy solutions that address climate challenges while ensuring energy security. Notably, Equinor has made significant investments in companies relevant to the natural gas sector, such as Mainspring Energy, which raised substantial funding in Series C and D rounds, indicating Equinor's interest in advancing clean energy technologies. Additionally, their participation in funding rounds for Sapphire Technologies, which focuses on energy recovery systems, further highlights their engagement in innovative energy solutions that may intersect with natural gas power generation.


4. EQT Group

  • Website: eqtgroup.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 1001-5000
  • Number of deals in 2024: 30
  • LinkedIn: eqt-partners

EQT Group is a prominent investment firm based in Stockholm, Sweden, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Founded in 1994, the firm serves institutional investors by providing expertise in managing diverse investment portfolios across multiple sectors and geographies. EQT has made notable investments in the natural gas sector, including the acquisition of Midland Cogeneration Venture, which marked their first direct investment in the United States, and Swedegas, aimed at enhancing the Swedish gas market. Most recently, EQT Corporation's acquisition of Equitrans Midstream Corporation for approximately $5.5 billion has created a large-scale, vertically integrated natural gas business in America, showcasing their commitment to the natural gas power generation industry.


5. Siemens

  • Website: siemens.com
  • Type: Corporate
  • Headquarters: Munich, Bavaria, Germany
  • Founded year: 1847
  • Headcount: 10001+
  • Number of deals in 2024: 11
  • LinkedIn: siemens

Siemens AG, founded in 1847 and based in Munich, Bavaria, Germany, is a prominent technology conglomerate specializing in industrial automation, energy solutions, rail transport, and health technology. With a workforce of approximately 320,000 employees, Siemens generates significant revenue globally. The company has been active in various transactions that enhance its capabilities in the energy sector. Notably, Siemens acquired Shaw Power Technologies Inc. in 2008, which bolstered its service offerings in power transmission and distribution, a critical area for natural gas power generation. Additionally, Siemens has engaged in debt financing activities with companies like Statera Energy, which may involve natural gas projects. While their recent focus appears to lean towards renewable energy, their historical involvement and capabilities in energy solutions suggest a potential role in the natural gas power generation industry.


6. Groupe Crédit Agricole

  • Website: credit-agricole.com
  • Type: Private Equity
  • Headquarters: Montrouge, Île-De-France, France
  • Founded year: 1894
  • Headcount: 10001+
  • Number of deals in 2024: 18
  • LinkedIn: credit-agricole

Groupe Crédit Agricole is a cooperative banking group based in Montrouge, Île-De-France, France, founded in 1894. It provides a wide range of financial services, including banking, insurance, and investment management, with a focus on mutuality and social responsibility. As an investor, Crédit Agricole has been involved in various significant transactions in the energy sector, particularly in natural gas power generation. For instance, they participated in the $899 million project financing for the Carroll County Energy project, which is a 700 MW natural gas facility in Ohio. Additionally, they were part of the debt financing for Southern California Gas, raising $600 million, which further highlights their involvement in the natural gas sector. Their diverse portfolio also includes transactions with major energy companies like Iberdrola and Abu Dhabi National Oil Company, showcasing their broad engagement in the energy market.


7. TotalEnergies Ventures


TotalEnergies Ventures is the venture capital arm of TotalEnergies, a leading global integrated energy company based in Paris, France. Founded in 2008, TotalEnergies focuses on providing a wide range of energy solutions, including oil, natural gas, and renewable energy, with an emphasis on sustainable practices and reducing carbon emissions. The firm has been involved in various transactions, including investments in companies like LightSail Energy and Gevo, which, while primarily focused on clean technology and biofuels, indicate TotalEnergies' commitment to innovative energy solutions. Their diverse investment portfolio reflects a strategic approach to energy, potentially encompassing natural gas power generation as part of their broader mission to ensure reliable and affordable energy access worldwide.


8. Centrica

  • Website: centrica.com
  • Type: Corporate
  • Headquarters: Windsor, England, United Kingdom (UK)
  • Founded year: 1997
  • Headcount: 10001+
  • Number of deals in 2024: 8
  • LinkedIn: centrica

Centrica plc is an energy services company based in Windsor, England, that supplies electricity and gas to over 10 million consumers in the UK and Ireland. Founded in 1997, the company has a strong focus on delivering reliable energy solutions while promoting sustainability through its People & Planet Plan. Centrica has been involved in several significant transactions in the energy sector, particularly in natural gas. Notably, in 2014, Centrica acquired Bord Gáis Energy (BGE) for €1.1 billion, which included BGE’s gas and electricity supply business in Ireland and the Whitegate gas-fired power station. This acquisition highlights Centrica's commitment to natural gas power generation. Additionally, Centrica has made other strategic acquisitions, such as Direct Energy and Bounce Energy, which further solidify its position in the energy market. Through these transactions, Centrica enhances its capabilities in energy management and trading, particularly in the natural gas sector.


9. Partners Group

  • Website: partnersgroup.com
  • Type: Private Equity
  • Headquarters: Baar, Zug, Switzerland
  • Founded year: 1996
  • Headcount: 1001-5000
  • Number of deals in 2024: 19
  • LinkedIn: partners-group

Partners Group Holding AG is a prominent investment management firm based in Baar, Zug, Switzerland, specializing in private equity, private infrastructure, private real estate, and private debt. Founded in 1996, the firm manages over USD 149 billion in assets and is recognized for its innovative approach and commitment to sustainability. Among their notable transactions, Partners Group acquired ESENTIA Energy Systems for $750 million in 2014, marking their entry into the energy sector. In 2019, they acquired a 50% stake in EnfraGen, a Latin American power generation platform, which focuses on enhancing grid stability and renewable energy assets. However, a key transaction relevant to natural gas power generation was their acquisition of CapeOmega for nearly €1.2 billion ($1.34 billion), aimed at enhancing natural gas transportation infrastructure from the Norwegian Continental Shelf. This strategic move highlights their involvement in the natural gas sector, complementing their broader energy investment strategy.


10. Ardian

  • Website: ardian.com
  • Type: Private Equity
  • Headquarters: Paris, Île-De-France, France
  • Founded year: 1996
  • Headcount: 1001-5000
  • Number of deals in 2024: 21
  • LinkedIn: ardian

Ardian is a prominent investment management firm based in Paris, specializing in private equity, real assets, and credit solutions. Founded in 1996, Ardian has established a global presence and focuses on sustainable finance, aiming to create lasting value for its clients. Among its notable transactions, Ardian has acquired a 26% stake in EWE AG, a German utility company, which is involved in various energy sectors, including natural gas. Additionally, Ardian's acquisition of Nevel Oy, a leading Nordic district heating and industrial energy solutions company, further demonstrates its engagement in energy-related investments. While Ardian has a strong emphasis on renewable energy through its Ardian Clean Energy Evergreen Fund, its strategic investments in companies with potential natural gas operations indicate a broader interest in the energy landscape.


11. Mercuria


Mercuria Energy Group Ltd. is an energy trading company based in Geneva, Switzerland, founded in 2004. The company operates globally in the commodity markets, focusing on crude oil, natural gas, and renewable energy. Mercuria provides trading services, invests in sustainable projects, and offers solutions for businesses transitioning to net zero. Their customer base includes various industries reliant on energy procurement and management. Notably, Mercuria has been involved in significant transactions relevant to the natural gas sector, such as the acquisition of Noble Americas Gas & Power Corp., which enhances their footprint in the natural gas market. Additionally, they participated in debt financing for Northwind Midstream Partners, indicating their commitment to supporting natural gas infrastructure. Their investment in Fervo Energy also highlights their interest in innovative energy solutions, further solidifying their role in the natural gas power generation landscape.


12. HitecVision

  • Website: hitecvision.com
  • Type: Private Equity
  • Headquarters: Stavanger, Rogaland, Norway
  • Founded year: 1985
  • Headcount: 51-200
  • LinkedIn: hitecvision

HitecVision is a private equity investment firm based in Stavanger, Norway, specializing in the European energy sector. Founded in 1985, the firm focuses on providing institutional capital to energy production and infrastructure projects, with a strong emphasis on sustainability and the energy transition. HitecVision manages private equity funds and collaborates with various stakeholders to drive growth in renewable energy and related industries. Notable transactions include their involvement with Noreco, where they provided £15 million in equity financing, indicating a commitment to energy production. They also acquired CapeOmega, further expanding their portfolio in the energy sector. Their investments in companies like Vår Energi and Sval Energi, although not explicitly tied to natural gas, suggest a broader engagement with energy production that may include natural gas power generation.


13. Siemens Financial Services


Siemens Financial Services, based in Munich, Bavaria, Germany, is a corporate investor that specializes in providing financial solutions to support technological advancements across various sectors, including industry, infrastructure, mobility, and healthcare. Founded in 1997, Siemens combines its technological expertise with financial services to foster growth and efficiency for its clients. In 2024, Siemens Financial Services was involved in several significant transactions, including a $550 million debt financing for Clearway Energy Group, which is known for its renewable energy projects, and a $190 million debt financing for Aypa Power, a company focused on energy generation. These transactions highlight Siemens' commitment to supporting energy infrastructure, which may encompass natural gas power generation as part of their broader investment strategy.


14. Climate Investment (CI)


Climate Investment (CI) is a corporate investment firm based in London, UK, founded in 2016. The firm specializes in providing early-stage to growth equity capital to companies in energy-intensive sectors, with a strong focus on climate-related innovations and decarbonization solutions. CI's investment strategy includes supporting market adoption of technologies that help reduce greenhouse gas emissions. Notably, CI has participated in funding rounds for Qnergy, which raised $16 million in Series C and $10 million in Series B to accelerate the deployment of methane abatement products. This involvement highlights CI's commitment to addressing emissions in the natural gas sector. Additionally, CI has invested in other innovative companies like Turntide Technologies and Insight M, further demonstrating their active role in promoting sustainable practices across various energy sectors.


15. Crédit Agricole CIB

  • Website: ca-cib.com
  • Type: Corporate
  • Headquarters: Montrouge, Île-De-France, France
  • Founded year: 2004
  • Headcount: 5001-10000
  • Number of deals in 2024: 17
  • LinkedIn: credit-agricole-cib

Crédit Agricole CIB is an investment bank based in Montrouge, Île-De-France, France, founded in 2004. The bank offers a comprehensive range of financial services, including structured finance, investment banking, and capital markets solutions, primarily serving corporate clients and financial institutions. With a global presence, Crédit Agricole CIB assists clients in navigating complex financial landscapes. Notably, they have participated in significant debt financing transactions relevant to the natural gas sector, such as raising over $707 million for Gazprom in 2018 and $600 million for Gunvor Group in 2023. These transactions highlight their active role in supporting companies within the natural gas power generation industry, further solidifying their position as a relevant investor in this sector.



Natural Gas Power Generation Insights: Key Investors in Europe


InvestorHeadquarterSizeFoundedDeals 2024
ShellLondon, England, United Kingdom (UK)10001+190720
TotalEnergiesFrance10001+192411
EquinorStavanger, Rogaland, Norway10001+19726
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
SiemensMunich, Bavaria, Germany10001+184711
Groupe Crédit AgricoleMontrouge, Île-De-France, France10001+189418
TotalEnergies VenturesParis, Île-De-France, France10001+20080
CentricaWindsor, England, United Kingdom (UK)10001+19978
Partners GroupBaar, Zug, Switzerland1001-5000199619
ArdianParis, Île-De-France, France1001-5000199621
MercuriaGeneva, Geneva, Switzerland1001-500020047
HitecVisionStavanger, Rogaland, Norway51-20019850
Siemens Financial ServicesMunich, Bavaria, Germany1001-5000199715
Climate Investment (CI)London, England, United Kingdom (UK)51-200201610
Crédit Agricole CIBMontrouge, Île-De-France, France5001-10000200417


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