7.8.10Segment

Wind Energy Development & Generation

Onshore and offshore wind energy developers, wind farm operators, and turbine service companies.

4
Verticals

Overview

Wind Energy Development & Generation covers the development, construction, ownership, and operation of wind power — onshore wind farms and the emerging U.S. offshore wind sector. It is led by major developers and IPPs (NextEra Energy Resources, Avangrid, Invenergy, Ørsted in offshore), owning long-life generation under long-term contracts.

Demand is driven by wind's low cost (onshore), IRA production tax credits, and clean-power goals, though the sector faces headwinds — onshore siting/permitting and transmission constraints, and offshore-wind cost inflation and project setbacks. It is consolidating around scaled developers, with onshore a mature growth market and offshore a high-potential but challenged frontier.

Market snapshot

Market size
~$14B
Growth
~12.9%CAGR (2017–22, nominal)
Companies
~102 firms
Firms by employee count

54.9% of firms have fewer than 20 employees: 56 micro-businesses, below most mandates.

The investable universe46 firms with 20+ employees
20–99
1430%
100–499
49%
500+
2861%
Federal indicators
Net generation
~464 TWh (10.5% of U.S. generation)
Operating capacity
~153 GW nameplate
Trend
+7.9% CAGR (2018–2025)
Share of U.S. generation
6.5% (2018) → 10.5% (2025)

U.S. Energy Information Administration — Electric Power Operational Data, 2025 (net generation, all sectors). U.S. Energy Information Administration — Form EIA-860M, December 2024 (operating generators). U.S. Energy Information Administration — Electric Power Operational Data, 2018–2025.

The largest renewable generator by revenue and the more mature of the two — onshore wind has been built out in the best resource corridors, which is why growth trails solar. Repowering existing sites with taller turbines is now a bigger opportunity than greenfield development in much of the interior.

NAICS 221115. U.S. Census Bureau — 2022 Statistics of U.S. Businesses; U.S. Census Bureau — 2022 Economic Census.

Business model & economics

Revenue model

Development, PPAs, generation sales, and tax-credit monetization

Key economics

Revenue per firm
$139,604,539
Revenue per employee
$1,491,377
Employees per firm
82.5
Recurring revenue
High

long-term PPAs and generation

EBITDA margin
Contracted infrastructure economics
Capex intensity
High

Characteristics

  • Scale-driven — payroll is only 8% of revenue; the cost base is assets, not headcount
  • Moderate strategic-buyer pool — 28 firms exceed 500 employees; a scaled asset has buyers, but not many
  • Onshore wind low-cost and mature; offshore emerging.
  • IRA production credits and clean-power goals.
  • Siting, transmission, and offshore-cost headwinds.

NAICS 221115. U.S. Census Bureau — 2022 Statistics of U.S. Businesses; U.S. Census Bureau — 2022 Economic Census.

M&A deal context

Deal activityModerate

Who’s acquiring

  • Wind developers & IPPs
  • Infrastructure funds & asset owners
  • Offshore-wind & energy majors

What’s driving deals

  • IRA credits and clean-power demand.
  • Developer and asset consolidation.
  • Offshore-wind build-out (with cost challenges).

Verticals in this segment

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