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
54.9% of firms have fewer than 20 employees: 56 micro-businesses, below most mandates.
- 20–99
- 1430%
- 100–499
- 49%
- 500+
- 2861%
- 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
- EBITDA margin
- Contracted infrastructure economics
- Capex intensity
- High
long-term PPAs and generation
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
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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