Appetite is returning for mergers and acquisitions (M&A) in the renewable energy industry, with North America climbing back following the economic downturn, a new PwC report shows.

Figures from the annual PwC Renewable Deals report reveal volumes of deals were up across the globe over the past 12 months, although the actual value of the transaction saw a reduction.

The North American market experienced a significant upturn following energy efficiency drives, with the US almost matching Europe in terms of deal volumes.

Wind and solar power transactions were said to have continued to "dominate" the global market, while the level of energy efficiency activity trebled.

Ronan O'Regan, director of renewables and cleantech at PwC, said this growth was driven by an increase in consumer awareness and further regulation.

"Strong confidence has come back to the market after financing issues caused the sector real problems in 2008 and 2009. In addition, in 2010 buyers and sellers expectations are more realistic, which has supported higher deal volumes," he added.

Mr O'Regan said confidence in the renewable energy sector will stay "relatively strong" throughout the year.

Figures released by Bloomberg in early 2011 show green energy investments reached their highest level ever in 2010, hitting $243 billion (155.3 billion).

Source: http://www.lowcarboneconomy.com/community_content/_low_carbon_blog/13686/pwc_renewable_energy_ma_experience_strong_year