Despite evolving risks, corporate renewable PPA activity remained strong in 2024, with new deal structures emerging across Europe. Pexapark’s Renewables Market Outlook 2025 highlights 2024 as the start of a ‘Big Adjustment Chapter,’ as buyers and sellers adapt to shifting market conditions.
Total disclosed PPA volumes fell 11% year-on-year to 15.2 GW, driven by a 59% drop in Utility PPAs. However, corporate PPAs remained stable, with only a 1% decline. A record 316 long-term PPAs—a 14% increase—was solely driven by corporate buyers, with deal-making rising 26%. The market also welcomed 157 new corporate players.
Net Zero remains a key driver, but price volatility, higher Levelised Cost of Energy (LCOE), and increased competition from Contracts for Difference (CfD) influenced corporate risk appetite. Green Premia and innovations in Mixed-technology PPAs and battery storage are shaping market adaptation.
Spain led the market with 4.66 GW across 47 deals, while Germany recorded the most transactions (48), totalling 2.04 GW. Iberdrola remained the top seller with 1,251 MW across 15 deals, followed by BRUC (532 MW) and Renewable Power Capital (517 MW). On the buyer side, Amazon led the pack with 1,503 MW disclosed across six deals, followed by Google with an estimate of 638 MW and Microsoft with 540 MW.
