In 2024 at least 316 long-term power purchase agreements (PPAs) were signed on Pexapark’s platform, a 14% year-on-year increase.
Corporate buyers are exclusively responsible for the milestone, leading to a 26% rise in deal-making activity despite smaller volumes.
Notably, the market saw 157 new corporate players joining Europe’s PPA market.
Stabilising price volatility was a key activity enabler over the past 18 months, but “cannibalisation risk and elevated levelised cost of energy in tandem with increased competition with contracts-for- difference (CfD) schemes tested corporate risk appetite”.
Spain has once again emerged as the leading market in 2024, achieving 4.66GW across 47 deals.
In terms of volumes, Spain eclipsed second-place Germany, which recorded 48 transactions, totalling 2GW.
Among sellers, Iberdrola retained its top spot for the second year running, with 1251MW contracted across 15 deals.
It was followed by BRUC (532 MW) in second place, with Renewable Power Capital (517 MW) landing in third.
On the buyer side, Amazon led the pack with 1503MW disclosed across six deals, followed by Google with an estimate of 638MW and Microsoft with 540MW.
“In 2024, the PPA market proved its ability to innovate facing the new realities of increased renewables penetration, as the challenges of negative pricing and cannibalisation have forced a rethink of traditional approaches,” said Luca Pedretti, COO and Co-Founder of Pexapark.
He added: “Multi-technology PPAs for firmer profiles, Multi-buyer models, and innovation in energy storage offtakes signal strong resilience.
“By adapting to these new realities, the industry can overcome obstacles and continue driving the energy transition forward.”
The Pexapark Renewables Market Outlook 2025 is the fifth edition of an annual report series by Pexapark.