Corporate Renewable PPAs in Europe Reach Record High of 10.4 GW in 2023
Corporate power purchase agreements (PPAs) for renewable energy in Europe reached a record high of 10.4 GW in 2023, up from 6.7 GW in 2022, according to data from RE-Source, a European platform for corporate renewable energy sourcing.
Corporate renewable power purchase agreements (PPAs) in Europe reached a record high of 10.4 GW in 2023, according to data from RE-Source, a European platform for corporate renewable energy sourcing.
This represents a significant increase from the 6.7 GW of deals in 2022. Spain and Germany were the largest markets, accounting for almost half of the total contracted capacity in 2023. Spain led the chart with 2.77 GW of PPAs, followed by 2.04 GW of contracts in Germany, which could challenge Spain for the top spot in 2024, according to RE-Source.
France, the UK, and Sweden also experienced significant growth in corporate renewable PPAs, achieving 0.78 GW, 0.62 GW, and 0.36 GW, respectively.The growth in corporate renewable PPAs in Europe is driven by larger auction volumes implemented by member countries, corporations contracting for more renewable electricity, and consumers continuing to install large amounts of solar panels.
The emergence of multi-buyer PPAs is also a new trend, enabling smaller companies to procure renewables.
Annie Scanlan, RE-Source Policy and Impact director, said the record PPA numbers show businesses’ significant appetite for renewable energy procurement. “Following years of electricity market volatility, and the growing demand for green electricity, the corporate PPA market is growing like never before,” she added.
