Corporate PPAs: An International Perspective – 2025-26

A Corporate PPA allows corporate energy consumers to purchase power directly, and on a long-term basis, from renewable energy generators, even if they are not located nearby. They provide an alternative to the traditional model, where businesses purchase power from utilities that gather energy from multiple generators. Corporate PPAs are long term agreements, typically between 10–20 years, that provide price certainty for both the corporate and the generator by using fixed or floor pricing structures. 2024 was a particularly strong year for Corporate PPAs with 68 GW of clean power deals being contracted through Corporate PPAs, representing a 29-35% increase on 2023. The United States continued to dominate the global market with a record 28 GW signed across 184 Corporate PPAs in 2024, more than double the deals seen in 2023.

The European market also saw sustained activity with 12.6 GW of new capacity contracted under Corporate PPAs. A record 276 long-term PPAs, including 157 first-time PPA contractors enabling 5.2 GW in 2024. Spain lead the European market with 3.1 GW contracted whilst the UK doubled volumes contracted from 2023 to 1.4 GW. Denmark, Greece and the Netherlands also saw notable growth. Germany, however, saw a slight reduction of 0.3 GW in contracted volumes in 2024 as economic uncertainty tempered market appetite.

As ever, the drivers behind Corporate PPAs remained largely the same: sustainability and resilience to market events. While corporate offtakers continued to reach towards sustainability goals by procuring clean energy through Corporate PPAs, market volatility stabilised considerably in 2024 compared to preceding years. Having advised on some of the earliest Corporate PPAs in the Netherlands (2007) and the UK (2009), we have become an experienced advisor on these structures globally. Our longstanding experience navigating the Corporate PPA landscape means that there’s not much we haven’t seen when it comes to advising on these evolving, and often complex, structures. This report looks at the main drivers propelling the growth of Corporate PPAs globally. It addresses several innovative deal structures and provides an overview of market considerations in key jurisdictions across Western and Eastern Europe, the Nordics, Asia- Pac and the USA. 

Read the report here.