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RENEWABLESMARKETOUTLOOK2025
TheBigAdjustment:
NewRisksFuelingInnovation
2PEXAPARKRENEWABLESMARKETOUTLOOK2025
TABLEOFCONTENTS
ExecutiveSummary3
Introduction7
ACTI
Chapter1:TheyearofTheBigAdjustment9
1.1Thebigpicture:2018-2024year-by-yearevolution10
1.2Thedevil’sinthedetails:Behindthebignumbers14
Chapter2:Price-drivenThemesthatShapedtheMarket23
2.1NegativepricesshookPPAriskallocation25
2.2Divergingpricingexpectations:LCOE,CfDsandGreenPremia29
ACTII
Chapter3:LeagueTables202434
Chapter4:PPAinnovationinResponsetotheNewRealities43
4.1.Multi-technologyPPAsincreasedinpopularity43
4.2.BESSofftakesdemonstratedpromisinginnovation46
4.3.Multi-buyerPPAsbecamemoresophisticated48
ACTIII
Chapter5:TopPredictionsfor202551
5.1.ContractualclarityonmanagingnegativepriceriskinPPAswillimprove52
5.2.Mixed-technologyPPAswilldoubleinvolumes52
5.3.InnovationinBESSofftakeswillresultincompoundgrowth52
5.4.Utilityofftakevolumescouldremainflat53
5.5.TheYOYincreaseinCorporatePPAvolumeswillbeuncertain53
Conclusion54
AboutPexapark55
LegalDisclaimer55
3PEXAPARKRENEWABLESMARKETOUTLOOK2025
1.EXECUTIVESUMMARY
KeyfindingsfromourPexaparkRenewablesMarketOutlook2025report:
TheEuropeanPPAMarketenteredan
AdjustmentChaptercharacterizedbyrecorddeal-makingforfewervolumes–Stabilizingpricevolatilityhasbeenakeyactivityenabler
overthepast18months,butnewrisksin2024impactedgrowthdynamics.Themanifestationofcannibalizationriskthroughincreased
negativepriceeventsandlowcapturerates,alongsidemulti-facetedpricerisk,resultedinayearwithvividdeal-makingappetitebutformoreconservativevolumes.
DecreasedUtilityPPAsimpactedthe
volumesofthebigpicture–Over2024,
Pexapark’sPPATrackerrecordedatotalof15,2GWdisclosedcontractedvolumes–adecreaseofaround11%vis-à-vis2023.Themostdrastictrendthatimpactedoverallvolumeswasthe
59%YOYdropinpubliclydisclosedUtilityPPAs.Conversely,disclosedcorporateofftakevolumesdecreasedbyaslight1%YOY.
CorporatePPAdealcountreachednew
highs–Overall,theyearsawatleast316
long-termPPAs–anotable14%increasefrom2023andanewexcitingrecord!Thisincreaseisattributedtocorporates,whichralliedtheirdeal-makingby26%.Ouranalysisdemonstrates
thatarecordnumberofcorporatessignedtheirinauguralPPAin2024.Intotal,157
newplayersenabledaround5,2GWin2024.DisclosedUtilityPPAdealcountdecreasedby38%.
OverallYOYgrowthisprimarilydrivenby
marketrisks–Theumbrellanumbersindicate
thattheevolutionpatternsofCorporate
andUtilityPPAsareidentical,impactedby
thesamemarketeventsbutfordifferent
reasons,whilealsomaintainingtheirindividualdrivers.ForCorporatePPAs,sustainability
anddecarbonizationtargetsarealways
underlyingfactors,butmarketeventsseem
tobesignificantlymoreprominentinsteeringdecision-makingandcreatingmomentum.
Decreasedutilityofftakesshouldberead
withapinchofsalt–Negativepricesand
lowcaptureratesmadeutilitiesreluctantto
onboardmoreprofilerisk.Atthesame,their
sharpdiscountsweresometimesnotenticing
toprojectownerseither,whooftenpreferred
toachieveagreenpremiumwithacorporate
offtaker.AstheirroleinthePPAmarkethas
evolved,suchplayersarefocusingontheir
intermediaryrolebetweenprojects,facilitating
newstructuresandprovidingenergyintelligenceforsophisticatedagreementstomovetheneedlewhereneededmost.Plus,notallUtilityPPAsarepublicizedfortheirownbusinesspurposes.
FocusonBalancingAgreementsremained
sharp–It’snolongerthestandardthat
balancingcontractsfollowthetenorofthePPAhedge,asusedtobethecaseafewyearsback.Thisshifthascreatedanactivemarket,asassetownerstendtogo1-3years’longonbalancing,andissuetenderseverycoupleofyears.
Decreasedvolatilitybroughtdownpricesfromwhenthemarketwasstressed,butstillremainelevatedandacoreelementofaproject’s
revenuestack.
4PEXAPARKRENEWABLESMARKETOUTLOOK2025
VolatilityintheenergycommoditymarketsdecreasedThepricingenvironmentof2024wasrelativelystable,withreducedday-to-
dayvolatilityfromthehighsofpreviousyears.
ThePexaEUROCompositestartedtheyear
atEUR49/MWhandendedatEUR52/MWh,
experiencingaslightincreaseof3%amidst
mixedmovementswithinanarrowrange
throughouttheyear.Amidreducedvolatility,
theprice-driventhemesthatshapedthemarketwerethedramaticincreaseofnegativeprices
andelevatedLCOEandCfDstrikepricesoftendemandinggreenpremia.
NegativepricesshookPPAriskallocation
Theacceleratedfrequencyoflow,zeroand
negativepricinghourseventuallyreached
negotiationrooms,signalinganotableshift
inthemarketdynamics.Themainissuesthat
cameupfordiscussionmostlydrivenfromthebuy-sidewere:a)compensationofthebuyertothesellerduringnegativehourevents,b)
definingthepricetriggersandc)theimpactofriskallocationtotheoverallpriceofthePPA.
Reactionfrombuyerswasmixed.Someshiftedtoamoreconservativedirection,becoming
reluctanttopayforanygenerationoccurring
duringnegativepricehours,whilesomepartieswerealsoopentodiscussingmoreinclusive
compensationstructures,whichalsoheavily
dependonthetechnologyandgeographyofthePPA.
Somenegotiationsdidnotcometofruitionduetodivergingpricingexpectations
Throughouttheyear,sellersoftencitedelevatedLCOEcosts,alsodrivenbythenewrealitiesofthefinancingconditions,whilealsoanchoringtheir
pricingexpectationstoContracts-for-Difference(CfD)auctionresultsinrelevantmarkets.
Pexapark’sReportedPPApricerange,reflectingtherangeofmarket-observedtransacted
andPPAbidpricesfromcorporateandutility
buyers,hasshownanincreasinglybroadrangeofpriceevidence.Asmarketpricesdecrease,
someobservedbidshavefallenbelowthe
minimumpricesrequiredbydevelopers,whileotherofftakers,particularlycorporatebuyers,
arewillingtooffersignificantlyhigherpricestosecureadditionalprojects(“greenpremium”).
Spain’svolumesleftcompetitionbehind,whileGermanysecuredgoldindealcount
SpainremainedthemostpopulardestinationforPPAdeal-makingbydisclosedcontracted
volumesforasixthconsecutiveyearwithatotalof4.66GWaminor5.5%decreasefromlastyearsvolumes.Aninterestingeventspicing
updealflowtrendswasthatGermanyactuallytoppedthechartsbydealcountwith48long-termPPAsa9%YOYincrease.
IberdrolatakesTopSellergoldforsecond
yearinarow,thistimebyamileSpanish
utilityIberdrolaclaimedthetopspotfora
secondconsecutiveyear.Intotal,itbrought
home1,251MW38%morevolumesthan
theyearbeforeacross15corporatedeals,animpressive67%YOYuptickindealcount.Theutilitysgeographicalfootprintexpandedacrossfivecountries,coveringallkeytechnologies.
MrBezosmaintainsTopBuyerreign,with
IToccupyingallpodiumspotsAmazonalsoearnedthetopspotforasecondconsecutive
year,havingcontractedmorethan1,503MW
a20%YOYdecrease,acrosssixumbrella
deals,accordingtoidentifiabledata.Over2024,MrBezoswentshoppinginSpain(756MW
ofonshorewindandsolar),Greece(360MW
onshorewind),GreatBritain(282MWoffshorewind)andIreland(105MWonshorewind).
TheITconglomeratewentforfirmervolumes
comparedtolastyear,whichsaw1,409MWofsolar.
ITdominatesvolumes,whileCapitalGoods
shoppedaroundthemostInformation
TechnologymaintainstheTopposition,with
atotalof3.8GWacross38deals.Overall,IT
corporatesdepicteda56%YOYincreaseindealcount38inlieuof29anda5%increasein
disclosedvolumes.CapitalGoodswasthemostactivesegmentshoppingaround,toppingthe
chartsbydealcountwith50dealsa61%YOYincreaseindealcount,althoughwithrespectivedisclosedvolumesnotfollowingsuit(merely1%up).
5PEXAPARKRENEWABLESMARKETOUTLOOK2025
Solarvolumessawadeclinebutstill
dominated,whileonshorewindandmixed
technologieswereontheriseWithmore
than8GW,standalonesolarpvstillaccountedformorethan50%ofthecontinentsvolumes
despitea28%YOYdecrease.Onshorewind
followedsuitwith3.1GW25%upfromlast
year,withoffshoretotaling937MW50%
downYOY.ThemostdramaticYOYincrease
camefromPPAscombiningmixedrenewable
technologies,whichsawa219%spikein
volumesfrom861MWin2023to2,746MWin2024,andarespective190%increaseindealcount.
Multi-technologyPPAsspikedinpopularity
Over2024,wetracked2.7GWacross32PPAannouncementsintwelveEuropeancountries
allCorporatePPAs.Forreference,in2023
thesenumbersstoodat860MWacross11
PPAannouncementsinfivecountries.Themainbenefitsforbuyersrevolvearoundincreased
certaintyontheprofileofenergysupplied,whilemoreattractiveshapealsoresultsinbetter
pricingforthesellers.
BESSofftakesdemonstratedpromising
innovationInnovationinBESSagreements
defined2024,highlightingthegrowingroleofstorageinthePPAmarket.KeydevelopmentsincludedPowerStorageAgreements(PSAs)
andtollingagreementsinGermanyandGreat
Britain.Thesestructuresprovideflexibility,
bankability,andriskmanagementforboth
buyersandsellers.Increasedintra-dayvolatilityandmarketfundamentalspositionthesegmentforrapidgrowthin2025.
Multi-buyerPPAsbecamemore
sophisticatedIn2024,thetrendevolved
steadilyinallaspectsvolumes,dealcount,
technologiesandgeographies.Intotal,we
saw315MWacrosssixdealsinSpain,
Denmark,FranceandIreland.Theemergence
ofsophisticatedplatformsaggregatingdemandcancatalyzefurtherdemand,whileguaranteesfromfinancialplayersalleviatepressures
oncreditrisk.Governmentcreditguaranteeschemesneedtoacceleratefurther.
PPAsforGreenH2productioncontinued,
butuncertaintyinthesectorremainsIn
2024,wesaweightdealsaimedatfeeding
greenhydrogenproductionprojects,totaling
407MWalthoughhalfofthedealsdidnot
disclosetherespectivevolumes.Allactivitywaslinkedtosubsidizedprojects,butthepricegapwithgreyhydrogenremains.Bytheendoftheyear,someplayersissuedcallsforhydrogen
offtakes,whichwillprovidesomeevidenceofmarketappetitein2025.
ThegeographicalscopeofCross-border
PPAsexpandedUpuntilnow,Spainhas
dominatedthecross-borderPPAtrend,but
in2024werecorded13dealswithcross-
borderelementsofatotal497MWinSpain,
SwedenandRomania.Thestructureisgainingpopularity,givingincreasedoptionstosellers,butchallengesremainwithregardtobasisriskandadditionalitycriteria.
DealcountofOn-sitePPAsincreased90%
YOYOver2024,werecorded19On-site
PPAsforatotal562MWin11jurisdictions,
althoughthevolumeswerelargelydrivenbyaheftydealinFrance.Hedgingnon-commodityenergycosts,improvedcarbonreporting,and
policymomentumhavebeencoredriversofthetrend.
OurTopPredictionsfor2025
1ContractualclarityonmanagingnegativepriceriskinPPAswillimprove
2Mixed-technologyPPAswilldoubleinvolumes
3InnovationinBESSofftakeswillresultincompoundgrowth
4Utilityofftakesvolumescouldremainflat
5TheYOYincreaseinCorporatePPA
volumeswillbemoderate
6PEXAPARKRENEWABLESMARKETOUTLOOK2025
EUROPEANPPAMARKET2024
15.2GW
316deals
8GW
#168
3.1GW
#69
2.7GW
#32
0.9GW
#20
TOPBUYER
klberdrola
TOPSELLER
PEXAEUROComposite(EUR/MWh),2024
+3%
55
5
49
50
45
2
1.03GW#26
40
35
2.04GW#48
3
30
25
20
1.48GW#35
4
15
10
4.66GW#47
1.05GW#39
5
0
EuropeanPPAdealflowbydisclosedcontractedcapacityanddealcount,2018-2024(GW)
#deals
GW
Corporate
-11.1%
+14.1%
17.1
Utility
316
Unknown/Other
15.2
277
12.1
10.9
12.7
12’6
8.6
276
159
163
220
7.6
2.7
5.6
8.9
100
90
106
132
49
3.1
393
2.5
0.8
2018
34
59
4’1
5.0
0.9
2019
4.5
25
8
1
2018
50
50
1
2019
1.7
2.3
0’2
2020
1.8
0’2
2022
52
31
29
2020
29
2022
0.3
2023
0.9
2024
9
2021
2023
2021
2024
7PEXAPARKRENEWABLESMARKETOUTLOOK2025
2.INTRODUCTION
Adaptationoveracceleration
Anotheryear,anotherchapterloggedtheEuropeanPPAMarketshistorybooks.
Reflectingonhowtosummarize2024,threewordscometomind:TheBigAdjustment.
Overthepasttwodecades,theindustrys
manifestationboardonlyhadonegoalspelledout:acceleration.WhetherthroughgovernmentsupportortheunstoppablemarketforcesofthePPAfront,morewasalwaysbetterandtoa
certainextent,itstillis.
Wevelongtalkedaboutthevillainsofthe
story:inflexibleproductionprofiles,theduck
curve,thepricecannibalizationeffect,grid
bottlenecks,andthelistgoeson.Butin2024,
thecomplexitiesescalatedquickly,leavingsomeunprepared.
Theshowalwaysgoeson,though.Despite
newmountainshidingtheview,innovationwillalwaysfindawaytocarveouttheroadtoNet
Zero.Andtheindustryshowedundeniablesignsthatthebestisyettocome.
PexaparksRenewablesMarketOutlook2025
isourgranularanthologyofthedata-driven
headlinesandkeytrendsthatshapedlastyearsEuropeanPPAUniverse,withourpredictionsfortheyearahead.
Thestoryisnotjustoursanymore;itsallyours
toenjoy,interpretandmaybegetinspiredfor
yournextbreakthrough.AswesayatPexapark,togetherisalwaysbetterandwelookforwardtohearingyourthoughtsat
hello@
.
Enjoytheread!
THEPEXAPARKTEAM
Authors:
LUCAPEDRETTI
ChiefOperationsOfficer(COO)&Co-founder
Lucahas17yearshands-onexperienceinenergyriskmanagementforrenewablesinopenmarketsvaluing,structuring,negotiatingandmanagingPPAtransactionsacrossEurope.HelikesicecreamandPanettone,alot.
MARITINAKANELLAKOPOULOU
SeniorInsightsAnalyst&ContentManager
Maritinahas9+yearsexperienceinresearchandanalysisof
cleanenergytrends.ShehasdevelopedB2Bcontentexpertiseinrenewablesbusinessmodelsandanalyticalinsight,andis
currentlytheEditorofPexaparksPPATimes.MaritinaholdsanMScinEnvironmentalSustainabilityfromtheUniversityofEdinburghandaBAinInternationalRelations.
Insights
Contributors:
MichaelWaldner,Co-founder&CEO|MathieuVille,VP-PPA&BEESTransactions
DominiqueHischier,DirectorofEditorialandAnalysis|Boon-LiWong,HeadofPortfolioTradingServicesRobertHudson,LeadEnergyStorageAdvisor|JohnDallimore,HeadofCorporatePPA&H2Advisory
ConiMeili,Polling&PPAMarketDataSpecialist|MalteHachmeister,Manager-Portfolio&TradingServices
8PEXAPARKRENEWABLESMARKETOUTLOOK2025
ACTI
9PEXAPARKRENEWABLESMARKETOUTLOOK2025
CHAPTER1:
THEYEAROFTHEBIGADJUSTMENT
Over2024,dealmakingsentsomemixedmessages.Inreality,theyearendedverydifferentlyfromwhatwasexpectedatthebeginning.Let’sunravelwhy.
PPATrackerMethodology
Beforethebigdive,thisisarefresheronhowtoreadPexapark’sPPAanalysis.NotallPPAsareequal,andatPexaparkweknowthisfirst-hand.OurPPATrackerincludesagreementsthatmeetspecificcriteria.
PriceRisk:Pexapark’sprimarycriterionliesinaPPAcarryingpricerisk.Route-to-market(RtM)orbalancingservicesPPAsdonotmakeittoourPPATracker,eveniftheyareconcludedforlongperiods(i.e.,RtMPPAsforprojectsundertheUKCfDschemethatmayneedcontractstomarkettheirpower,whileit’stheUKgovernmentthattakesthepriceriskbyofferingafloorprice).
Tenor:Ourruleofthumbistotracklong-termPPAsofatleasta5-yeartenor.Nonetheless,
initialPPAslinkedtonewprojectsandhaveplayedaroleinthefinancingoftheassets,are
beingaddednomatterthetenorlength.OurdataillustratethatpubliclyavailableShort-term
(ST)PPAslinkedtonewprojectsarestillrare(onlyoneacross2024).Post-subsidyPPAssuchaspost-EEGinGermanyprolongingthelifeofanasset,orPPAslinkedtoanyexistingassets
(i.e.optimizationPPAsforassetsinitiallycommissionedundersubsidyschemes)needtohaveatenorlongerthan5years.
PPASize:WecalculatethedealflowvolumesbasedonthePPASizeinMWandnotthe
ProjectSize.IfthisinformationisnotavailableinaPPAannouncement,weproceedtoacapacityfactor-basedestimationwheneverweknowa)annualvolumesinGWhb)geographyandc)
technologyofthedeal.
YoucanfindourPPATrackeronPexapark’sPPApricereferenceandmarketintelligenceplatform,alongsidemoreinformationonourmethodology.Forthesestringentrulesandtheextramile
wegowhenreviewingPPAactivity,ourfindingscouldbedissimilartootherdata-driveninsightproviders.Toensureyourdealsareincludedinouranalysis,you’reinvitedtousePexapark’s
‘ReportaPPADeal’functionoremail
maritina.kanellakopoulou@
.
10PEXAPARKRENEWABLESMARKETOUTLOOK2025
1.1THEBIGPICTURE:2018-2024YEAR-BY-YEAREVOLUTION
Overthepasttwelvemonths,Pexapark’sPPATrackerrecordedatotalof15,2GWdisclosedcontractedvolumes–adecreaseofaround11%vis-à-vis2023.ThisisthethirdyearinEurope’sPPAhistorywherewenoteaYOYdecreaseinoverallvolumes.
Whentakingacloserlookatdealflowbyofftakertype,themostdrastictrendthatimpactedoverallvolumeswastheYOY59%dropinpubliclydisclosedUtilityPPAs.Onthecontrary,disclosedcorporateofftakevolumesdecreasedbyaslight1%YOY.Regardingthelatter,eventhough
theYOYanalysisillustratesaconsistentlyupwardtrend,2024markedanotableslowdowninthegrowthpaceofcorporatevolumes.
EuropeanPPAdealflowbydisclosedcontractedcapacity,2018-2024(GW)
CorporateUtilityUnknown/Other
-11.1%
GW
17.1
15.2
12.1
10.9
12.7
12’6
8.6
7.6
2.7
5.6
8.9
393
2.5
0.8
2018
YOY
YOY
3.1
4’1
4.5
1.7
0.9
2024
-1%
-59%
5.0
2.3
0’2
2020
+15%
-54%
1.8
0.9
2019
+8%
+525%
0’2
2022
+17%
-60%
0.3
2021
+145%
+95%
2023
+44%
+128%
Source:PPATracker,Pexapark
11PEXAPARKRENEWABLESMARKETOUTLOOK2025
Atthesametime,whenlookingattheothersideofthecoin,there’sacriticalplottwistandone
oftheyear’smainheadlines.Intermsofdealcount,2024sawatleast316long-termPPAs–anotable14%increasefrom2023andanewexcitingrecord!
Thisincreaseisexclusivelyattributedtocorporates,whichralliedtheirdeal-makingby26%.DisclosedUtilityPPAdealcountdecreasedby38%.
EuropeanPPAdealflowbydealcount,2018-2024(#deals)PEXAPARK
CorporateUtilityUnknown/Other
+14.1%
#deals
316
277
276
159
163
220
100
106
132
90
49
34
59
25
8
50
50
52
31
29
29
9
2018201920202021202220232024
YOY
+26%
+96%
+20%
+80%
+23%
+67%
YOY
-38%
+525%
-42%
+80%
-44%
+69%
Source:PPATracker,Pexapark
Onamonth-by-monthdealflowbasis,February’24willbeamonthtorememberduetoits
recordmonthlydealcount.Overthesecondmonthoftheyear,ourPPATrackerrecordedan
astonishing54PPAdeals–62%overthepreviousrecordinOctober2023–foratotal2.56GWoffreshvolumes.
Thehighmarkdealcountdidnotresultinaproportionatenewrecordinvolumes–anotethat
endedupsettingthetoneforayearthatsawvividdeal-makingappetitebutformore
conservativevolumes.Also,giventhetimelagbetweenPPAdeal-makingandannouncements,February’sincreasedinflowofdealscouldbeattributedtothe2023momentum.
12PEXAPARKRENEWABLESMARKETOUTLOOK2025
MonthlyPPAvolumesbyofftaketype,2024(MW)PEXAPARK
CorporateUtilityUnknown/Other
29568
29088
2’011
1’040
19550
19480
19172
19162
19134
945
19019
916
1’241
358
789
1’402
995
985
474
441
33
Aug
1’004
853
711
690
557
179
177
Oct
8
Jan
134
Jul
130
Sep
78
Mar
78
Feb
Apr
Nov
Jun
Dec
May
Source:PPATracker,Pexapark
MonthlyPPAdealcountbyofftaketype,2024(#deals)PEXAPARK
CorporateUtilityUnknown/Other
54
62%increasefrompreviousrecordin2023
32
50
30
27
28
24
24
24
22
13
19
18
29
26
14
24
22
23
20
22
8
18
11
3
Apr
6
4
3
Aug
1
Jan
1
Jul
3
May
2
Sep
4
1
Mar
1
OctNovDec
Jun
Feb
Source:PPATracker,Pexapark
13PEXAPARKRENEWABLESMARKETOUTLOOK2025
Stabilizingpricevolatilityhasbeenakeyactivityenableroverthepast18months,butnewrisksthatenteredthescenein2024impactedthegrowthdynamics.Thebigtalkofthetownwastherapidsurgeoflow,zero,andnegativehoursacreepingriskthatmarketplayerswerenotexpectingtoescalateasquicklyasitdiddespitethesignsbeingthereforquitesometime.The
cannibalizationrisk–oneofthebiggestrenewablesrisks–promptedtheBigAdjustmentchapterofthePPAMarket.WhilesmallerPPAvolumesdrivethischapterasbuyersand
sellerslearntonavigatenegativepriceriskintheirportfolio,thisjourneyalsopromptedexcitinginnovationpavingthewayforward–asisheavilyhighlightedacrossthereport.
Atthesametime,pricingriskchangedcolor.Ontheonehand,stabilizedanddecreasing
pricesremovedthelong-termhedgingurgencyforsomecorporates.Ourinterpretationof
marketsentimentsuggeststhatsomecorporatesweremoreincentivizedbypanicbuyingwhen
priceswerehighandadoptedawait-and-seeapproachamidreducedvolatility.Ontheotherhand,PPApricingwasoftendrivenbyelevatedLCOElevelsforprojectsandcompetitionwith
generoustariffsfromgovernmentContracts-for-Difference(CfD)schemes.ThesedynamicsbroughtfurthertotheforegreenpremiumsinPPApricing,whichimpactedspecificcorporatesegmentsandutilityofftakesalike.
ANoteonShort-term(ST)PPAs
PexaparksPPATrackeronlyincludesshort-termPPAs(<5-yeartenor)linkedtonewassets(i.e.,beingtheirinauguralPPA)becauseitdepictsseveralinterestingconnotationssuchasfinancing,businessmodels,andriskappetite.In2024,weonlysawonesuchagreementinEstonia,whichcarriesaninterestingweightgivenit’salsothecountry’sfirstPPAever.InFeb
24,Centricasigneda3-yeardealwithEneryslinkedtoa32MWnewlycommissionedonshorewindplant,reinstatingthestrategicroleutilitiescanplayinnascentmarkets.
Atthesametime,wealwaysmakeaninternalnoteofpubliclydisclosedshort-termPPAslinkedtoexistingassets,eventhoughtheyareexcludedfromourPPATracker.In2024,wenoted24publicizedshort-termPPAsmostlycorporatebutalsoutilityonthebackofexistingassets.
Thedealflowissimilartolastyear,withnosignificanttrendemerging.
Lastly,thepastfewyearsbroughttotheforeoptimizationopportunitiesforprojectsthathaveadoptedasophisticate
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