The European power purchase agreement (PPA) market closed March 2025 with a total of 23 signed agreements and 1.04 GW of contracted capacity, according to the latest report published by Our New Energy. Of this total, 64% corresponded to solar projects, representing a slight increase in the share of this technology compared to February.

Compared to the previous month, the market showed a decrease in both the volume and number of signed contracts. In February, 28 PPAs had been signed for a total of 1,233 MW, with 62% of the solar share.

The largest PPA contract signed in March reached 290.4 MW, consolidating its position as the largest single agreement on the continent during that month. It was signed in Germany between Statkraft and its offtaker OMV.

Solar Dominance and Corporate Prominence

Solar energy continues to be the dominant source of PPA contracting in Europe. While its share peaked at 87% in 2024, it stabilized at 64% of the total contracted volume in March.

For their part, corporate offtakers maintained their dominance, representing 89% of contracted volumes. For the past four years, private companies have led both in terms of the number of agreements and the capacity acquired. “Corporations have been the main drivers of volume, both in terms of the number of agreements and contracted capacity,” highlights the Our New Energy report.

Germany and Spain led the activity

Geographically, Germany led the way in March with over 290 MW signed, closely followed by Spain with 272.9 MW. Other relevant markets were Poland (149.1 MW), Italy (124.3 MW), and France (109.6 MW).

Smaller contracts were then signed in Ireland, Romania, Greece, the United Kingdom, and Norway.

Who Sells and Buys the Most Clean Energy

On the list of sellers, Statkraft, Nexwell Power, and GoldenPeaks Capital were the most prominent players this month.

Looking at the cumulative volume through 2025, Iberdrola leads with 665 MW contracted, followed by Statkraft (311 MW) and Vattenfall (156 MW).

Among buyers, OMV, a US-based tech company, and NGK Ceramics acquired the most MW in March.

Among the buyers, Amazon leads the annual ranking with 523 MW signed, while OMV (227 MW) and LyondellBasell (186 MW) complete the podium. Also included are companies such as Stellantis, Microsoft, Google, NGK Ceramics, and Axpo, consolidating the leading role of the technology and industrial sectors in market development.

Comparative Trends: Recent Market Developments

Since 2021, the European PPA market has shown sustained growth. Average monthly contracted capacity grew from 880 MW in 2022 to 1,224 MW in 2024, although so far in 2025 the average stands at 1,011 MW per month, marking a slight slowdown.

Regarding the number of annual contracts, the trend continues to rise: from 183 in 2022 to 268 in 2024. The proliferation of smaller-scale agreements and new players has boosted the market, although it has also made it more fragmented. In the first quarter of 2025, 76 agreements were signed.

The share of solar energy in PPAs has also grown significantly. In 2021, it represented 43% of agreements, a figure that rose to 57% in 2022, 60% in 2023, and fell to 58% in 2024. In 2025, although the March figure shows a slight drop to 53%, the cumulative average remains high, consolidating the market’s structural preference for this technology.

Onshore and offshore wind power is still present, although with a lower share than solar, reserved for larger unit-sized agreements and long-term horizons.

Short-Term Outlook

The evolution of the European PPA market will closely monitor regulatory developments, technological competitiveness, and the investment appetite of large corporations. The drop in volume signed in March, despite the increase in solar power, is a sign that the sector is closely monitoring.

However, the commitment of private actors, especially those in the technology and industrial sectors, continues to consolidate PPAs as a key tool for advancing the decarbonization of the European energy system.