The European PPA market recorded a highly active month in July 2025, with the signing of 16 deals totalling almost 1.9 GW. These were transactions with an average size of 144 MW, consolidating the sector’s dynamism in a context of greater technological diversity and with utilities playing the central role.
By country, Ireland led with 629 MW contracted, followed by Spain with 538 MW and Portugal with 384.5 MW, consolidating southern and western Europe as key hubs for new developments.
On the buyers’ side, utilities secured the majority of the capacity, with a standout performance from the Irish company Bord Gáis Energy, which topped July’s ranking with 629 MW contracted. In addition, corporates from diverse sectors entered into agreements, including Galp, Mercadona, Bayer, Burger King, Unilever, Legrand and Graphic Packaging International, along with a major US-based tech corporate, highlighting the market’s cross-sectoral nature.
On the sellers’ side, the range was equally broad. Companies such as Iberdrola, Statkraft, Finerge, R.Power Renewables, SUEZ, Greenyellow, Zelestra, NTE, Ellomay and Nadara signed contracts, alongside several deals whose volumes were not disclosed.
The technology mix showed wide variety, with projects in solar, onshore and offshore wind, and hydropower. However, recent months indicate a relative decline in photovoltaics. In 2025, solar accounts for 54% of signed PPAs, down from 58% in 2024 and 60% in 2023. In July alone, solar’s share fell to 25% of contracted capacity, underscoring the stronger role of other technologies, particularly wind.
At the same time, corporate PPAs have also seen a relative decline. While in 2024 they accounted for 87% of all deals, in 2025 they stand at 74%. In July, corporate agreements represented only 31% of total volume, compared with a majority share for utilities. This shift highlights a structural change in market demand, with traditional energy players gaining ground.
Looking at historical data, the average monthly PPA volume transacted in 2025 stands at 1,215 MW, close to the 2024 level (1,224 MW) and above 2023 (1,037 MW). The number of annual transactions also reflects sustained growth: from 240 deals in 2023 to 268 in 2024, confirming PPAs as a preferred mechanism for renewable energy contracting in Europe.
On a cumulative basis for 2025, Iberdrola remains the leading PPA seller in Europe, with over 1.2 GW contracted, while on the buyer side Amazon leads with around 1 GW. This leadership underscores the structural weight of both companies in the European market, from both the supply and demand perspectives.
In conclusion, July 2025 sent clear signals: greater prominence for utilities over corporates, a more diversified technological mix reducing dependence on photovoltaics, and the consolidation of major players such as Iberdrola and Amazon in Europe’s PPA landscape.
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