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This marks a remarkable 40% increase from the previous year, highlighting the growing momentum around sustainable energy sourcing among European businesses.

Spain and Germany emerged as frontrunners, collectively accounting for approximately 50% of the total volumes in 2023. Spain retained its position as the largest PPA market. In 2023, PPAs in Spain added an extra 2.77 GW to the energy system. 2nd top last year was Germany with 2.04 GW new capacity. Other significant growth was seen in France (0.78 GW), the United Kingdom (0.62 GW), and Sweden (0.36 GW). Looking ahead, Germany is poised to challenge Spain for the title of the most active PPA market in 2024.

In a significant development, three new countries – Hungary, Slovenia, and Portugal – entered the PPA market in 2023, further diversifying the landscape. This expansion follows the entry of Bulgaria, Croatia, Austria, and Romania into the corporate renewable PPA market in 2022.

Industry diversification fuels corporate renewable growth in 2023

The top corporate offtaker sectors in 2023 were led by heavy industry (2.9 GW), followed by ICT (2.5 GW), retail (0.8 GW), telecoms (0.7 GW), and engineering and technology (0.5 GW). This diversification underscores the attractiveness of PPAs across industries. There was significant PPA growth amongst automotive, food and drinks, and retail companies.

The corporate renewable PPA market in Europe saw a 40% growth in 2023.

RE-Source

The corporate renewable PPA market in Europe saw a 40% growth in 2023.

Spain and Germany emerged as frontrunners, collectively accounting for approximately 50% of the total volumes in 2023. Spain retained its position as the largest PPA market. In 2023, PPAs in Spain added an extra 2.77 GW to the energy system. 2nd top last year was Germany with 2.04 GW new capacity. Other significant growth was seen in France (0.78 GW), the United Kingdom (0.62 GW), and Sweden (0.36 GW). Looking ahead, Germany is poised to challenge Spain for the title of the most active PPA market in 2024.

In a significant development, three new countries – Hungary, Slovenia, and Portugal – entered the PPA market in 2023, further diversifying the landscape. This expansion follows the entry of Bulgaria, Croatia, Austria, and Romania into the corporate renewable PPA market in 2022.

Industry diversification fuels corporate renewable growth in 2023

The top corporate offtaker sectors in 2023 were led by heavy industry (2.9 GW), followed by ICT (2.5 GW), retail (0.8 GW), telecoms (0.7 GW), and engineering and technology (0.5 GW). This diversification underscores the attractiveness of PPAs across industries. There was significant PPA growth amongst automotive, food and drinks, and retail companies.

Did you miss that? Clean energy buyers call for tripling of renewables capacity by 2030

“The record-breaking performance of the EU corporate PPA market in 2023 demonstrates the 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. We will continue to support more companies to sign a PPA and look forward to seeing new trends accelerate in 2024,” said Annie Scanlan, RE-Source Policy and Impact director from RE-Source. (hcn)

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