In 2023, the European PPA market jumped 40% to reach 10.4 GW of new renewable capacity, including 6.1 GW in photovoltaics. Spain and Germany contributed the most with 2.77 GW and 2.04 GW, respectively. France ranked third with 0.78 GW, the vast majority of which was solar. Three new players, Hungary, Slovenia, and Portugal, joined the PPA market, diversifying the energy landscape.
Industrial diversification marked this growth, with heavy industry leading the way (2.9 GW), followed by information technology (2.5 GW), retail (0.8 GW), telecommunications (0.7 GW), and engineering (0.5 GW). France accounted for 6% of Europe’s green capacity amortized under PPAs. A notable trend is the emergence of multi-buyer PPAs, which allow small businesses to share the risks of acquiring renewable energy together.
The RE-Source alliance, created in 2017, highlighted the growing appeal of PPAs in various sectors, such as automotive and food. Three countries entered the PPA market in 2023, further diversifying the European energy landscape. France, active since 2019, has played a key role with 1.8 GW of solar capacity under contract. Growth has also been marked by the first contracts combining electricity and storage, opening up new opportunities for renewable energy in Europe. The RE-Source alliance continues to play a key role in bringing stakeholders together to promote a sustainable energy transition on the continent.
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