Pexapark records 27 European PPAs for 2.09 GW in December

Pexapark, a Swiss renewables intelligence provider, says December was the second-most successful month for power purchase agreements (PPAs) in Europe in 2024, in terms of total signed capacity.

European developers signed 27 PPAs for 2.09 GW of capacity in December 2024, according to the latest report from Pexapark.

The result is a 105% increase in disclosed volumes and a 50% increase in deal count compared to November. It makes December the second-strongest month of the last calendar year in terms of volume, surpassed only by February.

The strong performance in December was led by a record-breaking eight utility-scale PPA deals, which Pexapark attributed to the usual year-end rush to close agreements before the start of the new year.

The largest deal of December was by Recurrent Energy, a subsidiary of Canadian Solar, which signed a 300 MW solar PPA for 10 years in Spain with an undisclosed US-based corporate. This is the second-largest solar deal Pexapark recorded in 2024, only exceeded by a 350 MW agreement signed by Carrefour Group in France in July.

The second- and third-largest PPAs of December were wind power deals.

Tracked PPA prices reached €51.76 ($53.89)/MWh in December, a 1.2% uptick from November 2024. 

French PPA prices saw the most significant uplift, rising 9% month on month, while Pexapark also identified price increases in the British, Nordic, Portuguese, and Spanish PPA markets. Polish PPA prices fell the most in December, down 3.5%, alongside price declines in the Dutch, German and Italian markets.