European PPA Market Outlook: What Corporate Buyers Should Watch in 2026

Europe’s PPA Market Is Maturing — What Corporate Buyers Should Watch Next

This article draws on reporting and market commentary from: e-nergia — Interview with Nicholas Briet discussing recent developments in the European PPA market.

Europe’s corporate renewable energy PPA market is entering a new phase. After several years of rapid growth, activity has begun to moderate as renewable penetration increases and corporate buyers refine their procurement strategies.

In a recent interview with e-nergia, Nicholas Briet outlined how the European Power Purchase Agreement (PPA) market is evolving as it moves from a period of rapid expansion toward a more mature and structured phase.

According to Briet, total contracted PPA capacity in Europe reached 17.1 GW in 2023 and 15.3 GW in 2024, before declining to 13.1 GW in 2025. The number of transactions followed a similar pattern, moving from 278 deals in 2023 to 317 in 2024, and then 247 in 2025.

Despite this moderation, the market remains significantly larger than it was just a few years ago. Briet notes that 2025 should be viewed more as a pause following rapid expansion rather than a structural decline in corporate renewable procurement activity.

Central & Eastern Europe Showing Resilience

One of the most notable signals highlighted in the interview is the relative resilience of Central and Eastern European (CEE) PPA markets.

While overall European contracting activity has moderated, Briet noted that markets such as Poland and Romania have continued to show strong activity.

Poland recorded a historic high level of PPA volumes in the fourth quarter of 2025, while Romania maintained a healthy level of activity with roughly 500 MW of capacity contracted through PPAs last year, according to Briet.

For corporate buyers seeking renewable energy procurement opportunities, this suggests that Central and Eastern Europe may play an increasingly important role in future corporate PPA strategies.

Corporate Buyers Continue to Drive Renewable Procurement

Corporate demand remains the primary driver of the European PPA market.

According to Briet, the largest buyer segments in 2025 included:

Information technology companies – 32% of PPA volume
Consumer goods companies – 15%
Transport and logistics companies – 13%

In total, corporate buyers contracted 9.2 GW across 183 transactions, with demand from large cloud infrastructure operators and data centers representing a significant share of activity.

Companies in the consumer goods sector remain active both through repeat buyers and new market entrants, while transport and logistics firms are increasingly using PPAs not only to support decarbonization goals but also as a hedge against energy price volatility.

PPA Structures Are Becoming More Sophisticated

Another trend highlighted in the interview is the increasing complexity of PPA structures.

Briet noted that simple “pay-as-produced” agreements are becoming harder to close in some markets, leading to the emergence of more structured contracts and multi-buyer arrangements that allow risk to be shared between participants.

One example referenced in the interview is the multi-buyer renewable PPA involving Mars and Cargill, illustrating how large corporate buyers can collaborate to secure renewable electricity supply at scale.

Trio’s Clean Energy Advisory team supported this transaction alongside project partners, reflecting the growing need for specialized advisory support as corporate renewable procurement strategies become more complex.

Renewable Growth Is Changing Market Economics

Briet also emphasized that the rapid expansion of wind and solar generation in Europe is reshaping the economics of renewable PPAs.

According to figures referenced in the interview, renewable energy supplied 47.8% of the European Union’s electricity in 2025, while solar generation exceeded 340 TWh, representing 12.6% of the electricity mix.

As renewable penetration increases, several structural dynamics are becoming more important in PPA negotiations:

declining capture values for merchant solar projects
increased price cannibalization in solar-heavy markets
growing levels of curtailment
a rising number of negative price hours in European power markets

Briet noted that capture rates for solar projects in some major markets have declined to roughly 50–60% of baseload power prices, highlighting the importance of more sophisticated contract structures.

Trio’s Perspective: What This Means for Corporate Buyers

From Trio’s perspective advising corporate energy buyers and renewable developers, the next phase of the European PPA market will likely be defined less by rapid volume growth and more by greater sophistication in procurement strategies and contract design.

Three dynamics stand out:

More complex deal structures
As price volatility and capture-rate risk increase, buyers and developers are exploring more structured agreements, including multi-buyer PPAs and hybrid renewable-plus-storage arrangements.
Geographic diversification of procurement
Corporate buyers are increasingly evaluating opportunities across Central and Eastern Europe, where renewable build-out and market fundamentals are creating new procurement opportunities.
Greater focus on risk management
As renewable penetration rises across European power markets, companies must increasingly account for price cannibalization, capture rates, and market volatility when structuring long-term energy contracts.

For many corporate buyers, this means that PPA procurement is becoming more strategic, requiring deeper market insight and more sophisticated contract structuring than in the early growth phase of the market.

Stay Ahead of Global Renewable Market Trends

As the European PPA market continues to evolve, staying ahead of pricing dynamics, contract structures, and regional developments is becoming increasingly critical for corporate energy buyers.

Trio regularly publishes market insights and forward-looking analysis to help organizations navigate these shifts and make informed procurement decisions.

Our upcoming Global Renewables Market Report: First Half 2026 will provide:

Regional outlooks across Europe and global renewable markets
Insights into PPA pricing trends and contract structures
Key policy and regulatory developments shaping supply and demand
Market implications of growing renewable penetration and volatility

The report will be released in April 2026.