Pexapark says European developers signed 28 PPAs for 1.5 GW in April

Swiss consulting firm Pexapark says the total capacity of signed power purchase agreements (PPA) in Europe in April more than doubled the volume it recorded in March. Meanwhile, all tracked PPA prices rose 1.6% month on month.

Image: Pexapark

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European developers signed 28 PPAs totaling 1.5 GW in April. according to the latest report from Pexapark. The total capacity more than doubled the amount that Pexapark registered in March, making April the second strongest month by PPA activity this year.

Tracked PPA prices reached €48.20 ($52.29)/MWh in April – a 1.6% month-on-month increase. Nordic PPA prices rose 5.2% and German PPA prices increased 3.1%, while Great Britain, Italy, and France recorded decreases of 0.5%, 1.0%, and 2.4% respectively. Pexapark attributed most PPA price increases to forward power contracts returning to levels seen at the start of the year.

Corporates represented 80.1% of the signed capacity in April, led by asset manager Encavis AG, which signed the largest deal of the month with LyondellBasell for 208 MW of a 260 MW solar project in Germany.

The second-largest renewables deal was an onshore wind deal between Alterric and Statkraft, followed a pay-as-produced 134 MW solar PPA between ib Vogt and Apple in Spain, with commissioning expected by the end of this year. In total, solar accounted for 55% (845 MW) of PPA capacity in April.

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Germany led the deal count in April with six PPA announcements, totaling 550 MW, followed by Great Britain and France, which posted four and three PPA deals, respectively.

Over the first three months of 2024, Pexapark recorded 6.2 GW of PPA activity over 122 deals. This is slightly lower than the 6.6 GW recorded over the first third of 2023, but represents a 43% increase in the number of deals. 

Solar has claimed the lion’s share of deals in 2024 so far, accounting for more than 3 GW across 63 deals. Analysis by country found Germany leading the way in both volume and deal count across the first three months of this year, with 1.23 GW over 24 deals. 

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