European developers signed 18 PPAs for 1,054 MW in November, according to the latest report from Pexapark.
The result is a 10% decrease in disclosed volumes and a 26% drop in deal count when compared to October.
Tracked PPA prices reached €51.10 ($53.19)/MWh in November, a 3.8% increase on the month prior. Pexapark’s latest report says the increase was driven by “bullish market dynamics and geopolitical developments.”
Dutch PPA prices saw the most significant rise, up 45% month on month, while French and Italian PPA prices rose by 16.1% and 10.9% month on month. Pexapark said this tracks volatility in the gas markets of these countries amid supply concerns following increased tension in the Russia-Ukraine conflict.
The largest deal of the month was a 360 MW onshore wind agreement between Amazon and Ireland’s Aer Sóleir in Greece.
The largest solar deal in November was a 234 MW PPA between food retail group Ahold Delhaize and renewables developer Bruc Energy in Spain. The 15-year, virtual cross-border PPA represents 90% of the 260 MW solar asset and has an expected start date in 2026.
The third-largest deal of the month was an around 81 MW solar PPA in Germany with an undisclosed corporate.
November’s deals were signed exclusively by corporate buyers. It is the second time this year zero publicly available utility offtakes were recorded, following June’s result.
Pexapark’s latest analysis shows the year-to-date gap widening between 2024 and 2023. As of November, the monthly average for 2024 stands at 1,247 MW, compared to an average of 1,460 MW across the first 11 months of 2023.
However, the year-to-date figure for deal counts is on the rise. The number of announcements has risen from 250 in the first eleven months of 2023 to 288 in the first eleven months of 2024, a 15.2% year-on-year increase, said Pexapark.
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