European developers signed 24 power purchase agreements (PPAs) contracting around 1.4 GW of capacity, according to the latest analysis from Swiss renewables research firm Pexapark.
December’s largest PPA was a 332 MW utility agreement between Energa and EDP Renewables covering operational onshore wind assets in Poland that are being co-located with solar projects. Pexapark also noted mixed-technology PPAs combining solar and onshore wind in Spain, Italy and Romania.
Last month also saw nine battery energy storage system (BESS) deals totaling 311 MW. Pexapark says merchant revenue-share structures accounted for six of the deals, with the remaining three made up of tolling agreements in the Netherlands and Germany.
Pexapark’s tracked PPA prices settled at €45.10 ($52.90)/MWh in December, a 0.7% month-on-month decline.
Great Britain saw the largest change, with prices up 5.2% on November, which Pexapark attributed to a recovery in forward power prices and bullish movement in the UK ETS carbon market. France and Italy also recorded an increase in monthly PPA prices, of 0.8% and 0.2% respectively.
Germany, Poland, Portugal, Spain and the Netherlands all registered a month-on-month decline in PPA prices. The Polish market saw the largest drop, down 4.2% on November’s figures, which Pexapark says was driven by bearish movement in the API12 Cal27 contract for coal imported into Northwest Europe.
Pexapark says PPA deal count fell by 19% in 2025 when compared to 2024, while announced capacity was down 13% year-on-year. The company is planning to publish further annual analysis before the end of the month.
Pexpark’s most recent full year analysis, covering 2024, found that contracted volumes of European PPAs fell by 11% when compared to 2023.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.