All 18 PPA deals were signed by corporate buyers, the largest being between Amazon and Aer Sóleir
Key Takeaways
- Average size of PPAs announced in November 2024 at 58 MW
- However, there is a 10% month-on-month decrease in disclosed volumes
- Also, the YTD gap between 2024 and 2023 seems to be widening
Swiss market intelligence provider for renewable energy, Pexapark, said that as of November 2024, 18 Power Purchase Agreements (PPAs) were signed to the tune of 1.054 GW. However, this represents a 10% decline in disclosed volumes and a more pronounced 26% drop in deal count, as compared to October 2024.
The volumes did not register a proportionate decline to the fall in the deal count because the average size of the PPAs announced in November was at 58 MW, while it was at 37 MW in October. The deal count in November was 11 less than in October.
There has been a widening year-to-date (YTD) gap between 2024, which was at 13.7 GW, and 2023, which was at 16 GW. As of November 2024, the monthly average stood at 1.247 GW, slightly down from 1.270 GW as of October 2024.
The equivalent numbers for last year stood at 1.460 GW in November 2023, which was 2% down from the 1.490 GW as of October 23.
Hence, November 2024 shows a 14.5% year-on-year decrease in average monthly disclosed volumes.
All the deals were signed exclusively by corporate buyers, signifying the crucial role they play in driving PPAs to meet their commitment towards sustainability.
Details of top PPA deals signed
- Amazon and Aer Sóleir in Greece signed the largest deal in November – a 10-year agreement, covering 4 PPAs linked to a 360 MW onshore wind portfolio across the regions of Western and Central Macedonia and the Peloponnese
- Next, Ahold Delhaize entered into a 15-year virtual cross-border PPA to offtake about 90% (234 MW) of a 260 MW solar project in Spain. Developed by Bruc Energy, this project is expected to be completed in in 2026. This marks the first publicly announced PPA by the food retail and wholesale corporation
- Third was an undisclosed corporate entity that secured an 81 MW solar PPA in Germany. This deal is linked to a 102 MW solar project in Saxony-Anhalt
Source from Taiyang News
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