European developers signed 25 PPAs for 790 MW in January 2024, according to the latest report from Pexapark.
The result is a 7% month-on-month decrease in terms of deal count and a 62% drop in contracted capacity compared to December, which was the second-strongest month of 2024.
However, it falls largely in line with the result from the first month of 2024, when 22 PPAs were signed for 916 MW, leading to Pexapark calling the year-on-year picture “stable.”
The average deal size in January 2024 was around 34 MW. The largest deal was a 15-year offshore wind PPA for around 170 MW.
Pexapark reported a rise in mixed solar and wind PPAs in January, with six agreements totaling 243 MW—nearly one-quarter of the month’s signed capacity. Deals were recorded in Denmark, France, Poland, and Sweden, including the largest, a 15-year, 75 MW baseload PPA between TotalEnergies and STMicroelectronics in France.
“While standalone solar has dominated the market for several years and continues to do so to a certain extent, there is a growing trend toward signing PPAs with mixed technologies,” said Pexapark.
The company reported that mixed technology agreements accounted for 10% of deals and 18% of signed capacity in 2024, with Spain leading this PPA segment.
Pexapark noted that standalone solar may be less attractive in some markets, especially for buyers seeking a more stable generation profile.
“By integrating solar and wind, which typically generate power at different times, these agreements enhance energy availability while mitigating exposure to volatile market prices,” said the company.
Pexapark noted that tracked PPA prices rose 1.5% in January to €52.53 ($55.15)/MWh.
Nordic and Spanish PPA prices fell sharply, dropping 27% and 16.3%, respectively, with declines also recorded in France, Britain, and the Netherlands. German prices edged up 0.1% month on month, while Portugal, Italy, and Poland saw increases of 1%, 4.2%, and 6.9%, respectively.
