BloombergNEF’s global report shows that corporate purchasing of clean energy will decline for the first time in nine years in 2025 due to negative prices and policy uncertainty. Big Tech leads purchasing as the number of cPPA buyers in the United States has been halved. Solar energy remains the primary generation technology for cPPAs.
AI-driven electricity demand made 2025 the second-highest year ever for corporate clean energy purchase agreements (cPPA), according to a new report from BloombergNEF. The analyst recorded 712 external cPPAs with a total capacity of 55.9 GW, a decrease of 10% from 2024. Technology giants Meta, Amazon, Google and Microsoft accounted for 49% of global activity.
That’s according to Nayel Brihi, business energy analyst at BloombergNEF pv magazine that policy uncertainty in the United States and other markets, increasing negative energy prices in some regions and questions about the future of carbon accounting standards have contributed to the decline in cPPA volumes.
“It’s a cocktail of the above,” Brihi said. “In Western Europe, negative energy prices pose truly new risks that even corporate energy sellers were not fully aware of a few years ago. Add to that policy uncertainty, questions about carbon accounting and other market factors, and you can see why activity in those markets has slowed.”
BloombergNEF records external cPPAs that are made public or submitted to the researcher. The deals counted by BloombergNEF have a contract term of more than a year, and the technologies considered clean energy in the report include solar, wind, hydro, biomass, geothermal and nuclear. Gas turbines with carbon capture are excluded, as is battery energy storage (BESS) that is not connected to a generator.
The Americas (AMER) region led the way in 2025 with 32.1 GW of signed cPPA agreements, of which 29.5 GW were in the United States alone. Europe, the Middle East and Africa (EMEA) accounted for 17 GW of the global total, while the remaining 6.9 GW was found in the Asia-Pacific region (APAC).
Source: BloombergNEF
AMER was the only region to maintain its 2024 performance, up about half a percent in 2025, with EMEA down 13% and APAC down 35%.
Despite being the biggest loser in terms of capacity, Brihi says the outlook for APAC remains positive. The decline in 2025 reflected a lack of mega deals, such as Rio Tinto acquiring more than 2 GW of power through two cPPAs in Australia in early 2024, as well as some policy uncertainty in India and South Korea. Brihi added. BloombergNEF’s India team estimates that actual cPPA volume could be higher than public data, new corporate PPA frameworks are opening in Malaysia, the Japanese market is maturing and demand in Australia remains strong.
The US market was buoyed by increasing demand from Big Tech, as the number of unique companies signing cPPAs fell 51%, from 68 in 2024 to 33 in 2025. Government policies on tariffs, changes to energy tax credits in the One Big Beautiful Bill Act, and higher operating costs for some companies were all highlighted by Brihi as potential headwinds.
Demand for cPPAs in Europe has not been uniform: some markets have faced challenges while others have flourished. Brihi noted that the UK and Finland both had record years, deal volumes increased in Poland and Italy remains a gigawatt-scale market. BloombergNEF also found a trend toward hybrid PPAs in Europe, such as combining solar with wind.
Engie was the largest sell-side developer of cPPAs, contracting 3.6 GW globally, the majority of which was solar. Developers offering clean, robust energy solutions were becoming increasingly common, with BloombergNEF reporting that seven of the top 10 had entered into such contracts – including solar and storage, hybrid solar and wind, or nuclear PPAs. Products described as “baseload-like” by BloombergNEF accounted for 5.2 GW of cPPAs signed in 2025.
“We see a transition from standalone products to more hybrid products or structured solutions,” Brihi explains. “How quickly this shift will occur will really depend on how competitively priced these alternative structured solutions are.”
Even though hybrid cPPAs are becoming more common, solar energy remains the best choice for purchasing clean energy.
“Solar energy is still the most important purchasing option worldwide,” says Brihi. “Especially in those newer markets that are not really plagued by negative energy prices.”
The full “1H 2026 Corporate Energy Market Outlook: Cooling Off Down, but Not Out” report on cPPAs is available from BloombergNEF.
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