From price to risk: Europe is entering a more selective phase for PPAs

After years of initial expansion, Europe’s power purchase agreement (PPA) market is entering a more complex phase. Volumes softened through 2025, despite continued growth in renewable project pipelines and sustained corporate demand. The structural drivers remain intact. Decarbonisation targets, electrification, and corporate procurement strategies continue to support long-term demand for clean power. Yet, deal execution has become more difficult. The shift is not primarily about price. It is about risk...