RENEWABLESMARKETOUTLOOK2025

TheBigAdjustment:

NewRisksFuelingInnovation

2PEXAPARKRENEWABLESMARKETOUTLOOK2025

TABLEOFCONTENTS

ExecutiveSummary3

Introduction7

ACTI

Chapter1:TheyearofTheBigAdjustment9

1.1Thebigpicture:2018-2024year-by-yearevolution10

1.2Thedevil’sinthedetails:Behindthebignumbers14

Chapter2:Price-drivenThemesthatShapedtheMarket23

2.1NegativepricesshookPPAriskallocation25

2.2Divergingpricingexpectations:LCOE,CfDsandGreenPremia29

ACTII

Chapter3:LeagueTables202434

Chapter4:PPAinnovationinResponsetotheNewRealities43

4.1.Multi-technologyPPAsincreasedinpopularity43

4.2.BESSofftakesdemonstratedpromisinginnovation46

4.3.Multi-buyerPPAsbecamemoresophisticated48

ACTIII

Chapter5:TopPredictionsfor202551

5.1.ContractualclarityonmanagingnegativepriceriskinPPAswillimprove52

5.2.Mixed-technologyPPAswilldoubleinvolumes52

5.3.InnovationinBESSofftakeswillresultincompoundgrowth52

5.4.Utilityofftakevolumescouldremainflat53

5.5.TheYOYincreaseinCorporatePPAvolumeswillbeuncertain53

Conclusion54

AboutPexapark55

LegalDisclaimer55

3PEXAPARKRENEWABLESMARKETOUTLOOK2025

1.EXECUTIVESUMMARY

KeyfindingsfromourPexaparkRenewablesMarketOutlook2025report:

TheEuropeanPPAMarketenteredan

AdjustmentChaptercharacterizedbyrecorddeal-makingforfewervolumes–Stabilizingpricevolatilityhasbeenakeyactivityenabler

overthepast18months,butnewrisksin2024impactedgrowthdynamics.Themanifestationofcannibalizationriskthroughincreased

negativepriceeventsandlowcapturerates,alongsidemulti-facetedpricerisk,resultedinayearwithvividdeal-makingappetitebutformoreconservativevolumes.

DecreasedUtilityPPAsimpactedthe

volumesofthebigpicture–Over2024,

Pexapark’sPPATrackerrecordedatotalof15,2GWdisclosedcontractedvolumes–adecreaseofaround11%vis-à-vis2023.Themostdrastictrendthatimpactedoverallvolumeswasthe

59%YOYdropinpubliclydisclosedUtilityPPAs.Conversely,disclosedcorporateofftakevolumesdecreasedbyaslight1%YOY.

CorporatePPAdealcountreachednew

highs–Overall,theyearsawatleast316

long-termPPAs–anotable14%increasefrom2023andanewexcitingrecord!Thisincreaseisattributedtocorporates,whichralliedtheirdeal-makingby26%.Ouranalysisdemonstrates

thatarecordnumberofcorporatessignedtheirinauguralPPAin2024.Intotal,157

newplayersenabledaround5,2GWin2024.DisclosedUtilityPPAdealcountdecreasedby38%.

OverallYOYgrowthisprimarilydrivenby

marketrisks–Theumbrellanumbersindicate

thattheevolutionpatternsofCorporate

andUtilityPPAsareidentical,impactedby

thesamemarketeventsbutfordifferent

reasons,whilealsomaintainingtheirindividualdrivers.ForCorporatePPAs,sustainability

anddecarbonizationtargetsarealways

underlyingfactors,butmarketeventsseem

tobesignificantlymoreprominentinsteeringdecision-makingandcreatingmomentum.

Decreasedutilityofftakesshouldberead

withapinchofsalt–Negativepricesand

lowcaptureratesmadeutilitiesreluctantto

onboardmoreprofilerisk.Atthesame,their

sharpdiscountsweresometimesnotenticing

toprojectownerseither,whooftenpreferred

toachieveagreenpremiumwithacorporate

offtaker.AstheirroleinthePPAmarkethas

evolved,suchplayersarefocusingontheir

intermediaryrolebetweenprojects,facilitating

newstructuresandprovidingenergyintelligenceforsophisticatedagreementstomovetheneedlewhereneededmost.Plus,notallUtilityPPAsarepublicizedfortheirownbusinesspurposes.

FocusonBalancingAgreementsremained

sharp–It’snolongerthestandardthat

balancingcontractsfollowthetenorofthePPAhedge,asusedtobethecaseafewyearsback.Thisshifthascreatedanactivemarket,asassetownerstendtogo1-3years’longonbalancing,andissuetenderseverycoupleofyears.

Decreasedvolatilitybroughtdownpricesfromwhenthemarketwasstressed,butstillremainelevatedandacoreelementofaproject’s

revenuestack.

4PEXAPARKRENEWABLESMARKETOUTLOOK2025

VolatilityintheenergycommoditymarketsdecreasedThepricingenvironmentof2024wasrelativelystable,withreducedday-to-

dayvolatilityfromthehighsofpreviousyears.

ThePexaEUROCompositestartedtheyear

atEUR49/MWhandendedatEUR52/MWh,

experiencingaslightincreaseof3%amidst

mixedmovementswithinanarrowrange

throughouttheyear.Amidreducedvolatility,

theprice-driventhemesthatshapedthemarketwerethedramaticincreaseofnegativeprices

andelevatedLCOEandCfDstrikepricesoftendemandinggreenpremia.

NegativepricesshookPPAriskallocation

Theacceleratedfrequencyoflow,zeroand

negativepricinghourseventuallyreached

negotiationrooms,signalinganotableshift

inthemarketdynamics.Themainissuesthat

cameupfordiscussionmostlydrivenfromthebuy-sidewere:a)compensationofthebuyertothesellerduringnegativehourevents,b)

definingthepricetriggersandc)theimpactofriskallocationtotheoverallpriceofthePPA.

Reactionfrombuyerswasmixed.Someshiftedtoamoreconservativedirection,becoming

reluctanttopayforanygenerationoccurring

duringnegativepricehours,whilesomepartieswerealsoopentodiscussingmoreinclusive

compensationstructures,whichalsoheavily

dependonthetechnologyandgeographyofthePPA.

Somenegotiationsdidnotcometofruitionduetodivergingpricingexpectations

Throughouttheyear,sellersoftencitedelevatedLCOEcosts,alsodrivenbythenewrealitiesofthefinancingconditions,whilealsoanchoringtheir

pricingexpectationstoContracts-for-Difference(CfD)auctionresultsinrelevantmarkets.

Pexapark’sReportedPPApricerange,reflectingtherangeofmarket-observedtransacted

andPPAbidpricesfromcorporateandutility

buyers,hasshownanincreasinglybroadrangeofpriceevidence.Asmarketpricesdecrease,

someobservedbidshavefallenbelowthe

minimumpricesrequiredbydevelopers,whileotherofftakers,particularlycorporatebuyers,

arewillingtooffersignificantlyhigherpricestosecureadditionalprojects(“greenpremium”).

Spain’svolumesleftcompetitionbehind,whileGermanysecuredgoldindealcount

SpainremainedthemostpopulardestinationforPPAdeal-makingbydisclosedcontracted

volumesforasixthconsecutiveyearwithatotalof4.66GWaminor5.5%decreasefromlastyearsvolumes.Aninterestingeventspicing

updealflowtrendswasthatGermanyactuallytoppedthechartsbydealcountwith48long-termPPAsa9%YOYincrease.

IberdrolatakesTopSellergoldforsecond

yearinarow,thistimebyamileSpanish

utilityIberdrolaclaimedthetopspotfora

secondconsecutiveyear.Intotal,itbrought

home1,251MW38%morevolumesthan

theyearbeforeacross15corporatedeals,animpressive67%YOYuptickindealcount.Theutilitysgeographicalfootprintexpandedacrossfivecountries,coveringallkeytechnologies.

MrBezosmaintainsTopBuyerreign,with

IToccupyingallpodiumspotsAmazonalsoearnedthetopspotforasecondconsecutive

year,havingcontractedmorethan1,503MW

a20%YOYdecrease,acrosssixumbrella

deals,accordingtoidentifiabledata.Over2024,MrBezoswentshoppinginSpain(756MW

ofonshorewindandsolar),Greece(360MW

onshorewind),GreatBritain(282MWoffshorewind)andIreland(105MWonshorewind).

TheITconglomeratewentforfirmervolumes

comparedtolastyear,whichsaw1,409MWofsolar.

ITdominatesvolumes,whileCapitalGoods

shoppedaroundthemostInformation

TechnologymaintainstheTopposition,with

atotalof3.8GWacross38deals.Overall,IT

corporatesdepicteda56%YOYincreaseindealcount38inlieuof29anda5%increasein

disclosedvolumes.CapitalGoodswasthemostactivesegmentshoppingaround,toppingthe

chartsbydealcountwith50dealsa61%YOYincreaseindealcount,althoughwithrespectivedisclosedvolumesnotfollowingsuit(merely1%up).

5PEXAPARKRENEWABLESMARKETOUTLOOK2025

Solarvolumessawadeclinebutstill

dominated,whileonshorewindandmixed

technologieswereontheriseWithmore

than8GW,standalonesolarpvstillaccountedformorethan50%ofthecontinentsvolumes

despitea28%YOYdecrease.Onshorewind

followedsuitwith3.1GW25%upfromlast

year,withoffshoretotaling937MW50%

downYOY.ThemostdramaticYOYincrease

camefromPPAscombiningmixedrenewable

technologies,whichsawa219%spikein

volumesfrom861MWin2023to2,746MWin2024,andarespective190%increaseindealcount.

Multi-technologyPPAsspikedinpopularity

Over2024,wetracked2.7GWacross32PPAannouncementsintwelveEuropeancountries

allCorporatePPAs.Forreference,in2023

thesenumbersstoodat860MWacross11

PPAannouncementsinfivecountries.Themainbenefitsforbuyersrevolvearoundincreased

certaintyontheprofileofenergysupplied,whilemoreattractiveshapealsoresultsinbetter

pricingforthesellers.

BESSofftakesdemonstratedpromising

innovationInnovationinBESSagreements

defined2024,highlightingthegrowingroleofstorageinthePPAmarket.KeydevelopmentsincludedPowerStorageAgreements(PSAs)

andtollingagreementsinGermanyandGreat

Britain.Thesestructuresprovideflexibility,

bankability,andriskmanagementforboth

buyersandsellers.Increasedintra-dayvolatilityandmarketfundamentalspositionthesegmentforrapidgrowthin2025.

Multi-buyerPPAsbecamemore

sophisticatedIn2024,thetrendevolved

steadilyinallaspectsvolumes,dealcount,

technologiesandgeographies.Intotal,we

saw315MWacrosssixdealsinSpain,

Denmark,FranceandIreland.Theemergence

ofsophisticatedplatformsaggregatingdemandcancatalyzefurtherdemand,whileguaranteesfromfinancialplayersalleviatepressures

oncreditrisk.Governmentcreditguaranteeschemesneedtoacceleratefurther.

PPAsforGreenH2productioncontinued,

butuncertaintyinthesectorremainsIn

2024,wesaweightdealsaimedatfeeding

greenhydrogenproductionprojects,totaling

407MWalthoughhalfofthedealsdidnot

disclosetherespectivevolumes.Allactivitywaslinkedtosubsidizedprojects,butthepricegapwithgreyhydrogenremains.Bytheendoftheyear,someplayersissuedcallsforhydrogen

offtakes,whichwillprovidesomeevidenceofmarketappetitein2025.

ThegeographicalscopeofCross-border

PPAsexpandedUpuntilnow,Spainhas

dominatedthecross-borderPPAtrend,but

in2024werecorded13dealswithcross-

borderelementsofatotal497MWinSpain,

SwedenandRomania.Thestructureisgainingpopularity,givingincreasedoptionstosellers,butchallengesremainwithregardtobasisriskandadditionalitycriteria.

DealcountofOn-sitePPAsincreased90%

YOYOver2024,werecorded19On-site

PPAsforatotal562MWin11jurisdictions,

althoughthevolumeswerelargelydrivenbyaheftydealinFrance.Hedgingnon-commodityenergycosts,improvedcarbonreporting,and

policymomentumhavebeencoredriversofthetrend.

OurTopPredictionsfor2025

1ContractualclarityonmanagingnegativepriceriskinPPAswillimprove

2Mixed-technologyPPAswilldoubleinvolumes

3InnovationinBESSofftakeswillresultincompoundgrowth

4Utilityofftakesvolumescouldremainflat

5TheYOYincreaseinCorporatePPA

volumeswillbemoderate

6PEXAPARKRENEWABLESMARKETOUTLOOK2025

EUROPEANPPAMARKET2024

15.2GW

316deals

8GW

#168

3.1GW

#69

2.7GW

#32

0.9GW

#20

TOPBUYER

klberdrola

TOPSELLER

PEXAEUROComposite(EUR/MWh),2024

+3%

55

5

49

50

45

2

1.03GW#26

40

35

2.04GW#48

3

30

25

20

1.48GW#35

4

15

10

4.66GW#47

1.05GW#39

5

0

EuropeanPPAdealflowbydisclosedcontractedcapacityanddealcount,2018-2024(GW)

#deals

GW

Corporate

-11.1%

+14.1%

17.1

Utility

316

Unknown/Other

15.2

277

12.1

10.9

12.7

12’6

8.6

276

159

163

220

7.6

2.7

5.6

8.9

100

90

106

132

49

3.1

393

2.5

0.8

2018

34

59

4’1

5.0

0.9

2019

4.5

25

8

1

2018

50

50

1

2019

1.7

2.3

0’2

2020

1.8

0’2

2022

52

31

29

2020

29

2022

0.3

2023

0.9

2024

9

2021

2023

2021

2024

7PEXAPARKRENEWABLESMARKETOUTLOOK2025

2.INTRODUCTION

Adaptationoveracceleration

Anotheryear,anotherchapterloggedtheEuropeanPPAMarketshistorybooks.

Reflectingonhowtosummarize2024,threewordscometomind:TheBigAdjustment.

Overthepasttwodecades,theindustrys

manifestationboardonlyhadonegoalspelledout:acceleration.WhetherthroughgovernmentsupportortheunstoppablemarketforcesofthePPAfront,morewasalwaysbetterandtoa

certainextent,itstillis.

Wevelongtalkedaboutthevillainsofthe

story:inflexibleproductionprofiles,theduck

curve,thepricecannibalizationeffect,grid

bottlenecks,andthelistgoeson.Butin2024,

thecomplexitiesescalatedquickly,leavingsomeunprepared.

Theshowalwaysgoeson,though.Despite

newmountainshidingtheview,innovationwillalwaysfindawaytocarveouttheroadtoNet

Zero.Andtheindustryshowedundeniablesignsthatthebestisyettocome.

PexaparksRenewablesMarketOutlook2025

isourgranularanthologyofthedata-driven

headlinesandkeytrendsthatshapedlastyearsEuropeanPPAUniverse,withourpredictionsfortheyearahead.

Thestoryisnotjustoursanymore;itsallyours

toenjoy,interpretandmaybegetinspiredfor

yournextbreakthrough.AswesayatPexapark,togetherisalwaysbetterandwelookforwardtohearingyourthoughtsat

hello@

.

Enjoytheread!

THEPEXAPARKTEAM

Authors:

LUCAPEDRETTI

ChiefOperationsOfficer(COO)&Co-founder

Lucahas17yearshands-onexperienceinenergyriskmanagementforrenewablesinopenmarketsvaluing,structuring,negotiatingandmanagingPPAtransactionsacrossEurope.HelikesicecreamandPanettone,alot.

MARITINAKANELLAKOPOULOU

SeniorInsightsAnalyst&ContentManager

Maritinahas9+yearsexperienceinresearchandanalysisof

cleanenergytrends.ShehasdevelopedB2Bcontentexpertiseinrenewablesbusinessmodelsandanalyticalinsight,andis

currentlytheEditorofPexaparksPPATimes.MaritinaholdsanMScinEnvironmentalSustainabilityfromtheUniversityofEdinburghandaBAinInternationalRelations.

Insights

Contributors:

MichaelWaldner,Co-founder&CEO|MathieuVille,VP-PPA&BEESTransactions

DominiqueHischier,DirectorofEditorialandAnalysis|Boon-LiWong,HeadofPortfolioTradingServicesRobertHudson,LeadEnergyStorageAdvisor|JohnDallimore,HeadofCorporatePPA&H2Advisory

ConiMeili,Polling&PPAMarketDataSpecialist|MalteHachmeister,Manager-Portfolio&TradingServices

8PEXAPARKRENEWABLESMARKETOUTLOOK2025

ACTI

9PEXAPARKRENEWABLESMARKETOUTLOOK2025

CHAPTER1:

THEYEAROFTHEBIGADJUSTMENT

Over2024,dealmakingsentsomemixedmessages.Inreality,theyearendedverydifferentlyfromwhatwasexpectedatthebeginning.Let’sunravelwhy.

PPATrackerMethodology

Beforethebigdive,thisisarefresheronhowtoreadPexapark’sPPAanalysis.NotallPPAsareequal,andatPexaparkweknowthisfirst-hand.OurPPATrackerincludesagreementsthatmeetspecificcriteria.

PriceRisk:Pexapark’sprimarycriterionliesinaPPAcarryingpricerisk.Route-to-market(RtM)orbalancingservicesPPAsdonotmakeittoourPPATracker,eveniftheyareconcludedforlongperiods(i.e.,RtMPPAsforprojectsundertheUKCfDschemethatmayneedcontractstomarkettheirpower,whileit’stheUKgovernmentthattakesthepriceriskbyofferingafloorprice).

Tenor:Ourruleofthumbistotracklong-termPPAsofatleasta5-yeartenor.Nonetheless,

initialPPAslinkedtonewprojectsandhaveplayedaroleinthefinancingoftheassets,are

beingaddednomatterthetenorlength.OurdataillustratethatpubliclyavailableShort-term

(ST)PPAslinkedtonewprojectsarestillrare(onlyoneacross2024).Post-subsidyPPAssuchaspost-EEGinGermanyprolongingthelifeofanasset,orPPAslinkedtoanyexistingassets

(i.e.optimizationPPAsforassetsinitiallycommissionedundersubsidyschemes)needtohaveatenorlongerthan5years.

PPASize:WecalculatethedealflowvolumesbasedonthePPASizeinMWandnotthe

ProjectSize.IfthisinformationisnotavailableinaPPAannouncement,weproceedtoacapacityfactor-basedestimationwheneverweknowa)annualvolumesinGWhb)geographyandc)

technologyofthedeal.

YoucanfindourPPATrackeronPexapark’sPPApricereferenceandmarketintelligenceplatform,alongsidemoreinformationonourmethodology.Forthesestringentrulesandtheextramile

wegowhenreviewingPPAactivity,ourfindingscouldbedissimilartootherdata-driveninsightproviders.Toensureyourdealsareincludedinouranalysis,you’reinvitedtousePexapark’s

‘ReportaPPADeal’functionoremail

maritina.kanellakopoulou@

.

10PEXAPARKRENEWABLESMARKETOUTLOOK2025

1.1THEBIGPICTURE:2018-2024YEAR-BY-YEAREVOLUTION

Overthepasttwelvemonths,Pexapark’sPPATrackerrecordedatotalof15,2GWdisclosedcontractedvolumes–adecreaseofaround11%vis-à-vis2023.ThisisthethirdyearinEurope’sPPAhistorywherewenoteaYOYdecreaseinoverallvolumes.

Whentakingacloserlookatdealflowbyofftakertype,themostdrastictrendthatimpactedoverallvolumeswastheYOY59%dropinpubliclydisclosedUtilityPPAs.Onthecontrary,disclosedcorporateofftakevolumesdecreasedbyaslight1%YOY.Regardingthelatter,eventhough

theYOYanalysisillustratesaconsistentlyupwardtrend,2024markedanotableslowdowninthegrowthpaceofcorporatevolumes.

EuropeanPPAdealflowbydisclosedcontractedcapacity,2018-2024(GW)

CorporateUtilityUnknown/Other

-11.1%

GW

17.1

15.2

12.1

10.9

12.7

12’6

8.6

7.6

2.7

5.6

8.9

393

2.5

0.8

2018

YOY

YOY

3.1

4’1

4.5

1.7

0.9

2024

-1%

-59%

5.0

2.3

0’2

2020

+15%

-54%

1.8

0.9

2019

+8%

+525%

0’2

2022

+17%

-60%

0.3

2021

+145%

+95%

2023

+44%

+128%

Source:PPATracker,Pexapark

11PEXAPARKRENEWABLESMARKETOUTLOOK2025

Atthesametime,whenlookingattheothersideofthecoin,there’sacriticalplottwistandone

oftheyear’smainheadlines.Intermsofdealcount,2024sawatleast316long-termPPAs–anotable14%increasefrom2023andanewexcitingrecord!

Thisincreaseisexclusivelyattributedtocorporates,whichralliedtheirdeal-makingby26%.DisclosedUtilityPPAdealcountdecreasedby38%.

EuropeanPPAdealflowbydealcount,2018-2024(#deals)PEXAPARK

CorporateUtilityUnknown/Other

+14.1%

#deals

316

277

276

159

163

220

100

106

132

90

49

34

59

25

8

50

50

52

31

29

29

9

2018201920202021202220232024

YOY

+26%

+96%

+20%

+80%

+23%

+67%

YOY

-38%

+525%

-42%

+80%

-44%

+69%

Source:PPATracker,Pexapark

Onamonth-by-monthdealflowbasis,February’24willbeamonthtorememberduetoits

recordmonthlydealcount.Overthesecondmonthoftheyear,ourPPATrackerrecordedan

astonishing54PPAdeals–62%overthepreviousrecordinOctober2023–foratotal2.56GWoffreshvolumes.

Thehighmarkdealcountdidnotresultinaproportionatenewrecordinvolumes–anotethat

endedupsettingthetoneforayearthatsawvividdeal-makingappetitebutformore

conservativevolumes.Also,giventhetimelagbetweenPPAdeal-makingandannouncements,February’sincreasedinflowofdealscouldbeattributedtothe2023momentum.

12PEXAPARKRENEWABLESMARKETOUTLOOK2025

MonthlyPPAvolumesbyofftaketype,2024(MW)PEXAPARK

CorporateUtilityUnknown/Other

29568

29088

2’011

1’040

19550

19480

19172

19162

19134

945

19019

916

1’241

358

789

1’402

995

985

474

441

33

Aug

1’004

853

711

690

557

179

177

Oct

8

Jan

134

Jul

130

Sep

78

Mar

78

Feb

Apr

Nov

Jun

Dec

May

Source:PPATracker,Pexapark

MonthlyPPAdealcountbyofftaketype,2024(#deals)PEXAPARK

CorporateUtilityUnknown/Other

54

62%increasefrompreviousrecordin2023

32

50

30

27

28

24

24

24

22

13

19

18

29

26

14

24

22

23

20

22

8

18

11

3

Apr

6

4

3

Aug

1

Jan

1

Jul

3

May

2

Sep

4

1

Mar

1

OctNovDec

Jun

Feb

Source:PPATracker,Pexapark

13PEXAPARKRENEWABLESMARKETOUTLOOK2025

Stabilizingpricevolatilityhasbeenakeyactivityenableroverthepast18months,butnewrisksthatenteredthescenein2024impactedthegrowthdynamics.Thebigtalkofthetownwastherapidsurgeoflow,zero,andnegativehoursacreepingriskthatmarketplayerswerenotexpectingtoescalateasquicklyasitdiddespitethesignsbeingthereforquitesometime.The

cannibalizationrisk–oneofthebiggestrenewablesrisks–promptedtheBigAdjustmentchapterofthePPAMarket.WhilesmallerPPAvolumesdrivethischapterasbuyersand

sellerslearntonavigatenegativepriceriskintheirportfolio,thisjourneyalsopromptedexcitinginnovationpavingthewayforward–asisheavilyhighlightedacrossthereport.

Atthesametime,pricingriskchangedcolor.Ontheonehand,stabilizedanddecreasing

pricesremovedthelong-termhedgingurgencyforsomecorporates.Ourinterpretationof

marketsentimentsuggeststhatsomecorporatesweremoreincentivizedbypanicbuyingwhen

priceswerehighandadoptedawait-and-seeapproachamidreducedvolatility.Ontheotherhand,PPApricingwasoftendrivenbyelevatedLCOElevelsforprojectsandcompetitionwith

generoustariffsfromgovernmentContracts-for-Difference(CfD)schemes.ThesedynamicsbroughtfurthertotheforegreenpremiumsinPPApricing,whichimpactedspecificcorporatesegmentsandutilityofftakesalike.

ANoteonShort-term(ST)PPAs

PexaparksPPATrackeronlyincludesshort-termPPAs(<5-yeartenor)linkedtonewassets(i.e.,beingtheirinauguralPPA)becauseitdepictsseveralinterestingconnotationssuchasfinancing,businessmodels,andriskappetite.In2024,weonlysawonesuchagreementinEstonia,whichcarriesaninterestingweightgivenit’salsothecountry’sfirstPPAever.InFeb

24,Centricasigneda3-yeardealwithEneryslinkedtoa32MWnewlycommissionedonshorewindplant,reinstatingthestrategicroleutilitiescanplayinnascentmarkets.

Atthesametime,wealwaysmakeaninternalnoteofpubliclydisclosedshort-termPPAslinkedtoexistingassets,eventhoughtheyareexcludedfromourPPATracker.In2024,wenoted24publicizedshort-termPPAsmostlycorporatebutalsoutilityonthebackofexistingassets.

Thedealflowissimilartolastyear,withnosignificanttrendemerging.

Lastly,thepastfewyearsbroughttotheforeoptimizationopportunitiesforprojectsthathaveadoptedasophisticate