India, South Korea Dent APAC Renewable PPAs as Global Corporate Volumes Fall: Report

Global clean power purchase agreement (PPA) volumes fell for the first time in nearly a decade last year, as power prices and policy risks reshaped market activity. In a press release, BloombergNEF said that corporations announced deals for 55.9 gigawatts of clean power in 2025, down 10% from the record set the previous year, according to its 1H 2026 Corporate Energy Market Outlook.  

The report hinted that currently, the market is increasingly being defined by a divergence between hyperscalers and the broader universe of corporate buyers. Technology giants Meta, Amazon, Google, and Microsoft accounted for 49% of all global activity last year.

Meta and Amazon led global clean energy buying in 2025, contracting a combined 20.4 gigawatts (GW), including 4.7 GW of nuclear power. While Meta’s activity was concentrated in the United States, Amazon was the most active buyer in Europe and the Asia Pacific.

The United States remained the largest market, hosting a record 29.5 GW of deals, driven by Big Tech’s pivot toward nuclear, hydro and geothermal energy. However, the largest technology firms signed most of the deals, with smaller players becoming less active as project costs and policy uncertainty increased. The number of unique corporate buyers in the US fell 51% year-on-year to just 33.

Corporate PPA Volumes in APAC Slow Down, Driven by India and South Korea

Meanwhile, in Europe, the Middle East, and Africa (EMEA), corporate PPA volumes slid 13% year-on-year in 2025 to 17 GW, with capacity notably falling back to 2023 levels in Europe. Rapidly increasing hours of negative power prices are eroding the value of standalone solar and wind deals, pushing buyers toward hybrid portfolios.

In the Asia Pacific region, volumes fell to 6.9 GW from 10.7 GW the previous year, primarily due to slowdowns in India and South Korea. Corporate clean energy procurement in the region is increasingly bifurcating between countries where PPA adoption is becoming more sophisticated, such as Japan, and markets like Malaysia, where growth remains dependent on regulatory support. India has seen stagnation in PPAs in the C&I segment as it is defined here.

On the supply side, Engie emerged as the top developer, contracting 3.6GW globally. Developers offering clean, firm power solutions are increasingly present in the league tables. Seven of the top 10 sellers engaged in such power contracts – including co-located solar and storage, hybrid solar and wind, or nuclear PPAs. These “baseload-like” products accounted for 5.2GW of activity. 

Nayel Brihi, BNEF corporate energy analyst and lead author of the report, said: “Corporate clean energy buyers are operating at two different speeds. Large tech buyers are venturing into bigger deals and frontier technologies, while smaller companies are grappling with power market realities. Some buyers in newer markets are just familiarizing themselves with the concept of offtake agreements altogether. For the market to return to growth, we will need to see clean, firm power supply options such as co-located solar and storage delivering at scale, and at competitive prices.” 

Corporate To Bring 5.8 GW Co-located & Hybrid deals tracked in 2025

Corporate clean energy buyers are already preparing for this change, with 5.8GW of co-located and hybrid deals tracked in 2025. As battery costs continue to decline, these deal structures are expected to become the new standard for corporate procurement.

The push for more sophisticated corporate clean energy deals is also being driven by regulatory shifts. The Greenhouse Gas (GHG) Protocol – the global standard for corporate carbon accounting – is updating its Scope 2 emissions standards, with proposed amendments potentially requiring hourly tracking and stricter geographical boundaries for indirect electricity, heat, steam and cooling purchases. Under an hourly tracking regime, 100% renewable claims will become harder to justify for most buyers.