Global corporate clean power purchase agreements totaled 55.9 GW in 2025, down 10% year on year and marking the first decline in nearly a decade.
Amazon, Meta, Google and Microsoft accounted for 49% of global volumes as hyperscalers secured energy for AI and data center growth.
Regulatory shifts and volatile power markets are accelerating demand for firm, hybrid clean energy solutions.
A Market Reset After Years of Expansion
Global corporate procurement of clean electricity slowed in 2025, ending eight consecutive years of growth as rising project costs, policy uncertainty and volatile power markets reshaped buyer behavior.
Corporations announced 55.9 gigawatts (GW) of clean power purchase agreements (PPAs) last year, a 10% decline from the record set in 2024, according to BloombergNEF’s 1H 2026 Corporate Energy Market Outlook. Despite the pullback, 2025 still ranked as the second-highest year on record, with volumes more than double 2020 levels.
The shift reflects a market recalibration rather than a collapse in demand. Corporate decarbonization commitments remain intact, but procurement strategies are evolving as power prices fluctuate and regulatory frameworks tighten.
Hyperscalers Drive Nearly Half of Global Demand
Clean energy buying is increasingly concentrated among technology giants racing to power AI infrastructure and data centers.
Amazon, Meta, Google and Microsoft accounted for 49% of global corporate PPA activity in 2025. Meta and Amazon alone contracted a combined 20.4 GW, including 4.7 GW of nuclear power.
Meta narrowly led global offtake activity with 10.24 GW, largely focused in the United States, while Amazon’s 10.22 GW portfolio spanned Europe and Asia Pacific. Nuclear power represented roughly 23% of their combined procurement.
This surge reflects the enormous electricity requirements of AI computing and cloud infrastructure, while also highlighting the growing appeal of firm, always available clean energy sources.
U.S. Activity Hits Records but Buyer Base Shrinks
The United States remained the world’s largest corporate clean energy market, hosting a record 29.5 GW of deals in 2025. Big Tech’s pivot toward nuclear, hydro and geothermal projects helped drive volumes.
Yet participation narrowed sharply. The number of unique corporate buyers fell 51% year on year to just 33.
Tariff uncertainty, policy shifts and the phase out of tax incentives increased risk for smaller buyers, dampening participation even as total capacity grew.
Europe and Asia Face Market Headwinds
Corporate procurement declined across Europe, the Middle East and Africa, where volumes fell 13% to 17 GW. In Europe, increasing hours of negative power prices eroded the value of standalone solar and wind projects, pushing buyers toward hybrid portfolios that can provide steadier output.
Asia Pacific volumes dropped to 6.9 GW from 10.7 GW, driven by slowdowns in India and South Korea. Japan emerged as a bright spot with record activity, while markets such as Malaysia remain dependent on regulatory support to scale corporate procurement.
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Shift Toward Firm and Hybrid Power Solutions
Developers offering clean, firm power solutions are rising in prominence. Engie ranked as the top global developer with 3.6 GW contracted, and seven of the top ten sellers participated in firm or hybrid power contracts.
These “baseload-like” products, including co-located solar and storage, hybrid solar-wind portfolios and nuclear PPAs, accounted for 5.2 GW of activity.
Corporate buyers are also preparing for updates to the Greenhouse Gas Protocol’s Scope 2 accounting standards, which may require hourly emissions tracking and stricter geographic matching. Under such rules, 100% renewable claims will become harder to substantiate using intermittent power alone.
Battery cost declines and co-located storage are expected to accelerate the shift toward hybrid procurement structures.
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.”
He added: “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.”
Strategic Implications for Executives and Investors
The divergence between hyperscalers and smaller buyers is reshaping corporate energy markets. Large technology firms are driving innovation in nuclear, hybrid and firm power procurement, while smaller companies face rising barriers tied to cost, regulation and market volatility.
For executives and investors, the direction is clear: clean energy procurement is shifting from simple renewable sourcing to reliability, hourly matching and resilience.
As regulatory standards tighten and electricity demand surges, the next phase of corporate decarbonization will hinge on scalable firm clean power. The companies that secure it first will shape both the economics and governance of the global energy transition.
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