Investors and developers in Europe signed 24 power purchase agreements (PPAs) for 1.1 GW of solar in February, making it a “month to remember,” according to Swiss consultancy Pexapark.

Investors and developers in Europe signed 24 power purchase agreements (PPAs) for 1.1 GW of solar in February, making it a “month to remember,” according to Swiss consultancy Pexapark.

February was “a month to remember in the European PPA market,” according to Swiss consulting firm Pexapark, which reports that investors on the continent signed 54 PPA for 3,046 MW of capacity.

The largest buyer in February was Google with 728 MW, while utilities were only involved in four of the agreements that were made public, for a total of 557 MW.

The month's projects span 14 European countries, with Spain leading in volume with 562 MW in six deals, while Germany led in the total number of agreements with 13 PPAs, or 502 MW. Poland and Italy also stood out, with eight and five agreements, respectively. Slovakia also announced its first PPA, followed by Estonia.

Solar led with 24 agreements totaling 1,107 MW, followed by onshore wind with 14 deals for 582 MW, and offshore wind with 8 contracts for 622 MW. No technological details were provided for the remaining contracts.

Electricity market prices reflect those of gas and coal, with excess supply and low demand. Specifically, Pexapark's EURO Composite index fell 1.3% at the end of February, to €43.20 ($46.72)/MWh.

The biggest decline in PPA prices occurred in the United Kingdom, with a month-on-month drop of 10.5%. Poland experienced a 31.3% rise in PPA prices, while Germany recorded a modest increase of 0.8%.

Norwegian state energy company Statkraft closed two consecutive 10-year PPAs in Italy and Poland with French telecom company Iliad. The first deal was for 27.9 MW managed by Sonnedix, and the second was for around a 36 MW of solar in Resko, Poland, owned by Danish developer Better Energy.

In Germany, steel company Salzgitter Flachstahl signed a PPA with Octopus Renewables for a 122 MW solar park that will begin producing electricity in January 2025, with a duration of 10 years.

In Slovakia, the Šariš brewery signed a deal with Enery, an independent energy supplier in Austria, for a newly built 6.3 MW solar park in Iliašovce. It is scheduled for completion in the next six months.