In 2025, four major tech companies—Amazon, Meta, Google, and Microsoft—dominated the corporate clean energy market, accounting for nearly half (49%) of all clean power purchase agreement (PPA) volumes globally. The shift toward these tech giants buying renewable energy to meet the demands of their rapidly expanding AI infrastructure marked a significant trend, according to the 1H 2026 Corporate Energy Market Outlook report by BloombergNEF (BNEF).

Decline in Corporate Clean PPA Volumes

Despite the dominance of big tech, global corporate clean PPA volumes fell by 10% in 2025, reaching 55.9 GW. This marked the first decline after eight consecutive years of growth, although it remained the second-highest year by volume, more than double the levels seen in 2020. While regions such as the U.S., EMEA, and Asia Pacific continued to see activity levels at or above 2023 levels, the decline reflects the challenges smaller corporate buyers faced, including tariff uncertainties and the phase-out of tax credits in the U.S.

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Meta and Amazon Lead in PPA Activity

Meta edged out Amazon as the largest corporate clean energy offtaker in 2025, securing 10.24 GW in PPAs, just ahead of Amazon’s 10.22 GW. Meta’s PPA activity was predominantly focused in the U.S., while Amazon led the way in Europe and Asia Pacific. The report highlighted a notable pivot towards nuclear power, with nearly a quarter (23%) of Meta and Amazon’s PPA activity involving nuclear energy, signaling a shift in their clean energy strategies.

A Shift Towards Larger Deals and Frontier Technologies

One of the key findings in the report was the divergence in PPA activity between big tech companies and other corporate buyers. Large tech buyers are engaging in bigger deals and exploring frontier technologies, while smaller companies struggle with power market challenges. The report noted that fewer unique buyers participated in the U.S. market in 2025, with only 33 companies involved, down from previous years. This drop was attributed to tariff uncertainty and the phase-out of tax credits during the Trump administration, which hindered smaller companies from entering the market.

Move Toward Baseload or Baseload-Like Products

Another significant trend was the shift away from single-tech deals toward hybrid solutions that combine multiple energy sources to provide baseload-like power. These solutions included co-located solar and storage, hybrid solar and wind, and nuclear PPAs. The report found that baseload-like products accounted for 5.2 GW of the total clean PPA activity in 2025, with 7 of the top 10 sellers focusing on these types of products.

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Regional Trends and Outlook

Geographically, North America was the only region to experience growth in 2025, with clean PPA volumes increasing slightly to 32.1 GW from 31.9 GW in the previous year. However, activity in the EMEA region fell by 13%, driven by negative power prices in Europe, which reduced the value of standalone solar and wind deals. In Asia Pacific, volumes dropped by 36%, largely due to slowdowns in India and South Korea. However, Japan emerged as a regional bright spot, with a record 1.1 GW of clean energy PPA activity.

The Path Forward

Brihi, the lead author of the BNEF report, stated that for the market to return to growth, clean, firm power supply options such as co-located solar and storage will need to be delivered at scale and competitive prices. As the clean energy market evolves, the focus on baseload solutions and the participation of major tech firms will play a crucial role in shaping the future of renewable energy procurement.

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