A new frontier for corporate PPAs? (Credit: Ørsted) These days, hardly a week goes by without the announcement of another big corporate renewables deal, as companies move to lock in competitive energy prices while lowering their carbon footprint. So far this week, Amazon has announced three new solar projects totaling 329 megawatts in the U.S. and Spain, while EDF Renewables signed a 15-year PPA with Shell for a 132-megawatt solar project in California. As much as corporations like to say they’re buying green power, cost remains the dominant factor in whether deals get done. In the U.S., by far the world’s leading corporate renewables market, offshore wind remains in its infancy, and the offtake deals that have been made public with states and utilities remain expensive compared to other options for companies looking for clean power. In Europe, however, offshore wind is no longer an outlier when it comes to cost. Europe’s first no-subsidy offshore wind bids emerged in 2017 in Germany for projects due in 2025; some of that winning capacity will be part of Ørsted’s Borkum Riffgrund 3 project. Additional no-subsidy bids have followed, and analysts say Europe may soon begin seeing negative bids for offshore wind […]

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