Big technology companies have dominated the corporate clean energy purchase market over the past year, with Amazon, Meta, Google, and Microsoft responsible for about 49% of all global clean power purchase agreement (PPA) volumes in 2025. This trend is driven by their efforts to meet the energy demands of rapidly expanding AI infrastructure, as other corporate buyers significantly reduced their activity, according to a new report by BloombergNEF (BNEF).
The report, titled “1H 2026 Corporate Energy Market Outlook,” reveals that global corporate clean PPA volumes decreased by 10% in 2025 to 55.9 GW, marking the first decline after eight consecutive years of growth. Despite this reduction, 2025 still represented the second-highest year by volume, more than doubling 2020 levels, with each major region maintaining or exceeding 2023 levels.
Among the major tech companies, Meta surpassed Amazon as the largest corporate clean energy offtaker, contracting 10.24 GW in 2025, slightly ahead of Amazon’s 10.22 GW. Regionally, Meta’s PPA activity was mainly concentrated in the U.S., while Amazon was the most active clean energy buyer in Europe and the Asia Pacific. Additionally, the report highlights a significant shift by these tech giants towards nuclear power, which accounted for nearly 23% of Meta and Amazon’s PPA activity.
The disparity in clean energy purchasing activity between big tech and other corporate buyers in 2025 was particularly evident in the U.S., where PPA activity reached a record 29.5 GW for the year. However, the number of unique buyers in the U.S. halved compared to the previous year, dropping to only 33 purchasers. This decline was attributed to tariff uncertainty and the phase-out of tax credits under the Trump administration, which hampered smaller companies’ activities, according to BloombergNEF.
Nayel Brihi, BNEF Corporate Energy Analyst and lead author of the report, commented: “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 familiarising themselves with the concept of offtake agreements altogether.”
The report also notes a shift from single-tech deals towards solutions offering baseload or baseload-like products. Developers engaged in firm power contracts, such as co-located solar and storage, hybrid solar and wind, or nuclear PPAs, represented seven of the top ten sellers in 2025. “Baseload-like” products accounted for 5.2 GW of activity for the year.
Geographically, North America was the only region to show growth in 2025, with clean PPA volumes increasing slightly to 32.1 GW from 31.9 GW the previous year. Meanwhile, activity in EMEA decreased by 13% to 17 GW as negative power prices in Europe diminished the value of standalone solar and wind deals. In Asia Pacific, volumes fell by 36%, primarily due to slowdowns in India and South Korea, although Japan was a regional highlight with a record 1.1 GW of activity.
Brihi further stated: “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.”
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