Operating Wind Farms Gain Share in European PPAs
Buyers increasingly favor operating renewable assets over new-build projects facing permitting and grid-connection delays.
Updated on Nov. 3, 2026 in Commercial
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Operating renewable assets now account for 40% of standalone renewable PPA offers in Europe, according to LevelTen Energy's analysis of Q3 2026 deals. Operating wind projects account for close to 60% of wind PPA deals.
Why it matters
Buyers frustrated by new-build projects stuck in permitting and grid-connection queues are turning to operating wind farms. Upward gas price pressure ahead of winter is also pushing large energy consumers toward hedging options.
LevelTen Energy's Q3 2026 analysis puts operating projects at 40% of standalone European renewable PPA offers and close to 60% of wind PPA deals. The market is expected to rebalance rather than shift permanently, though the timeline was not specified.
The players
LevelTen Energy
A renewable energy procurement and market intelligence firm that tracks corporate power purchase agreement pricing and deal volumes across global markets.
The details
Operating assets can deliver power and guarantee of origin certificates immediately and carry no construction, permitting, or grid-connection risk. Deals with operating assets began to accelerate in 2023 after accounting for only a small minority of PPAs until then.
Timeline
Until 2019: projects under development accounted for all European PPAs.
2023: deals with operating assets began to accelerate.
Q3 2026: LevelTen Energy analysis of European PPA deals.
Market Landscape
European renewable PPA deals have historically been dominated by projects still under development, as tracked by LevelTen Energy through 2019. The current rise of operating assets marks a departure from that pattern as buyers prioritize certainty over development-stage pipelines.
Corporate buyers and large energy consumers may face different PPA pricing and availability as operating assets gain share. Shifting toward operating projects can reduce construction and grid-connection risk for buyers securing power supply.
The takeaway
Buyers seeking renewable power can reduce risk by considering operating assets alongside new-build projects, which carry permitting and grid-connection exposure. Monitoring deal-share trends can help organizations time energy procurement decisions.
Further reading
Explore more in Commercial for context on how large buyers are structuring energy and property commitments.
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