Belgium renewable energy PPA activity is increasingly being driven by corporate buyers, highlighted by Google’s partnership with Aspiravi to secure renewable power. The deal reflects a broader shift where corporate offtake agreements are becoming the primary driver of renewable project financing.

The shift is clear: investors are prioritizing contracted revenues through PPAs over merchant market exposure.

Google’s agreement with Aspiravi underscores this trend. By locking in long-term power supply, corporates are enabling developers to secure financing and de-risk projects. This model is now central to renewable energy deployment across Europe, where price volatility and negative pricing are making merchant projects harder to finance.

This behavior mirrors broader renewable investment trends globally. In Brazil, investors such as I Squared Capital, Auren Energia, and Vibra Energia are targeting platforms like Comerc Energia and AES Brasil for their GW-scale portfolios backed by PPAs and strong pipelines. Meanwhile, asset-level deals-such as Brasol’s 50–150 MW solar portfolio acquisitions—continue under favorable net-metering structures but remain secondary to contracted platform plays.

In Chile, the absence of stable revenue structures has had the opposite effect. Solar and wind M&A activity has sharply declined due to transmission bottlenecks, overproduction, and negative pricing. Without reliable offtake mechanisms, standalone generation assets have become difficult to underwrite.

As a result, investors are shifting toward battery storage. BESS assets provide energy arbitrage opportunities and mitigate curtailment risks, making them more attractive in volatile markets. Transactions such as SUSI Partners’ 860 MW acquisition in 2024 highlight how storage is emerging as a core investment theme.

The signal is consistent across markets: renewable energy investment is no longer driven by capacity alone. Projects backed by contracted demand-through PPAs in Belgium, platform portfolios in Brazil, or flexibility assets in Chile-are attracting the majority of capital.

Want to track the latest M&A, financings, PPAs, and key developments across the industry? Explore the Enerdatics Insights page.