Solar PPA Prices Drop in Europe for First Time in Two Years According to New LevelTen Energy Report

LevelTen Energy, operator of the world’s largest power purchase agreement (PPA) marketplace, published its Q1 PPA Price Index report, revealing that solar PPA prices in Europe have dropped for the first time in two years. LevelTen’s report tracks clean energy price moPress vements across 20 countries in Europe, using price indices that are based on PPA offers uploaded to the LevelTen Energy Marketplace by wind and solar project developers.

According to the report, LevelTen’s 25th Percentile (P25) index of solar prices dropped slightly quarter over quarter, decreasing 4,7% to €73,20 per megawatt hour (MWh). The drop is a noticeable change from the skyrocketing prices the solar industry has been experiencing for the past two years; Q1 2023 solar prices sit at 47% higher than Q1 2022, and 76% higher than Q1 2021.

Wind prices, on the other hand, have continued to rise, as project developers face permitting barriers and rising costs that have pushed up prices by 35% over the last six months. LevelTen’s overall index of wind and solar power purchase agreements across European markets rose 56% year over year, sitting at €88,88 per MWh.

Solar prices decrease in all markets except Spain

On a regional basis, all markets except Spain experienced solar price drops. In Spain, Europe’s most active solar PPA market, prices continue to climb — rising 9,8% during Q1 and 32,2% on a year-over-year basis. Spain’s low-priced solar PPAs have made it an attractive market for corporate clean energy buyers, but Greece is hot on its heels. Greece now ties Spain for the highest percentage of offers on the LevelTen Energy Marketplace, at 17.9%, and it’s second only to Spain in terms of solar prices.

Wind development picks up in Q1, in higher-priced markets

There was a resurgence of wind offers on the LevelTen Energy Marketplace in Q1, including offers from projects in France, the UK and Romania. These markets have higher wind prices than Sweden and Spain, which were also included in the wind index this quarter. In the six months between Q3 2022 and Q1 2023, P25 wind PPA price offers in Europe rose by 35% to €106,06 per megawatt hour— though this number is impacted by the re-emergence of the higher priced markets on our index.

“Land scarcity, permitting challenges, and local community opposition continue to challenge the development of onshore wind facilities across Europe,” said Placido Ostos, Senior Energy Analyst, Europe, LevelTen Energy. “With that said, we witnessed a resurgence in wind offers on the LevelTen Energy Marketplace during Q1 2023 compared to the previous quarter, an encouraging sign."

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About LevelTen Energy

LevelTen Energy delivers the marketplaces, software, automated analytics, and expertise required to accelerate clean energy transactions. The LevelTen Platform is the world’s largest online hub for renewable energy buyers, sellers, advisors, asset owners and financiers. The Platform includes the LevelTen Energy Marketplace, which delivers access to more than 4,500 power purchase agreement price offers spanning 28 countries in North America and Europe. It also includes the LevelTen Asset Marketplace, which brings together over 800 renewable energy project developers and owners, and delivers the online tools and expertise they need to buy, sell and finance assets in North America and Europe. Visit and follow us on LinkedIn to learn more.


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