Big tech dominated the corporate clean energy purchase market over the past year, with Amazon, Meta, Google and Microsoft accounting for around half (49%) of all clean power purchase agreement (PPA) volumes globally in 2025 as they look to meet the energy demands of rapidly growing AI infrastructure, while other corporate buyers pulled back significantly during the year, according to a new report by BloombergNEF (BNEF).

According to the report, BNEF’s 1H 2026 Corporate Energy Market Outlook, global corporate clean PPA volumes fell by 10% in 2025 to 55.9 GW, marking the first decline after 8 consecutive years of growth.

Despite the pullback, however, 2025 still marked the second highest year by volume, more than doubling 2020 levels, and with each major region remaining at or above 2023 levels.

Among the big tech hyperscalers, the report found that Meta edged out Amazon as the largest corporate clean energy offtaker, contracting 10.24 GW in 2025, just ahead of Amazon’s 10.22 GW. Regionally, the report found that Meta’s PPA activity was largely focused in the U.S., while Amazon was the most active corporate clean energy buyer in Europe and Asia Pacific.  Additionally, the report indicated a significant pivot by the tech giants to nuclear power, which represented nearly a quarter (23%) or Meta and Amazon’s PPA activity.

The divergence in clean energy buying activity between big tech and other corporate purchasers in 2025 was particularly apparent in the U.S., where PPA activity hit a record 29.5 GW for the year, yet the number of unique buyers in the U.S. fell in half compared to the prior year, to only 33 purchasers as tariff uncertainty and the Trump administration’s phase-out of tax credits held back activity at smaller companies, according to BloombergNEF.

Nayel Brihi, BNEF Corporate Energy Analyst and lead author of the report, said:

“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 familiarizing themselves with the concept of offtake agreements altogether.”

The report also indicated a shift in purchase activity away from single-tech deals and towards solutions offering baseload or baseload-like products, with developers engaged in firm power contracts such as co-located solar and storage, hybrid solar and wind, or nuclear PPAs representing 7 of the 10 top sellers in 2025. The report found that “baseload-like” products accounted for 5.2 GW of activity for the year.

By geography, North America was the only region to grow in 2025, with clean PPA volumes increasing slightly to 32.1 GW from 31.9 GW in the prior year, while activity in EMEA fell 13% to 17 GW, as negative power prices in Europe eroded the value of standalone solar and wind deals, according to BNEF, and volumes dropped by 36% in Asia Pacific, driven primarily by slowdowns in India and South Korea, with Japan standing out as a regional bright spot with a record 1.1 GW of activity.

Brihi said:

“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.”