3.1Spain cruised ahead, while Italy and Poland made it to the Spain once again led European PPA activity, securing 3.9 GW across 48 deals and retaining its position as the continent's largest PPA market by a wide margin. Despite recording the lowest solar capture rates on record, solar PPA volumes declined by only 12% year-on-year, with 2.2 GW contracted in 2025. This resilience was supported by a deep project pipeline, sustained corporate demand, and sufficient market liquidity despite challenging price dynamics. Wind PPA activity expanded sharply, with volumes increasing by 227% year on year (+490 Mw versus 2024) to reach 706 Mw. Improved permitting progress, greater project availability, and rising corporate demand for wind exposure underpinned this growth. As Spanish corporate portfolios remain heavily solar-weighted, wind PPAs are increasingly used to rebalance generation profiles, mitigate cannibalization risk, and improve hourly matching at portfolio level. The remainder of volumes comprised multi-technology structures.