Meta, Amazon, Google, and Microsoft accounted for 49 percent of all corporate clean energy procurement last year, according to a BloombergNEF report.

Despite big tech’s dominance in clean energy procurement, overall corporate Power Purchase Agreement (PPA) volumes fell for the first time in almost a decade, with corporate buyers contracting 55.9GW of clean power in 2025, 10 percent lower than last year.

Meta and Amazon were the biggest buyers, contracting a combined 20.4GW, including 4.7GW of nuclear power. Meta’s procurement was focused on the US market and was made up predominantly of solar, accounting for more than 8GW. Notable deals included a up to 6.6GW nuclear deal with several firms in the US, a 2.5GW deal with NextEra Energy across several PPAs in the US, and a 200MW solar PPA with RWE in Texas.

Amazon’s clean energy procurement was more diverse, with the company contracting approximately 4GW of solar, 2GW of wind, and almost 4GW of nuclear power. Deals of note during the year included a 472MW onshore wind PPA with OX2 in Sweden, a series of PPAs with a combined capacity of 476MW with Iberdrola in Spain, and two solar PPAs in Japan.

Amazon’s clean energy portfolio now spans more than 700 projects across 28 countries, including four nuclear power agreements, 11 utility-scale battery storage projects, more than 300 utility-scale solar and wind farms, 300 onsite solar projects, and six offshore wind farms in Europe.

Microsoft and Google accounted for more than 2GW and 4GW, respectively.

Reflecting on the findings, the report’s lead author and Bloomberg corporate energy analyst, Nayel Brihi, 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. 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.”

On the supplier side, Engie emerged as the largest developer, contracting around 3.6GW worldwide. This included deals with major data center providers such as Apple in Italy, Meta in Texas, and Google in Germany, to name a few. The report noted that there had been a shift towards developers offering clean, firm power solutions, with seven of the top ten sellers offering these types of contracts.

The US remained the largest market for clean energy deals, despite headwinds, recording 29.5GW in deals, driven predominantly by the data center sector. However, according to Bloomberg, the deal flow was concentrated within big technology companies, with smaller players becoming less active. As a result, the number of unique corporate buyers in the US dropped 51 percent year-on-year to just 33.

Across the Europe, Middle East, and Africa markets, corporate PPA volumes fell by 13 percent year over year to 17GW. PPA volumes also fell in Asia Pacific, with 6.7GW of deals recorded, down from 10.7GW last year, driven by steep declines in India and South Korea.