Why multi-buyer PPAs will scale through portfolios

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Montel's Energy Transition Weekly covered the development of multi-buyer PPAs in Europe in its edition of 18 September 2026, with comments from Synertics. The article is reproduced below with Montel's permission.

European regulation now enables and facilitates multi-buyer PPAs. Member States have to remove unjustified barriers and disproportionate charges to PPA uptake, and to make instruments that cover the risk of payment default available. A voluntary European PPA platform is intended to support pooled procurement by several buyers.

The binding constraint is contractual. A PPA with a single corporate offtaker is already tailored to that buyer's consumption profile, credit position and risk tolerance. Under a pay-as-produced or pay-as-nominated structure, the terms that differ most between buyers are who carries negative price risk, curtailment risk and balancing risk. Agreeing the same answer to all three with several buyers is harder than agreeing it with one.

We expect the number of multi-buyer PPAs to grow as two conditions develop. The first is standardisation, meaning products with low complexity and low risk for the offtaker, closer to a baseload-like product than to a profile-linked one. The second is portfolio contracting. A portfolio spreads production across assets, technologies and weather patterns, which lowers the production profile risk each buyer takes and makes the product simpler to sell to several buyers at once.

*Originally published in Montel's Energy Transition Weekly.*

Synertics tracks PPA prices, capture rates and balancing costs across European markets through SEMT, which brings market intelligence, PPA origination and revenue monitoring together in one place for operators, IPPs and asset managers. You can start for free at https://synertics.io/signup/ or reach us at info@synertics.io.