More companies around the world are purchasing renewable energy directly from power producers, under the corporate renewable power purchase agreements, data from Bloomberg New Energy Finance showed.
The global market for corporate renewable energy reached 19.5 gigawatts of new deals in 2019, a leap by more than triple from 2017, when the deals made amounted to 5.4 gigawatts.
The total size of corporate renewable power purchase agreements has been showing an increasing trend, since it surpassed 5 GW in 2017. In 2015, the combined size of corporate renewable energy contracts came to 4.6 GW, after edging down to 4.2 GW the next year. In 2018, it posted 13.6 GW.
The countries in the Americas secured the largest portion of the contracts last year, accounting for 15 GW, followed by Europe, the Middle East and Africa at 2.6 GW and Asia and the Pacific at 1.2 GW.