India and Australia Lead in Renewable Energy Deals in Asia-Pacific

India and Australia accounted for 80% of the 5.4 GW of corporate renewable contracts in the Asia-Pacific region in the first quarter of 2024, according to S&P Global Commodity Insights. This marks a 31% year-on-year growth in the region.

India is emerging as a key player in corporate clean energy procurement, significantly contributing to the global surge in renewable energy adoption. Indian corporations are increasingly adopting renewable energy solutions to enhance sustainability and reduce operational costs.

Globally, 15.8 GW of corporate renewable capacity was contracted in the first quarter of 2024, reflecting a 36% year-on-year increase. Europe led in terms of capacity, while the Asia-Pacific region, notably India and Australia, dominated in the number of deals.

Corporate power purchase agreements (PPAs) played a critical role, with companies securing 25% of new wind and solar capacity additions worldwide, excluding mainland China, compared to 5% in 2015. Solar photovoltaic (PV) technology remains the preferred choice for corporate contracting, accounting for 50% of the deals in the first quarter of 2024.

In North America, particularly the United States, corporations are increasingly entering PPAs with nuclear projects. The mineral extraction sector emerged as the second-largest in corporate clean energy procurement, driven by significant deals in Australia.

In the Asia-Pacific region, the manufacturing sector retained its momentum in clean energy procurement, while the services sector saw a slight dip. The green energy attribute markets remained dynamic across most regions in the first quarter, with varying price trends observed.