Reflection on BloombergNEF’s 2025 Global Corporate PPA rankings

BloombergNEF has released its 2025 Global Corporate PPA rankings, and for the second year in a row, Zelestra has secured its place in the global top 10, moving up from #9 last year to #7 this year.

BNEF Press Release Corporate Clean Energy 2025

For the first time, we also feature in the list covering deals closed in the U.S. - placing in 8th position. As the most active PPA market in the world, this highlights our ability to offer scale to our customers.

Being recognised in the BNEF rankings is particularly meaningful as it reflects a deliberate strategic shift we made in 2023, placing customers at the centre of our business and focusing on the delivery of complex, multi-technology energy solutions at scale.

In 2025 alone, we signed nearly 1.4 GW of clean energy solutions with commercial and industrial customers, increasing to 3 GW when including transactions with traders and utilities. As a result, Zelestra’s total contracted portfolio now exceeds 7 GW globally.

These results were delivered against a backdrop of volatile energy markets, increasing complexity around grid access and operation, and significant geopolitical uncertainty.

To be a true long-term partner to some of the world’s most demanding energy buyers, we recognized early on that priorities were shifting. In response, our focus has been on consistently delivering three core elements:

• Certainty: ensuring projects are delivered on time and on budget, and that energy is supplied precisely when it is required an approach underpinned by our vertically integrated model, spanning development, financing, EPC and long-term operations and asset management.
• Bespoke solutions: designing tailored products in the right locations, using the appropriate mix of technologies to meet each customer’s specific needs.
• Partnerships for growth: building relationships that extend beyond a single contract and support our customers’ long-term growth and expansion strategies.

Our approach is deliberately outcome-led. We start by understanding, in detail, what success looks like from our customers’ perspective, and only then do we design and structure solutions and actively tailor our development pipeline to ensure the right projects, technologies and timelines are aligned with those outcomes.

This approach has enabled us to structure highly customized offtake agreements, often combining multiple technologies, delivery profiles and locations, with projects coming online exactly when our customers need them.

Over the past year, we continued to strengthen our relationships with some of the world’s most sophisticated energy buyers, including Meta, Tesla, Microsoft, EDP, BKW, Abastible and others. Working with customers of this calibre requires a deep understanding of operational needs, risk profiles and long-term sustainability objectives, as well as the ability to execute with precision across different markets and regulatory environments.

Delivering outcomes on this scale and complexity requires a strong growth mindset and a willingness to lead rather than follow. Being a pioneer in corporate offtake means continuously investing in capabilities, teams and structures that allow multiple large and complex transactions to be developed and executed in parallel.

This ambition has translated into landmark projects across our portfolio, from Trujillo the first hybrid corporate PPA in Spain to a major 2 GWh BESS project in Northern Italy, one of the largest mature battery energy storage projects in Europe. These projects reflect not only technical innovation, but also the organizational depth and execution capacity required to deliver at scale.

The concept of delivering at scale perfectly summarises our expansion in the U.S. Our partnerships have focused on supplying the required energy to meet the rapid expansion of data centers and the evolution of AI. We have now contracted approximately 1.2 GW of capacity with Meta alone over the last year.

At the same time, we are seeing clear structural shifts across energy markets. Constraints around grid access and operation are becoming more acute in many regions, accelerating the move towards behind-the-meter solutions as an effective way to navigate system bottlenecks. In parallel, the ongoing review of the GHG Protocol Scope 2 guidance is driving greater scrutiny around how corporate energy sourcing is structured and accounted for.

The rapid emergence of battery energy storage as a core component of power systems is also reshaping the market, with flexibility fast becoming a structural requirement rather than a differentiator.

We believe these changes will increasingly favour clean energy players that chose early on to be customer-centric rather than asset-centric. The ability to adapt solutions, pipelines and delivery models to evolving customer needs, rather than optimising individual assets in isolation, is precisely what positions us to navigate this next phase of the market.

As the corporate energy market continues to evolve, we are confident that a customer-centric, flexible and outcome-led approach will define the next generation of leading energy players.

At Zelestra, we are fully committed to being at the forefront of that transformation.