Co-location & Hybrid PPAs in Germany: What’s Real, What’s Priced, What’s Next

Welcome back to The Pexapark Podcast!In the first part of the episode, Luca Pedretti sits down with Max von Hausen, Pexapark’s Regional Lead for PPA and BESS Transactions in the DACH region, to explore the rise of co-located renewable and battery projects – and what hybrid PPA structures actually look like in practice. Drawing from ongoing negotiations and market outreach across Europe, the conversation examines how developers, utilities, corporates, and lenders are approaching the rapidly evolving market for hybrid offtake agreements in Germany and beyond.Key themes from the discussion:What hybrid PPAs are and how co-located solar and BESS projects are structuredWhy negative prices and falling capture rates are accelerating co-locationHow pay-as-produced, pay-as-nominated, and hybrid structures differWhy developers are balancing fixed revenues with merchant exposureHow FCAs and grid constraints are shaping project economicsWhy co-location could become the standard model for future renewable projectsIn the second part of the episode, Luca turns to recent Pexapark market intelligence, examining how data center demand is reshaping US power markets. In ERCOT, uncertainty around future load growth is driving a sharp shift in forward curves, while hyperscalers continue paying premium prices for renewable PPAs. In PJM, supply constraints and slow interconnection processes are keeping solar PPA prices near record highs despite new reliability initiatives. The takeaway: data center demand is accelerating structural changes across US power markets, but supply bottlenecks continue to dominate pricing dynamics.Unlock More PPA Market InsightsRegister for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >