Flexibility Purchase Agreements: The New Golden Standard for Bankability

Date & Time September 15, 2026
4:25 PM - 5:05 PM

Track Contracting & Structuring

Type Panel Discussion

2025 was a record year for Flexibility Purchase Agreements (FPAs). As German BESS projects scale without subsidies, fixed-price FPAs are emerging as a key tool to secure revenues and unlock debt. But are they truly the “new PPA,” and how should risk be allocated between asset owners and offtakers?

Does the German market already exhibit clarity and standardisation for flexibility offtake contracting?
Which offtake models are most prevalent in the German market and why?
Do all fixed revenue offtakes carry equal value from a lender perspective?
How are tolling arrangements pricing in longer duration and higher level of grid constraints?
How can flexibility offtake agreements evolve to further unlock leverage for German assets

Speakers

Martin Daronnat, Head of Flexibility and Structured Origination, ENGIE Germany
Johannes Muller, Head of Structuring & Origination, Lichtblick
Lisa McDermott, Managing Director, Head of Energy Transition Project Finance, ABN AMRO Bank
Max von Hausen, Regional Lead for PPA & BESS Transactions, DACH, Pexapark
Lena Lehmeier, Head of Origination, Germany, Return Storage