Grenergy has secured the largest power purchase agreement by volume in its history, signing a 15-year deal to supply 1 terawatt-hour of electricity annually during non-solar hours to a global investment-grade utility operating in Chile.

The agreement is scheduled to come into effect between July and October 2026 and will be fulfilled by the Elena battery storage facility, which currently holds the distinction of being the largest battery storage project in the Americas.

Details of the Agreement

The PPA was signed in Chile and covers energy delivery exclusively during night-time hours, meaning periods outside of peak solar generation. The counterparty is described as a global utility rated investment grade by leading credit rating agencies, though Grenergy has not disclosed the name of the company.

The contract runs for 15 years and covers a supply volume of 1 TWh per year, making it the single largest PPA by volume that the Spanish clean energy producer has ever executed.

David Ruiz de Andrés, CEO of Grenergy, described the agreement as reinforcing the visibility, stability, and resilience of the company's business model. He said it provides long-term coverage for Elena and underscores Grenergy's ongoing commitment to Chile, while also demonstrating what he called the path forward for the company's hybrid platform strategy in Spain.

Elena: The Facility Behind the Supply

The energy supply will be drawn from Elena, a battery storage facility located in the Antofagasta region of Chile. The plant currently has a nominal installed gross capacity of 3.5 GWh, equivalent to 3 GW net, and is already in full operation. Grenergy has indicated that Elena is expected to expand to 7 GWh of gross capacity, or 6 GW net, effectively doubling its current size.

As of the announcement, Elena comprises 624 battery containers housing a total of 6,240 individual battery units. The project was formally inaugurated recently, with the ceremony presided over by Chilean President José Antonio Kast Rist.

The event was also attended by Minister of Energy Ximena Rincón and Minister of Science, Technology, Knowledge and Innovation Ximena Lincolao, along with other national and regional authorities.

Oasis de Atacama and the Broader Platform Strategy

Elena forms part of Grenergy's larger Oasis de Atacama platform, which combines solar generation with battery energy storage and serves as the company's flagship hybridisation model in Latin America.

Oasis de Atacama has recently been expanded as part of Grenergy's 2028 roadmap, now reaching a total of 2.5 GW of solar capacity and 14.1 GWh of storage capacity.

The hybridisation model pioneered at Oasis de Atacama is being replicated elsewhere. In central Chile, Grenergy is developing Oasis Central, which targets 1.4 GW of solar capacity and 5.1 GWh of storage.

The same approach is being exported to Europe through Iberian Oasis, a platform planned for Spain, incorporating 1 GW of solar capacity and 3.2 GWh of battery energy storage.

Across all three OASIS platforms combined, Grenergy holds a portfolio representing 5 GW of solar capacity and 22 GWh of energy storage.

Grenergy's Growing Commercial Momentum

The signing of the night-time PPA represents the latest in a series of significant commercial and financing milestones for Grenergy over recent months. In May 2026, the company signed a 400 GWh-per-year hybrid PPA in the United States and separately signed a strategic agreement with CATL for the supply of 1.5 GWh of batteries for projects in Spain.

In April, Grenergy signed a 12-year financial tolling agreement for the battery energy storage system at its Escuderos hybrid project, and in February, it closed a 10-year financial tolling agreement for a standalone battery project in Oviedo.

The company also secured USD 355 million in financing for its Central Oasis platform in February 2026 and launched a USD 285 million green bond programme on MARF in March of the same year.

That month, Grenergy also acquired 2.6 GWh of batteries from BYD Energy Storage for Central Oasis. In May 2026, the company announced an increased investment plan of USD 4.22 billion through to 2028.

About Grenergy

Grenergy is a Spanish multinational clean energy producer founded in 2007. The company has been listed on the Spanish stock exchange since 2015 and currently carries a market capitalisation of more than USD 3.99 billion. It develops, builds, and operates solar photovoltaic plants and has positioned itself as a pioneer in the energy storage sector.

The company employs more than 600 professionals and operates across three geographic regions: Europe, which encompasses Spain, Italy, Germany, Poland, Romania, and the United Kingdom; North America, where it is active in the United States; and Latin America, covering Chile, Peru, Mexico, and Colombia. Its global development portfolio spans 12 GW of solar capacity and 71 GWh of storage capacity at various stages of development.

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