Grenergy (renewable energy company) has secured a long-term hybrid power purchase agreement in Chile covering the sale of 350 gigawatt-hours per year over 12 years, linked to the fifth phase of its Oasis de Atacama platform. The agreement will come into effect on 1 January 2028, with the underlying project expected to begin operations in the third quarter of 2027.

Agreement Details and Counterparty

The PPA was signed with an offtaker holding an investment-grade credit rating from both Moody's and Fitch, though Grenergy did not disclose the identity of the buyer.

The contract is described as a hybrid arrangement, combining solar generation with battery storage to enable the delivery of clean energy beyond the hours of direct solar production.

The 12-year term and the January 2028 effective date mean the contract is structured to align closely with the expected commercial operations timeline of the associated project, which Grenergy anticipates will be operational in the third quarter of 2027.

Algarrobal: Phase Five of Oasis de Atacama

The contract is linked to Algarrobal, the fifth phase of Grenergy's Oasis de Atacama platform located in Chile. Algarrobal carries 242 megawatts of solar capacity paired with 1,412 megawatt-hours of battery energy storage capacity.

The project represents the continued build-out of a platform that Grenergy has described as foundational to its hybrid model, which seeks to pair large-scale solar generation with storage systems capable of dispatching power around the clock.

The hybrid PPA structure at Algarrobal mirrors the broader approach Grenergy has applied across the Oasis de Atacama platform, where solar output is firmed up through battery storage to meet contractual delivery obligations at times when solar generation alone would be insufficient.

Oasis de Atacama: Scale and Financing

Oasis de Atacama has grown into what Grenergy describes as the largest battery energy storage system platform in Latin America. As part of a business plan update presented on 27 May, the company announced the further expansion of the platform, which now encompasses 2.5 gigawatts of solar capacity and 14 gigawatt-hours of storage capacity.

Since the platform's launch, Grenergy has secured more than USD 1.2 billion in non-recourse financing for Oasis de Atacama, covering the financial close of phases one through four and the Elena project.

Alongside the core Oasis de Atacama platform, the company is also developing Central Oasis, a separate platform in central Chile that will reach 1.4 gigawatts of solar capacity and 5.1 gigawatt-hours of storage capacity.

European Expansion Through the Iberian Oasis

Grenergy's business plan update also outlined the expansion of the hybrid solar-and-battery model into Europe through a new platform called Iberian Oasis. The company aims to replicate in the Iberian market the approach it has developed and refined in Chile. Iberian Oasis is planned to include 1 gigawatt of solar capacity and 3.2 gigawatt-hours of storage capacity, with an estimated investment of one billion euros.

Two projects underpin the Iberian Oasis platform. The first is Escuderos, which carries 200 megawatts of solar capacity and 680 megawatt-hours of storage capacity.

The second is Índalo, with 100 megawatts of solar capacity and 320 megawatt-hours of storage capacity. In April, Grenergy signed a 12-year financial tolling agreement covering the battery energy storage system at Escuderos.

Combined Scale of the Oasis Platforms

Taken together, the three Oasis platforms, Oasis de Atacama, Central Oasis, and Iberian Oasis, represent a combined 5 gigawatts of solar capacity and 22 gigawatt-hours of storage capacity.

The breadth of the portfolio reflects Grenergy's stated strategy of building large-scale hybrid assets in multiple geographies and contracting their output through long-term agreements with creditworthy offtakers.

Company Background

Grenergy is a Spanish clean energy company founded in 2007 and listed on the Spanish stock exchange since 2015. The company holds a market capitalization of more than 3.5 billion euros and employs more than 600 professionals.

Its operations span three regions: Europe, including Spain, Italy, Germany, Poland, Romania, and the United Kingdom; North America, specifically the United States; and Latin America, covering Chile, Peru, Mexico, and Colombia. Its global portfolio includes 71 gigawatt-hours of storage capacity and 12 gigawatts of solar capacity at various stages of development.

The Chile PPA announcement comes less than two weeks after the company disclosed a 400 gigawatt-hour per year hybrid PPA in the United States, signed in May 2026, underscoring the pace at which Grenergy is contracting output from its growing pipeline of hybrid assets across multiple markets.

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