Grenergy signs PPA for fifth phase of solar-plus-storage site in Chile

Spanish developer Grenergy has signed a 12-year PPA for the fifth phase of its Oasis de Atacama hybrid solar-plus-storage platform in Chile, covering 350 GWh of annual supply to an investment-grade offtaker from January 2028.

The contract is linked to Algarrobal, the platform’s fifth phase, which has 242 MW of solar capacity and 1,412 MWh of storage capacity and is expected to begin operations in the third quarter of 2027. The offtaker holds investment-grade credit ratings from both Moody’s and Fitch. The offtaker’s identity was not disclosed.

Oasis de Atacama is what Grenergy describes as the largest battery energy storage platform in Latin America, with 2.5 GW of solar capacity and 14 GWh of storage capacity across its phases. Since the platform’s launch, the company said it has secured more than $1.2 billion in non-recourse financing for phases one through four and the Elena project, alongside power sales agreements with investment-grade offtakers.

As part of a business plan update presented on May 27, Grenergy also outlined Central Oasis, a separate Chilean hybrid platform targeting 1.4 GW of solar capacity and 5.1 GWh of storage in central Chile, and Iberian Oasis, a platform in the Spanish market targeting 1 GW of solar capacity and 3.2 GWh of storage with an estimated investment of €1 billion.

Grenergy is a Madrid-listed clean energy producer active across Europe, North America, and Latin America, with a global portfolio covering 12 GW of solar capacity and 71 GWh of storage capacity at various stages of development, according to the company.

Grenergy closed $299 million in project financing for the platform’s third phase in late 2024, part of a financing program that has now exceeded $1.2 billion across the first four phases and the Elena project. The Algarrobal agreement is the first long-term PPA announced for the platform’s fifth phase.