Press Releases — Grenergy signs a hybrid PPA for phase five of Oasis de Atacama

• It covers the sale of 350 GWh per year for 12 years to an offtaker with an investment-grade credit rating from Moody’s and Fitch, and will come into effect on 1 January 2028
• Algarrobal, the platform’s fifth phase, has 242 MW of solar capacity and 1,412 MWh of storage capacity, and is expected to start operations in the third quarter of 2027

Madrid, June 1, 2026. Grenergy has signed a new long-term hybrid power purchase agreement (PPA) in Chile with an offtaker holding an investment-grade credit rating from Moody’s and Fitch.

The agreement provides for the sale of 350 GWh per year for a 12-year period and will come into effect on 1 January 2028. The project is expected to begin operations in the third quarter of 2027.

The contract is linked to Phase Five of the Oasis de Atacama platform, known as Algarrobal, which has 242 MW of solar capacity and 1,412 MWh of storage capacity. This hybrid PPA combines solar generation with battery storage, enabling the delivery of clean energy beyond solar production hours.

Oasis de Atacama platform

Oasis de Atacama is the project that laid the foundations for Grenergy’s hybrid model. As part of the update to its business plan presented on 27 May, the company announced the expansion of Oasis de Atacama, which has become the largest BESS platform in Latin America, with 2.5 GW of solar capacity and 14 GWh of storage capacity, as well as Central Oasis, which will reach 1.4 GW of solar capacity and 5.1 GWh of storage capacity in central Chile.

The plan also includes the expansion of this model into Europe through Iberian Oasis, a new platform through which Grenergy aims to replicate in the Iberian market the hybrid solar-and-battery model developed in Chile. Iberian Oasis includes 1 GW of solar capacity and 3.2 GWh of storage capacity, with an estimated investment of €1 billion, and is supported by projects such as Escuderos, with 200 MW of solar capacity and 680 MWh of storage capacity, and Índalo, with 100 MW of solar capacity and 320 MWh of storage capacity. In total, the Oasis platforms represent 5 GW of solar capacity and 22 GWh of storage capacity.

Since its launch, Grenergy has secured more than $1.2 billion in non-recourse financing for Oasis de Atacama, including the financial close of phases 1 to 4 and the Elena project, and has signed power sales agreements with top-tier offtakers.

About Grenergy

Grenergy is a Spanish multinational clean energy producer. Founded in 2007, it has been listed on the Spanish stock exchange since 2015 and has a market capitalisation of more than €3.5 billion. The company develops, builds and operates solar PV plants, and is also a pioneer in the energy storage industry.

With a team of more than 600 professionals, it operates across three key regions: Europe (Spain, Italy, Germany, Poland, Romania and the United Kingdom), North America (the United States) and Latin America (Chile, Peru, Mexico and Colombia). Its global portfolio includes 71 GWh of storage capacity and 12 GW of solar capacity at different stages of development.

Thanks to its commitment to batteries, it can deliver clean, affordable, reliable and constant energy. Anywhere, anytime, 24/7.