Grenergy Secures 12-Year Hybrid PPA for 350 GWh per Year for Oasis de Atacama in Chile – Share Price Up More Than 40% Since the Start of the Year
Madrid – Spanish energy company Grenergy Renovables (Grenergy) has concluded a long-term hybrid power purchase agreement in Chile for the fifth expansion phase of its mega-project Oasis de Atacama. The contract runs for twelve years and takes effect in 2028. It is based on a solar and battery storage project in the Atacama Desert.
Grenergy Advances Hybrid Strategy with 350 GWh PPA for Oasis de Atacama
Spanish renewable energy developer Grenergy has concluded another long-term hybrid power purchase agreement (PPA) in Chile. The contract secures the sale of 350 GWh (350 million kWh) of electricity per year over a period of twelve years. It takes effect on January 1, 2028, and is linked to an undisclosed offtaker with an investment-grade rating from Moody's and Fitch. The agreement strengthens the company's position in large-scale solar and battery storage projects and forms part of the fifth expansion stage of the Oasis de Atacama platform. The project is regarded as one of the central undertakings within the company's strategy for hybrid power generation.
Algarrobal as the Key Project of the Hybrid Platform
The fifth phase of the platform, known as "Algarrobal," encompasses a planned installed capacity of 242 MW of solar energy and 1,412 MWh of battery storage capacity. Commercial operations are scheduled to begin in the third quarter of 2027, approximately six months before the PPA takes effect.
The hybrid contract model combines solar power generation with battery storage and enables the supply of clean energy outside of daylight hours. Grenergy is thereby responding to growing demand for dispatchable renewable energy in electricity markets with increasing flexibility requirements.
Oasis de Atacama forms the foundation of the company's hybrid strategy and has developed in recent years into the largest BESS platform in Latin America. As part of the updated corporate strategy presented on May 27, Grenergy plans a significant scaling of the model.
The overall project now encompasses 2.5 GW of solar capacity and 14 GWh of storage capacity. In parallel, the company is developing "Central Oasis," a further expansion stage in central Chile targeting 1.4 GW of solar capacity and 5.1 GWh of storage capacity.
Financing, Expansion and Platform Growth
Since the program's inception, Grenergy has secured more than USD 1.2 billion in non-recourse financing for the Oasis de Atacama platform, according to the company. This includes the financial close of phases one through four as well as the Elena project. In parallel, the company has concluded long-term power purchase agreements with investment-grade offtakers, further strengthening the financing base of the project pipeline.
The platform strategy is also being expanded geographically: alongside the core project in Chile, Grenergy is developing additional large-scale projects in Latin America and Europe under the "Central Oasis" and "Iberian Oasis" banners. Iberian Oasis encompasses 1 GW of solar capacity and 3.2 GWh of storage capacity, with an estimated investment volume of EUR 1 billion, and is supported by projects such as Escuderos (200 MW solar capacity and 680 MWh storage capacity) and Índalo (100 MW solar capacity and 320 MWh storage capacity). The aim is to scale the hybrid solar and battery storage model across different markets and regulatory environments.
In total, the Oasis pipeline currently comprises approximately 5 GW of solar capacity and 22 GWh of storage capacity at various stages of development, underscoring the company's focus on large-scale integrated energy infrastructure.
Share Price Up More Than 40% Since the Turn of the Year
Grenergy's share, which is listed in the renewable energy stock index RENIXX World, gained 1.4% yesterday to close at EUR 124.00. This morning, the price has so far retreated by 2.7% to EUR 120.60. On an intraday basis, the share is thus up approximately 43% compared to the turn of the year.
Source: IWR Online, 02 Jun 2026
