Spanish independent power producer (IPP) Grenergy has signed a 12-year hybrid power purchase agreement (PPA) in Chile linked to the fifth phase of its Oasis de Atacama solar-plus-storage platform.
The agreement covers the sale of 350GWh of electricity annually from 1 January 2028 to an undisclosed offtaker. It is linked to Algarrobal, the fifth phase of Grenergy’s flagship Oasis de Atacama solar-plus-storage project, which includes 242MW of solar PV capacity and 1,412MWh of battery energy storage. The project is scheduled to begin commercial operations in the third quarter of 2027.
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Grenergy said the hybrid structure combines solar generation with battery storage, enabling energy delivery beyond daylight hours.
The agreement follows continued progress at Oasis de Atacama, where Grenergy energised the project’s fourth phase, Gabriela, in February 2026. The phase includes 272MW of solar PV and 1.1GWh of battery storage.
Oasis de Atacama remains central to Grenergy’s growth strategy through 2027. Located in the Biobío region, construction began at the 340MW solar PV and 960MWh solar-plus-storage project, last October and the project is expected to begin commercial operations in 2027.
Since launching Oasis de Atacama, Grenergy has secured more than US$1.2 billion in non-recourse financing, including funding for phases one to four of the project, including US$355 million financing to support the first three phases of the project.
Grenergy raises 2028 investment plan to US$4.2 billion
In other news, the Spanish renewable energy developer has increased its planned investment through to 2028 to €3.7 billion (US$4.2 billion), with a significant focus on energy storage and hybrid solar-plus-storage projects across Europe and Chile.
The revised business roadmap allocates €1.5 billion in 2028 alone, primarily towards the expansion of the company’s Greenbox standalone battery energy storage system (BESS) platform and its Oasis solar-plus-storage portfolio.
Europe is expected to account for nearly 45% of total investment over the period, matching Chile’s share, while the US will represent around 5% of planned capital expenditure.
A key component of the updated strategy is the launch of Iberian Oasis, a new hybrid solar-plus-storage platform in Spain designed to replicate the company’s Oasis model in Chile.
The Iberian project will comprise 1GW of solar PV and 3.2GWh of battery storage, requiring an estimated €1 billion investment. The project includes existing projects such as the 200MW solar and 680MWh storage Escuderos plant, alongside the recently announced Índalo project, which combines 100MW of solar PV with 320MWh of storage.
The company is also expanding its Chilean hybrid portfolio. Oasis de Atacama will increase to 2.5GW of solar PV and 14.1GWh of storage, while Central Oasis will reach 1.4GW of solar and 5.1GWh of storage.
Combined, Grenergy’s Oasis platforms now total 5GW of solar generation and 22GWh of battery storage capacity in development, construction and in operation.
Meanwhile, Grenergy said its Greenbox storage platform is targeting 8GWh of operational and under-construction battery capacity by 2028, supported by a European development pipeline of 30GWh, including 9GWh in advanced stages.
The company has already secured tolling agreements covering 1.3GWh in Spain and won contracts for 2.9GWh through capacity market auctions in Poland and the UK.
Alongside its energy business, Grenergy unveiled a new data centre platform, GR Data, in Chile. The company plans to develop two cloud campuses near Santiago with a combined 600MW of IT capacity and a separate Atacama-based AI-focused data centre project initially sized at 400MW, with the potential to scale to 1GW.
The projects will be powered by Grenergy’s hybrid solar and storage assets and are intended to support growing artificial intelligence and cloud computing demand across Latin America.
The company also reported weaker financial results for the first quarter of 2026. Revenue fell to €143 million from €237 million in the same period last year, while EBITDA declined to €5 million from €62 million. Net profit dropped to €2 million, compared with €32 million in Q1 2025. However, capital expenditure rose 59% year-on-year to €132.5 million as Grenergy accelerated investment in its project pipeline.
