en.Wedoany.com Reported - Spanish solar and energy storage developer Grenergy has signed a 12-year hybrid power purchase agreement (PPA) linked to its Oasis de Atacama solar-plus-storage platform in Chile.

The agreement stipulates the sale of 350 GWh of electricity annually starting January 1, 2028, with the buyer's identity undisclosed. The electricity comes from Algarrobal, the fifth phase of the Oasis de Atacama project, which includes 242 MW of solar photovoltaic capacity and 1,412 MWh of battery storage, and is scheduled to begin commercial operations in the third quarter of 2027. Grenergy stated that this hybrid structure, combining solar with battery storage, enables power delivery beyond daylight hours.

The agreement follows continued progress on the Oasis de Atacama project. In February 2026, Grenergy energized Gabriela, the fourth phase of the project, which includes 272 MW of solar photovoltaic capacity and 1.1 GWh of battery storage. Oasis de Atacama remains central to Grenergy's growth strategy through 2027. Located in the Bío Bío Region, the project saw construction begin on 340 MW of solar photovoltaic capacity and 960 MWh of solar-plus-storage in October last year, with commercial operations expected to start in 2027. Since launching Oasis de Atacama, Grenergy has secured over $1.2 billion in non-recourse financing covering phases one through four, including $355 million to support the first three phases.

Grenergy has increased its planned investments through 2028 to €3.7 billion ($4.2 billion), focusing on energy storage and hybrid solar-plus-storage projects in Europe and Chile. The adjusted business roadmap allocates €1.5 billion in 2028 alone, primarily for the expansion of the company's Greenbox standalone battery energy storage system (BESS) platform and the Oasis de Atacama solar-plus-storage portfolio. Europe is expected to account for nearly 45% of total investments during this period, matching Chile's share, while the U.S. will account for approximately 5% of planned capital expenditure.

A key component of the updated strategy is the launch of the Iberian Oasis project in Spain, a new hybrid solar-plus-storage platform designed to replicate the Oasis de Atacama model in Chile. The Iberian project will include 1 GW of solar photovoltaic capacity and 3.2 GWh of battery storage, requiring an estimated investment of around €1 billion. The project includes existing assets such as the Escuderos plant, with 200 MW of solar and 680 MWh of storage, and the recently announced Índalo project, combining 100 MW of solar photovoltaic capacity with 320 MWh of storage.

Grenergy is also expanding its hybrid project portfolio in Chile. Oasis de Atacama will grow to 2.5 GW of solar photovoltaic capacity and 14.1 GWh of storage, while Central Oasis will reach 1.4 GW of solar and 5.1 GWh of storage. Combined, Grenergy's Oasis platform currently has a total solar generation capacity of 5 GW and battery storage capacity of 22 GWh under development, construction, and operation.

Grenergy stated that its Greenbox storage platform aims to achieve 8 GWh of operational and under-construction battery capacity by 2028, supported by a 30 GWh development pipeline in Europe, of which 9 GWh is in advanced stages. The company has secured tolling agreements covering 1.3 GWh of storage capacity in Spain and won contracts for 2.9 GWh through capacity market auctions in Poland and the UK.

Beyond its energy business, Grenergy has launched a new data center platform in Chile called GR Data. The company plans to develop two cloud campuses near Santiago with a total IT capacity of 600 MW, as well as a standalone artificial intelligence-focused data center project with an initial scale of 400 MW, potentially expandable to 1 GW. These projects will be powered by Grenergy's hybrid solar and storage assets, aiming to support the growing demand for AI and cloud computing in Latin America.

Financially, Grenergy reported weaker results for the first quarter of 2026. Revenue fell to €143 million from €237 million in the same period last year, while EBITDA dropped from €62 million to €5 million. Net profit decreased from €32 million in the first quarter of 2025 to €2 million. However, capital expenditure increased 59% year-on-year to €132.5 million, indicating that Grenergy is accelerating investments in its project pipeline.

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