Spanish clean energy company Grenergy has signed a night-time power purchase agreement (PPA) with a global investment-grade utility in Chile for the supply of 1TW-hour (TWh) of electricity per year for 15 years.
The agreement covers non-solar hours and is set to begin between July and October 2026.
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It is said to be the largest PPA in terms of volume that Grenergy has signed to date.
The electricity will be sourced from Elena, a battery storage facility in the Americas that is currently operating with a gross installed capacity of 3.5GW-hours (GWh)/ 3GW net.
Plans are in place to expand the project to 7GWh of capacity (6GW net).
Grenergy CEO David Ruiz de Andrés said: “The largest energy sales agreement ever signed by Grenergy strengthens the visibility, stability and resilience of our business, while providing long-term coverage for Elena, the largest battery storage project in the Americas, which has the potential to double its capacity in a very short time frame.
“This transaction further reinforces our presence in Chile and demonstrates the path forward for our hybrid platform strategy in Spain.”
Grenergy announced the agreement at an event marking the inauguration of the Elena facility.
The ceremony was attended by the President of Chile José Antonio Kast Rist, as well as national and regional officials including Energy Minister Ximena Rincón and Science, Technology, Knowledge and Innovation Minister Ximena Lincolao.
The Elena facility is composed of 624 battery containers and 6,240 battery units.
It forms part of the Oasis de Atacama platform, which was recently expanded to 2.5GW of solar capacity and 14.1GWh of energy storage under Grenergy’s 2028 strategic road map.
The Oasis hybrid model is also being applied to the Oasis Central project in central Chile and Iberian Oasis in Spain, supporting a combined portfolio of 5GW of solar and 22GWh of storage capacity.
Grenergy, established in 2007, develops, constructs and operates solar photovoltaic plants and energy storage projects. The company reports a market capitalisation of more than €3.5bn ($4bn).
In April this year, the company signed a 12-year financial tolling agreement for the storage component of its Escuderos hybrid project in Castilla-La Mancha, Spain.
