Grenergy Signs 1 TWh Overnight PPA in Chile, the Largest in the Region

Spain's Grenergy closed on June 30 a power purchase agreement (PPA) for 1 TWh annually over 15 years to supply electricity during non-solar hours from its Elena battery project, located in the Antofagasta region of Chile. It is the largest overnight PPA from storage ever signed in Latin America.

The contract is backed by the Elena battery energy storage system (BESS), currently the largest battery plant in the Americas, with 3.5 GWh of installed capacity and an expansion plan to 7 GWh. The counterparty is an investment-grade global utility whose identity was not disclosed, and supply will begin between July and October 2026, according to El Economista.

The deal validates the overnight storage business model in the Southern Cone: batteries that charge on solar power during the day and dispatch firm electricity during hours without photovoltaic generation, a solution gaining relevance as regional grids integrate more intermittent renewable capacity.

Elena is part of the Oasis de Atacama platform, which combines 2.5 GW of solar generation with 14.1 GWh of storage targeting 2028. The plant, composed of 624 containers and 6,240 battery units, was inaugurated in the presence of Chilean President José Antonio Kast, Energy Minister Ximena Rincón, and Science Minister Ximena Lincolao, as reported by Europa Press.

"The largest energy sale agreement ever signed by Grenergy reinforces the visibility, stability, and strength of our business," said David Ruiz de Andrés, CEO of the company. The company replicates the Oasis model across two other platforms: Oasis Central in Chile (1.4 GW solar, 5.1 GWh storage) and Iberian Oasis in Spain (1 GW solar, 3.2 GWh).

The Chilean contract offers a roadmap for Mexico, where SENER authorized 1,488 MW of private storage in December 2025. As solar penetration in the SEN expands, overnight battery PPAs represent a hedging instrument for large industrial consumers with decarbonization targets.

This article was drafted with artificial intelligence assistance from verified sources and reviewed by a human editor before publication.