Spanish independent power producer (IPP) Grenergy has signed a power purchase agreement (PPA) for the fourth phase of its Oasis de Atacama solar-plus-storage project in Chile, which has the largest capacity of any storage project in the world.
Grenergy is commissioning the project, which was announced in 2023, in four phases, and expects to begin operation in 2025. The fourth phase of development will see Grenergy add 260MW of new solar capacity, alongside 1.1GWh of new storage capacity, which will help the project reach its total nameplate capacity of 1GW of solar and 4.1GWh of storage.
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The company signed the PPA with an unnamed “international utility with an investment grade credit rating”, and the utility will acquire power generated at this phase of the project for 15 years. Grenergy has already completed PPAs for other phases of the project, with Chilean energy company EMOAC signing a 15-year deal, and Grenergy has now completed contracts worth €2.7 billion (US$2.9 billion) at the project.
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