Chile's Solar Giant Opens Auction for 1.5 TWh Clean Power

Chile is making it easier for businesses to go green with one of the largest renewable energy auctions ever opened to private companies.

Spanish energy company Grenergy just launched a reverse auction offering 1.5 terawatt-hours of clean electricity every year. That's enough power to supply hundreds of thousands of homes while slashing carbon emissions across Chile's industrial sector.

The auction works differently than traditional energy contracts. Instead of the seller setting the price, buyers bid on what they're willing to pay for clean energy. Power generators, retailers, and large industrial consumers can compete for contracts ranging from 6 to 15 years, giving them flexibility to lock in stable, competitive rates that work for their budgets.

Starting in 2028, the winning bidders will receive power from Grenergy's massive solar farms and battery storage facilities across northern and central Chile. The package includes 960 gigawatt-hours of battery-stored energy available during nighttime hours when solar panels aren't producing, plus 540 gigawatt-hours of direct solar generation during the day.

Companies can bid on the entire volume or just portions of it. Grenergy broke the total into 20-gigawatt-hour chunks, making the auction accessible to smaller businesses that might not need massive amounts of power.

The Ripple Effect

Since arriving in Chile in 2012, Grenergy has transformed the nation into Latin America's clean energy innovation hub. The company already operates 2.5 gigawatts of solar capacity and 14 gigawatt-hours of storage through its Oasis Atacama platform in the northern desert region.

Now Grenergy is expanding that hybrid solar-plus-storage model to central Chile with Oasis Central, adding another 1.4 gigawatts of solar panels and 5.1 gigawatt-hours of battery storage. Together, these facilities represent one of the largest renewable energy portfolios in South America.

The reverse auction model, which Grenergy pioneered in Latin America back in 2022, has opened doors for more companies to access affordable clean energy. By letting the market set prices through competitive bidding, businesses can secure renewable power without the premium costs that sometimes come with going green.

Chile's abundant sunshine and forward-thinking energy policies have created the perfect environment for this clean energy revolution to flourish and spread across the continent.