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The increase in renewable energy sources (RESs) in distribution grids is a major driver for achieving green energy goals worldwide. However, RES power inverters affect power quality, increase power losses, and, in certain cases, may cause power interruptions due to harmonics, deterioration of the rate of change of frequency, and inability to rapidly react in grid faults. Today, phasor measurement units (PMUs) are the ultimate tools for real-time monitoring of distribution grids' health, and they enable several data-driven added-value services such as fast and automated fault detection, isolation, and recovery; state estimation; power quality monitoring; dynamic events analysis, etc. The present paper proposes an open hardware and software PMU platform, which is low cost, high performance, expandable, and, in general, suitable for research and innovation activities. The system is based on two processor modules (a digital signal processor from Texas Instruments TMS320c5517, and a microprocessor System-in-Package from Octavo Systems OSD3358), two local databases of 64 Gbytes each, GPS module, 5G modem interface, as well as analog and signal conditioning circuits to interface three-phase power voltage and current signals. The entire hardware design, schematics, and instrumentation components, as well as all firmware and software functions are completely open source. Pilot operation of the prototype design has been installed in three medium-/low-voltage substations in Cyprus, as well as twelve substations in Spain and Italy. [ABSTRACT FROM AUTHOR]