CVC DIF has completed the acquisition of Gabriela, a utility-scale hybrid solar and battery energy storage project in northern Chile, from Spanish energy company Grenergy.
The project comprises 272MW of installed solar photovoltaic (PV) capacity and 1.1GW-hours (GWh) of battery energy storage systems (BESS).
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The transaction, first announced in September 2025, was finalised after the Gabriela facility reached commercial operation. The enterprise value of the deal amounts to $475m (€409.32m).
Gabriela is supported by a 15-year, US-dollar-denominated, inflation-indexed hybrid power purchase agreement (PPA).
Construction of the plant was financed with a $324m green loan. It was secured from a consortium of banks comprising Bank of America, BBVA, BNP Paribas, ICO, JPMorgan, KfW IPEX, Natixis, Rabobank, Scotiabank, SMBC and Société Générale.
Following the transaction, Grenergy will continue to provide operation and maintenance services for Gabriela for five years.
Grenergy chairman and CEO David Ruiz de Andrés said: “We are delighted to have completed this transaction with CVC DIF and look forward to continuing our partnership on future projects.
“This deal highlights the quality of our assets and validates the success of the hybrid solar-plus-storage model we pioneered in Chile, which we are now scaling in Spain.”
Gabriela is the fourth phase of Grenergy’s Oasis de Atacama project. The first phase of the project was sold to ContourGlobal in December 2024.
Together, these two transactions represent around 25% of the Oasis de Atacama platform’s total storage capacity of 14.1GWh and have a combined enterprise value of approximately $1.5bn.
CVC DIF renewable energy partner and head Caine Bouwmeester said: “The completion of Gabriela marks an important step for CVC DIF in Chile.
“Combining large-scale solar generation with battery storage, the project will deliver reliable energy and enhance the flexibility and resilience of the Chilean grid. We are pleased to have partnered with Grenergy to bring it to completion, and to welcome the asset into our growing global portfolio.”
The sale of Gabriela forms part of Grenergy’s asset rotation strategy, outlined in the company’s 2026–28 Strategic Plan, which targets revenue of €800m from asset sales during the period.
In June, Grenergy entered into a 15-year night-time PPA in Chile with a global investment-grade utility to supply 1TW-hour of electricity annually.
