CVC DIF, the infrastructure investment arm of global private markets manager CVC, has agreed to acquire the “Gabriela” hybrid solar photovoltaic (PV) and battery energy storage (BESS) project—located in Northern Chile and currently under construction—from Spanish clean-energy producer Grenergy.
The asset transfer is expected to occur after achieving commercial operation in the first half of 2026, under a USD-denominated, inflation-indexed 15-year hybrid power purchase agreement.
Gabriel Hybrid Solar-Battery Storage - Project Details
The Gabriela project forms the fourth phase of Grenergy’s Oasis de Atacama initiative, a large-scale hybrid solar and storage complex being developed in Chile’s Atacama Desert. Once completed, Oasis de Atacama is expected to be one of the largest facilities of its kind worldwide.
Gabriela accounts for around ten percent of the overall project scope, with an installed capacity of approximately 272 megawatts of solar PV generation and 1,100 megawatt-hours of battery storage.
Construction of the Gabriela facility is currently underway, with commercial operation expected in the first half of 2026. Ownership will be transferred to CVC DIF once the project reaches commissioning, subject to customary closing conditions. Grenergy will remain involved in the project by providing operations and maintenance services for a period of five years after handover.
Transaction Details and Strategy
The sale of Gabriela forms part of Grenergy’s wider asset rotation strategy, which is designed to recycle capital into its growing global development pipeline. Proceeds from the transaction will support ongoing investment in further phases of Oasis de Atacama and other renewable projects in Latin America and Europe.
For CVC DIF, the acquisition strengthens its presence in the renewable energy sector and expands its portfolio of solar, wind, and storage assets. The structure of the deal, backed by a 15-year USD-denominated and inflation-indexed PPA, ensures long-term revenue visibility and aligns with the fund’s strategy of investing in energy transition infrastructure with stable cash flows.
The asset transfer will take place after the Commercial Operation Date (COD), expected in the first half of 2026, and is subject to the fulfillment of customary closing conditions.
CVC DIF is supported in the transaction by a team of external advisors, including:
- BNP Paribas as financial advisor,
- Cuatrecasas as legal advisor,
- KPMG for tax matters,
- Valgesta as commercial advisor,
- DNV for technical aspects, and
- Marsh as insurance advisor.
Leadership comments on the transaction
Chile has become one of Latin America’s leading renewable energy markets, with solar PV already contributing more than one-fifth of the country’s annual electricity generation. Projects such as Gabriela illustrate how hybrid solar-battery systems are being deployed to enhance grid stability and manage intermittency in high-resource regions.
The deal also underlines the role of private capital in accelerating the transition to low-carbon energy infrastructure across the region. Caine Bouwmeester, Partner, Co-head of DIF Infrastructure fund strategy and Head of Renewable Energy of CVC DIF highlighted:
“We are very pleased to partner with Grenergy on this exciting project in Chile’s renewable energy sector. Gabriela will combine large-scale PV and battery storage to deliver reliable, clean energy and improve the resilience of the Chilean grid. This investment underlines our long-term commitment to the global energy transition.”
David Ruiz de Andrés, CEO of Grenergy, commented:
“This transaction reflects the value and deep expertise in our hybridization model, as well as the ability to bring in high quality investment partners. We’re delighted with the agreement with CVC DIF and proud to partner on this important project, and look forward to future projects together.”
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