Dutch investment firm CVC DIF has reached an agreement to acquire the Gabriela hybrid solar and battery storage project in northern Chile from Spanish renewables developer Grenergy Renovables.
Currently under construction, the Gabriela project consists of 272 megawatts (MW) of installed solar photovoltaic (PV) capacity and 1,100 megawatt-hours (MWh) of battery energy storage. It represents the fourth phase of Grenergy’s larger Oasis de Atacama initiative, a flagship solar and storage program in the region.
The project is supported by a 15-year U.S. dollar-denominated, inflation-indexed hybrid power purchase agreement (PPA), and is set to benefit from Chile’s regulatory incentives aimed at encouraging battery storage investments.
CVC DIF said the acquisition aligns with its broader investment strategy in renewable infrastructure. The firm manages over 7 gigawatts (GW) of renewable energy capacity globally, including assets in battery storage and hybrid energy systems.
“We are very pleased to partner with Grenergy on this exciting project in Chile’s renewable energy sector,” said Caine Bouwmeester, partner at CVC DIF. “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.”
Grenergy’s CEO, David Ruiz de Andrés, described the agreement as a validation of the company’s approach to hybrid energy solutions. “This transaction reflects the value and deep expertise in our hybridisation model, as well as the ability to bring in high-quality investment partners,” he said. “We’re delighted with the agreement with CVC DIF and proud to partner on this important project, and look forward to future projects together.”
The asset transfer is expected to take place following the project’s commercial operation date, which is anticipated in the first half of 2026. Completion remains subject to standard closing conditions.
CVC DIF was advised by BNP Paribas, Cuatrecasas, KPMG, Valgesta, DNV, and Marsh.
