Dutch-based investor CVC DIF has agreed to acquire a utility-scale hybrid solar-storage project in Chile from Grenergy.
The Gabriela project (pictured) is currently under construction in Northern Chile and comprises 272MW of installed solar PV capacity and 1100MWh of battery energy storage (BESS).
It is the fourth phase of Grenergy’s flagship solar and battery project Oasis de Atacama.
Gabriela is backed by a signed 15-year USD denominated, inflation-indexed hybrid power purchase agreement (PPA). This asset will also benefit from Chile’s supportive regulatory framework for storage investments.
CVC DIF said the investment highlights its commitment to the global energy transition sector, where it already manages renewable energy assets totalling over 7GW of installed capacity and several investments in BESS and multi-technology projects.
“We are very pleased to partner with Grenergy on this exciting project in Chile’s renewable energy sector,” said CVC DIF partner Caine Bouwmeester.
“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.”
Gabriela is the fourth phase of the Oasis de Atacama project (pictured).
Grenergy chief executive David Ruiz de Andrés said: “This transaction reflects the value and deep expertise in our hybridisation 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.”
The asset transfer will take place after the commercial operation date (COD), expected in the first half of 2026. It remains subject to the fulfilment of conditions customary for these types of transactions.
CVC DIF is advised by BNP Paribas, Cuatrecasas, KPMG, Valgesta, DNV, and Marsh.