CVC DIF, the infrastructure arm of global private markets manager CVC, has completed its acquisition of the Gabriela project, a utility-scale hybrid solar and battery storage facility in Northern Chile, following the project's achievement of its Commercial Operation Date.

Transaction Background and Structure

The deal was first announced in September 2025 and was structured so that completion would be triggered only once the Gabriela project reached commercial operations.

With that milestone now achieved, the acquisition from Grenergy, a Spanish multinational clean energy producer, has formally closed, and the asset has joined CVC DIF's global infrastructure portfolio.

The transaction structure tied legal completion to the operational readiness of the facility, meaning CVC DIF assumed ownership of a fully commissioned, revenue-generating asset rather than a project still in development or construction.

The September 2026 completion date reflects the time required to bring the solar-plus-storage facility to that operational threshold following the initial announcement roughly a year earlier.

Project Specifications and Commercial Arrangements

The Gabriela project comprises 272 megawatts of installed solar photovoltaic capacity paired with 1,100 megawatt-hours of battery energy storage, making it a large-scale hybrid facility designed to combine generation with dispatchable storage capability.

Underpinning the project's revenues is a 15-year power purchase agreement denominated in US dollars and structured with inflation indexing. The long-term, USD-denominated nature of the PPA provides a degree of currency and revenue stability over the contract's duration.

The project also benefits from what CVC DIF described as Chile's supportive regulatory framework for storage investments, which the firm cited as an additional factor in the asset's commercial positioning.

The project is located in Northern Chile, a region recognized for its high solar irradiance levels and which has attracted significant renewable energy investment in recent years.

Strategic Significance for CVC DIF

Caine Bouwmeester, Partner and Head of Renewable Energy at CVC DIF, described the completion as an important step for the firm in Chile. He said the project would deliver reliable energy and enhance the flexibility and resilience of the Chilean grid by combining large-scale solar generation with battery storage. Bouwmeester also noted the firm's satisfaction in having partnered with Grenergy to bring the project to completion.

For CVC DIF, the Gabriela project represents an addition to what it described as its growing global portfolio. The firm manages infrastructure investments across energy transition, transport, utilities, and digitalisation, and the Gabriela acquisition falls within its renewable energy focus area.

About the Parties Involved

CVC DIF was founded in 2005 and is headquartered in Amsterdam, the Netherlands. The firm manages approximately USD 26.62 billion of infrastructure assets under management and employs more than 260 people across 12 offices.

It operates as the infrastructure strategy of CVC, a global private markets manager with 29 offices spanning five continents. CVC DIF describes its market approach as combining global reach with local networks and sector-focused investment expertise.

Grenergy, the seller of the Gabriela project, is a Spanish multinational clean energy producer. The company had developed the Gabriela project and worked with CVC DIF through to the point of commercial operations before transferring ownership under the terms of the acquisition agreement.

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