CVC DIF completed the acquisition of the Gabriela project, Phase 4 of Oasis de Atacama, for an enterprise value of USD 475 million , following the start of commercial operation of the hybrid complex of 272 MW solar and 1.1 GWh of battery storage located in northern Chile.
The asset was developed by Grenergy at 3,000 meters above sea level , and its transfer was initially announced for September 2025, although the closing of the transaction remained contingent upon reaching its commercial operation date. Having met that milestone, Gabriela now joins CVC DIF's global portfolio.
In addition to the scale of its batteries, the project has a 15-year hybrid power purchase agreement (PPA) , denominated in US dollars and indexed to inflation, a long-term structure that accompanies the incorporation of one of Oasis de Atacama's assets into the infrastructure manager's portfolio.
For CVC DIF, the operation represents an increase in its exposure to one of the most dynamic storage markets in Latin America, where the combination of solar and batteries is gaining traction to shift generation towards higher value hours and provide flexibility to the grid.
“The completion of Gabriela represents an important step for CVC DIF in Chile. By combining large-scale solar generation with battery storage, the project will provide reliable energy and improve the flexibility and resilience of the Chilean electricity grid,” said Caine Bouwmeester , partner and director of Renewable Energy at CVC DIF .
A hybrid asset with a long-term contract
Gabriela's business operation completes a key stage for both the project and the transaction between the two companies.
Until now, the acquisition was contingent upon compliance with the COD. With the plant now operational, CVC DIF assumes control of an asset that combines two technologies transforming the Chilean electricity market.
Photovoltaic generation allows production during the hours of greatest solar resource, while storage provides the capacity to shift some of that energy to other times of the day and respond more flexibly to system conditions.
This scheme is especially important in northern Chile, where high solar penetration has driven the development of large-scale BESS projects.
The 15-year PPA adds another key component to the project's financial profile. Being denominated in dollars and indexed to inflation, it reduces some of the exposure to price fluctuations and provides visibility into revenues over a longer period.
CVC DIF also highlighted that Gabriela benefits from the Chilean regulatory framework for investments in energy storage.
CVC DIF expands its energy transition portfolio
The acquisition is part of CVC DIF's infrastructure strategy, which manages approximately €23 billion in assets related to energy transition, transport, utilities and digitalization.
The firm operates as CVC's infrastructure division and has more than 260 professionals distributed across 12 offices.
With Gabriela, a new solar asset with storage already operational in Latin America is added to that platform.
For Grenergy, meanwhile, the start of commercial operations allowed it to complete a divestment that had been agreed upon since September 2025.
The closing also shows how hybrid projects are starting to attract infrastructure capital once they overcome construction risk and reach commercial operation.
With 272 MW of photovoltaics, 1100 MWh of batteries and a 15-year PPA , Gabriela changes ownership as an operational asset and reinforces CVC DIF's exposure to the growth of storage in Chile.