CVC DIF, the dedicated infrastructure investment strategy of leading global private markets manager CVC, has agreed to acquire the Gabriela project, a utility scale hybrid photovoltaic (PV)-battery energy storage system (BESS) energy project located in Northern Chile, from Grenergy, a Spanish multinational clean energy producer.
The project comprises 272 MW of installed solar capacity and 1100 MWh of battery storage. The project is currently under construction and 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.
The investment highlights CVC DIF’s commitment to the global energy transition sector, where it already manages renewable energy assets totalling over 7 GW of installed capacity and several investments in BESS and multi-technology projects.
Caine Bouwmeester, Partner, Co-head of DIF Infrastructure fund strategy and Head of Renewable Energy of CVC DIF, commented: “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, added: “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 1H26, and remains subject to the fulfilment of conditions customary for these types of transactions.
CVC DIF is advised by BNP Paribas (financial advisor), Cuatrecasas (legal advisor), KPMG (tax advisor), Valgesta (commercial advisor), DNV (technical advisor), and Marsh (insurance advisor).
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