CVC DIF has completed its acquisition of the Gabriela utility-scale solar and battery energy storage project in northern Chile from Grenergy, adding a large hybrid renewable-energy asset to its global infrastructure portfolio.
The transaction was first announced in September 2025 and was structured to close once Gabriela achieved commercial operation.
That milestone has now been reached, allowing ownership of the project to transfer to CVC DIF and moving Gabriela from development and construction into its operating phase.
The project combines 272 MW of installed solar photovoltaic capacity with 1,100 MWh of battery energy storage, creating a hybrid renewable-energy system designed to generate electricity during daylight hours while storing significant amounts of energy for later use.
The battery component is particularly important because it gives Gabriela greater flexibility than a conventional standalone solar project.
Solar generation can fluctuate depending on time of day and weather conditions, while electricity demand may peak at different times.
By incorporating 1,100 MWh of storage, Gabriela can retain electricity generated during periods of strong solar production and discharge that energy when it is more valuable or needed by the grid.
That capability can help reduce curtailment, improve renewable-energy utilization and support a more stable electricity system.
Gabriela is backed by a 15-year U.S. dollar-denominated, inflation-indexed hybrid power purchase agreement, providing the project with long-term contracted revenue visibility.
The U.S. dollar-denominated structure can reduce exposure to local currency fluctuations for an international infrastructure investor, while inflation indexation provides additional protection against rising costs over the life of the contract.
Long-term power purchase agreements are particularly important for renewable infrastructure assets because they can create predictable cash flows and reduce exposure to short-term wholesale electricity price volatility.
The combination of contracted revenue and an operating renewable-energy asset aligns closely with the type of long-duration infrastructure investments typically sought by institutional capital.
Gabriela also benefits from Chile’s regulatory framework supporting energy-storage investment.
Chile has become an important market for renewable energy because of its strong solar resources, particularly in northern regions, but the rapid growth of intermittent generation has increased the need for storage.
Large-scale battery systems can help address that challenge by shifting electricity from periods of excess generation to periods of higher demand.
That makes storage increasingly important as the country’s power system incorporates a larger share of renewable energy.
The Gabriela project is designed specifically around that need.
Its 272 MW of solar capacity provides a substantial source of renewable generation, while the 1,100 MWh battery system allows the asset to deliver energy beyond periods of direct solar production.
The hybrid configuration is intended to provide more reliable electricity while improving flexibility and resilience across the Chilean grid.
For CVC DIF, the acquisition expands its exposure to renewable energy and energy-storage infrastructure in Latin America.
It also represents an important step in the firm’s development of its presence in Chile.
The project gives CVC DIF ownership of an operating-scale renewable asset with both generation and storage capabilities rather than exposure to solar generation alone.
Energy storage has become an increasingly important part of renewable infrastructure investment as electricity systems transition toward wind and solar.
Without storage, large amounts of renewable generation can become less valuable when power production exceeds demand or grid capacity.
Batteries allow some of that energy to be shifted to later hours, potentially increasing the value and usefulness of the renewable generation.
Gabriela’s 1,100 MWh storage capacity therefore plays a central role in the project’s economics and strategic importance.
The acquisition also reflects growing institutional interest in hybrid renewable-energy assets.
Infrastructure investors have historically focused heavily on standalone wind and solar projects supported by long-term contracts.
As power markets evolve, projects combining generation with storage can offer additional operational flexibility and may become increasingly important to utilities, grid operators and large electricity customers.
For asset owners, hybrid projects can potentially capture value from multiple parts of the electricity market.
The renewable generation component produces low-carbon electricity, while the storage system can support load shifting, grid balancing and other flexibility requirements.
Gabriela’s structure combines those capabilities within a single large-scale project.
The transaction also represents a successful exit milestone for Grenergy, which developed the project through to commercial operation before transferring it to CVC DIF.
By structuring the acquisition to close after commercial operations began, CVC DIF reduced the amount of construction and commissioning risk it would otherwise have assumed.
The project enters CVC DIF’s portfolio as an operating asset rather than an early-stage development.
That distinction is significant for infrastructure investors seeking more predictable operating cash flows.
With construction completed and commercial operation achieved, the primary focus now shifts toward operating performance, battery optimization and fulfillment of the project’s long-term power purchase agreement.
The 15-year contracted revenue arrangement provides a substantial degree of visibility over those future cash flows.
CVC DIF can now focus on managing the asset over its operating life while benefiting from the broader growth of renewable energy and storage demand in Chile.
The acquisition fits within a broader infrastructure trend toward combining renewable generation with storage.
As the percentage of electricity generated from intermittent resources increases, electricity systems require greater flexibility to match supply with demand.
Battery projects can respond more quickly than many conventional power assets, making them useful for managing short-term fluctuations in electricity availability.
Storage can also help support grid stability during periods of rapid changes in renewable generation.
For Chile, those characteristics are particularly relevant because the country has substantial solar resources in the north while major population and demand centers are located elsewhere.
Transmission constraints and periods of excess renewable generation can create challenges for the power system.
Projects such as Gabriela can help address those issues by storing renewable electricity until it can be used more effectively.
The project therefore combines both commercial and infrastructure value.
For CVC DIF, Gabriela provides an operating renewable-energy asset supported by a long-term contract.
For the Chilean electricity system, it adds 272 MW of solar generation and 1,100 MWh of battery storage capacity that can help integrate a larger amount of renewable power.
The transaction also strengthens CVC DIF’s global renewable-energy portfolio at a time when energy storage is becoming increasingly important to the economics of solar and wind development.
As battery costs, technologies and regulatory structures continue evolving, storage-backed renewable projects could represent an increasingly large portion of future infrastructure investment.
With the acquisition now completed, Gabriela becomes part of CVC DIF’s operating portfolio following the achievement of commercial operation.
The project gives the firm a significant foothold in Chile’s renewable-energy market and adds an asset combining large-scale solar generation, battery storage and long-term contracted revenues.
The closing marks the completion of a transaction announced nearly a year earlier and positions CVC DIF to participate directly in Chile’s ongoing energy transition through an asset designed around both renewable generation and grid flexibility.
KEY QUOTES:
“The completion of Gabriela marks an important step for CVC DIF in Chile. Combining large-scale solar generation with battery storage, the project will deliver reliable energy and enhance the flexibility and resilience of the Chilean grid. We are pleased to have partnered with Grenergy to bring it to completion, and to welcome the asset into our growing global portfolio.”
Caine Bouwmeester, Partner and Head of Renewable Energy at CVC DIF
