Grenergy completes $475 million sale of Chilean solar-storage project

Grenergy has completed the sale of its 272 MW solar and 1.1 GWh battery storage project in Chile to CVC DIF for an enterprise value of $475 million.

The transaction was first announced in September 2025, when Grenergy disclosed a value of up to $475 million and said the transfer was conditional on the asset entering operation. At the time, Gabriela was under construction and expected to reach commercial operation in the first half of 2026.

The facility combines 272 MW of solar PV capacity with 1,100 MWh of battery storage. Grenergy announced its energization in February, paving the way for commissioning and completion of the sale.

Gabriela is also backed by a 15-year hybrid power purchase agreement (PPA).

Construction was financed through a $324 million green loan provided by BNP Paribas, Natixis, Société Générale, Scotiabank, SMBC, Bank of America, BBVA, JPMorgan, KfW IPEX, Rabobank and ICO.

Under the terms of the transaction, Grenergy will continue providing operations and maintenance (O&M) services for the assets for five years.

Oasis de Atacama is Grenergy’s hybrid solar and storage platform in northern Chile, comprising multiple PV plants paired with battery systems. The company currently plans up to 2.5 GW of solar and 14 GWh of storage across several phases, including Gabriela, Víctor Jara, Quillagua and Elena, with long-term power supply contracts associated with some of the facilities.

The Gabriela sale follows Grenergy’s December 2024 sale to ContourGlobal, a KKR-backed company, of the Víctor Jara and Quillagua I and II phases. That transaction covered 451 MW of solar and 2.5 GWh of storage and had a value of up to $962 million.

Grenergy said the two transactions together represent around 25% of the Oasis de Atacama platform and have a combined enterprise value of nearly $1.5 billion.

The divestments form part of Grenergy’s asset rotation strategy under its 2026-2028 strategic plan, which targets €800 million in proceeds from asset sales during the period.

The company updated the plan in May, increasing its planned investment through 2028 to €3.7 billion. It also announced expansions of its Oasis platforms in Chile and the development of Iberian Oasis in Spain. Together, the platforms are expected to reach 5 GW of solar and 22 GWh of storage.

From pv magazine LatAm