Grenergy completes sale of Gabriela project with enterprise value of $475 million

en.Wedoany.com Reported - On September 2, Grenergy completed the sale of the Gabriela solar-plus-storage project to CVC DIF. Gabriela, the fourth phase of the Oasis de Atacama project, has reached commercial operation, comprising 272 MW of photovoltaic capacity and 1.1 GWh of battery energy storage. The transaction's enterprise value (EV) is $475 million, and the project's commissioning also triggered the previously agreed asset transfer conditions.

The deal was initially reached in September 2025. At that time, Grenergy agreed to sell a 100% interest in the Gabriela project to funds managed by CVC DIF, with an enterprise value of up to $475 million, of which approximately $24 million was tied to specific project milestones. The parties agreed to complete the asset transfer once the project reached its commercial operation date and satisfied relevant conditions precedent. At that time, Gabriela was still under construction and was originally scheduled to enter commercial operation in the first half of 2026.

With Gabriela now in commercial operation, CVC DIF has formally completed the asset acquisition. The project is backed by a 15-year hybrid power purchase agreement denominated in U.S. dollars and indexed to inflation. During the construction phase, Gabriela secured $324 million in green loans from financing institutions including BNP Paribas, Natixis, Société Générale, Scotiabank, Sumitomo Mitsui Banking Corporation, Bank of America, BBVA, JPMorgan, KfW IPEX-Bank (a subsidiary of KfW), Rabobank, and Spain's official credit institution ICO.

Following the transaction's completion, Grenergy will continue to provide operation and maintenance services for Gabriela for five years. Combined with the sale of the first batch of Oasis de Atacama-related assets to ContourGlobal in December 2024, these asset disposals represent an enterprise value of approximately $1.5 billion, corresponding to roughly 25% of the current Oasis de Atacama platform assets. Grenergy has announced a planned storage capacity of 14.1 GWh for the platform.

Grenergy has incorporated asset rotation into its 2026–2028 strategic plan, targeting €800 million in revenue from asset rotation over this cycle. In May of this year, the company increased its investment plan through 2028 to €3.7 billion and continues to expand the Oasis solar-plus-storage platform in Chile.