A unit of global private markets manager CVC has completed its $475 million enterprise value acquisition of a hybrid solar and battery storage project in Chile by starting commercial operations.

CVC DIF confirmed the move on September 2, one year after announcing it was acquiring the Gabriela project — 272MW of installed solar capacity and 1.1GWh of battery storage — from Spanish multinational clean energy producer Grenergy.

The acquisition was structured to complete once the commercial operation milestone had been reached.

Chinese battery giant CATL supplied Gabriela with its EnerX model containers comprising LFP battery tech under a 2024 agreement.

CVC DIF said Gabriela, in northern Chile, is backed by a signed 15-year, US dollar-denominated, inflation-indexed hybrid power purchase agreement. Construction was financed through a $324 million green loan provided by several international financial institutions including BNP Paribas.

Operation and maintenance services for Gabriela will continue to be provided by Grenergy for five years.

Grenergy said that together with the sale of the first phase of its Oasis de Atacama portfolio to ContourGlobal, in December 2024, the Gabriela deal represents about 25% of the overall Atacama platform — which has a total storage capacity of 14.1GWh. Combined, the two transactions represent an enterprise value of around $1.5 billion.

Caine Bouwmeester, partner and head of renewable energy at CVC DIF, said the combination of large-scale solar generation with battery storage would deliver reliable energy and enhance the flexibility and resilience of the Chilean grid.

Batteries International reported last July that Italian energy giant Eni had made a $225 million investment for a minority stake in Chile’s Project Black Giant — one of the world’s largest lithium projects.