Press Releases — Grenergy agrees to sell the fourth phase of Oasis de Atacama

Grenergy agrees to sell the fourth phase of Oasis de Atacama

Grenergy has announced an agreement to sell the fourth phase of its flagship battery project in Chile, Oasis de Atacama, to funds under the management of CVC DIF, the infrastructure strategy of leading global private markets manager CVC.

This phase, named Gabriela, represents 10% of the total Oasis de Atacama megaproject. The transaction could reach an enterprise value of up to $475 million, including earn-outs and financial adjustments, customary for these types of transactions.

Gabriela comprises 272 MW of installed solar capacity and 1,100 MWh of battery storage. The project is currently under construction and is backed by a signed hybrid power purchase agreement (PPA). The asset transfer will take place after Commercial Operation Date (COD), expected in the first half of 2026.

Grenergy secured green financing for Gabriela’s construction totaling $324 million. The loan was arranged with participation from BNP Paribas, Natixis, Société Générale, Scotiabank, and SMBC. More recently, additional banks joined the syndicated financing, including Bank of America, BBVA, JP Morgan, KfW IPEX, Rabobank, and ICO.

As part of the agreement with CVC DIF, Grenergy will provide operation and maintenance services for five years, leveraging its strategic partnerships with leading technology providers.

This transaction, along with the one completed with ContourGlobal in December 2024, covers 33% of the original Oasis de Atacama project. Grenergy retains 1.2 GW of installed capacity and 7.3 GWh of storage—accounting for 67% of the megaproject.

The sale is part of Grenergy’s asset rotation strategy presented during its Capital Markets Day in London in May, which targets total cash generation of €800 million. The deal supports the company’s ambitious €3.5 billion investment plan through 2027, aimed at accelerating growth and reinforcing its global leadership in energy storage.

Grenergy will continue replicating its hybrid solar-storage model developed in Oasis de Atacama, in northern Chile, across new platforms such as Central Oasis, located in the central region of the country, and in Europe, where the Escuderos project in Spain stands out as its flagship initiative.

The company has an ambitious global pipeline exceeding 77.9 GWh of storage capacity and 12.5 GW of solar power across various stages of development. This portfolio is key to advancing solar energy management and accelerating its integration into the energy mix.

Chile is a key market for Grenergy, where it has been active since 2013 and plans to allocate nearly 70% of its investments through 2027. It is the IPP that has connected the most solar plants in the country and has chosen Chile as the base for developing its Oasis platforms, which are global benchmarks in solar and battery hybridization.

According to David Ruiz de Andrés, CEO of Grenergy: “This transaction reflects the value of our assets and the growing international interest in our hybridization model. We have already surpassed 55% of our cash generation target set for 2027, thanks to our execution capabilities and our commitment to our roadmap. We’re delighted with the agreement with CVC DIF and proud to partner on this exciting investment, looking forward to future projects together.”

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 transaction underlines our long-term commitment to the global energy transition.”