METLEN Energy & Metals SA, along with its wholly owned subsidiary of Glenfarne Asset Company, LLC, has entered into an agreement for Glenfarne to acquire a significant portfolio of battery and solar energy storage system assets in Chile. The portfolio includes operational solar projects with a total generation capacity of 588 MW, paired with co-located battery energy storage system (BESS) centers offering 1,610 MWh of storage capacity. Construction of the BESS centers is underway and is expected to be completed within one year.
The projects offer broad geographic diversification and multiple interconnection points across Chile’s National Electric System (SEN), supporting portfolio optimization. The principal acquisition consideration is set at $815 million, including the assumption of debt, and is subject to certain financing assumptions and customary adjustments. The transaction is expected to close following the completion of the BESS construction, receipt of regulatory approvals, and the fulfillment of other customary conditions.
Evangelos Mytilineos, CEO of METLEN, said in a statement, “This is a historic transaction for METLEN, as we pave the way for the growth of M Renewables (Metlen’s renewable energy division). We identified the potential of the Chilean renewable energy market in 2020 and successfully overcame market challenges. We have thus developed, structured (commercially and financially), and built these projects to the highest standard. This agreement strengthens our relationship with Glenfarne across the renewable energy market, but also lays the foundation for further enhanced cooperation in other areas of mutual interest. It also enables METLEN to unlock capital and capture value in a challenging market environment, providing confidence in the execution of the Asset Rotation Program.”
Brendan Duval , Founder and CEO of Glenfarne, stated, “This transaction represents an important step in Glenfarne’s commitment to further expand our presence in the renewable energy sector in Chile and the continued growth of our commercial relationship with METLEN. We are pleased to be working with METLEN on this transaction, which aligns with our mission to invest in infrastructure that supports Chile ‘s energy transition.”
This landmark transaction is part of METLEN’s Global Asset Rotation Program for renewable energy projects and highlights the company’s expertise in executing highly complex transactions on a global scale. As battery energy storage systems become increasingly essential to modern energy markets, METLEN continues to lead in the development of both standalone and hybrid storage projects. Through its robust development, engineering, structuring, and construction capabilities, METLEN consistently delivers value across its global energy portfolio. Astris Finance served as Financial Advisor, while Milbank LLP and Larrain y Asociados Ltda. acted as legal advisors to METLEN on this transaction.
