METLEN Energy & Metals SA, together with a wholly owned subsidiary of Glenfarne Asset Company, LLC, has entered into a definitive agreement under which Glenfarne will acquire a significant portfolio of renewable energy assets in Chile. The portfolio includes 588 megawatts (MW) of operational solar projects along with battery energy storage system (BESS) facilities totaling 1,610 megawatt-hours (MWh) of storage capacity. The BESS assets are currently under construction and are expected to reach completion within the next twelve months.
The portfolio benefits from broad geographic diversification and multiple interconnection points within Chile’s National Electric System (Sistema Eléctrico Nacional – SEN), allowing for increased flexibility, improved reliability, and enhanced portfolio optimization. The strategic location and integration of these assets make them well-suited to support Chile’s growing demand for clean and reliable electricity, particularly as the role of energy storage becomes increasingly critical in managing intermittency and grid stability.
The transaction is valued at approximately $815 million, which includes the assumption of existing debt. The final purchase price is subject to certain customary adjustments related to financing and other conditions. The closing of the transaction is contingent upon the operational readiness of the BESS facilities, receipt of applicable regulatory approvals, and the fulfillment of other customary closing conditions.
This acquisition forms part of METLEN’s broader global Asset Rotation Program for renewable energy, which is designed to recycle capital from mature assets into new development opportunities, supporting continued innovation and expansion across its energy portfolio. The deal also reflects METLEN’s strong capabilities in executing complex, large-scale transactions in international markets, leveraging its expertise in project development, engineering, structuring, and construction.
Evangelos Mytilineos, CEO of METLEN, said in a statement, “This is a landmark transaction for METLEN, driving the growth of M Renewables. We identified the potential of the Chilean renewable energy market in 2020 and successfully overcame market challenges. We developed, commercially and financially structured, and constructed these projects to the highest standards. This agreement strengthens our relationship with Glenfarne in the renewable energy market and also lays the groundwork for further strengthening cooperation in other areas of common interest. It also enables METLEN to unlock capital and realize 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 a significant step in Glenfarne’s commitment to further expand our presence in Chile ‘s renewable energy sector and to continue strengthening our commercial relationship with METLEN. We are pleased to collaborate with METLEN on this transaction, which aligns with our mission to invest in infrastructure that supports Chile ‘s energy transition.
METLEN has played a pioneering role in the implementation of both standalone and hybrid energy storage projects, recognizing BESS as a vital component of the modern energy transition. The company’s integrated approach has positioned it as a leader in delivering high-value renewable energy solutions across diverse markets. Astris Finance served as financial advisor to METLEN in the transaction.
Legal advisory support was provided by Milbank LLP and Larrain y Asociados Ltda., ensuring smooth structuring and execution of the agreement. Once finalized, this transaction will mark a significant milestone in the Latin American energy sector and further reinforce the strategic role of energy storage in supporting the region’s clean energy ambitions.
