Glenfarne to Acquire $815M Chilean Solar and Battery Storage Portfolio from METLEN Energy & Metals

METLEN Energy & Metals S.A. (METLEN) has signed a landmark agreement with Glenfarne Asset Company, LLC’s subsidiary for the acquisition of a major solar and battery energy storage system (BESS) portfolio in Chile. The deal underscores METLEN’s global leadership in renewable project development and reflects Glenfarne’s deepening commitment to Chile’s energy transition.

A Diversified Portfolio Across Chile’s National Grid

The transaction includes 588 MW of operational solar assets alongside co-located BESS facilities totaling 1,610 MWh of storage capacity. The storage systems are currently under construction and expected to be operational within a year. The assets are geographically diversified with multiple interconnection points across Chile’s national grid, Sistema Eléctrico Nacional, allowing for enhanced optimization and energy dispatch flexibility.

$815 Million Deal Pending Approvals

Valued at approximately $815 million, the transaction includes the assumption of debt and is subject to financing terms, regulatory approvals, and standard closing conditions. Finalization is anticipated upon the full commissioning of the BESS facilities.

This deal is a key milestone in METLEN’s global Asset Rotation Program, which aims to unlock capital and recycle investments in renewable energy assets.

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Glenfarne Strengthens Renewable Presence in Latin America

Brendan Duval, CEO of Glenfarne, said, “This is a landmark transaction for METLEN, as we pave the growth of M Renewables. We have identified the potential of Chile’s renewables market in 2020 and have managed to successfully overcome market challenges. In doing so we have developed, structured – commercially and financially - and constructed these projects at the highest standard.”

Astris Finance served as financial advisor to METLEN, with Milbank LLP and Larrain y Asociados Ltda acting as legal counsel.