Glenfarne to Acquire Four Operating Utility Scale Solar Assets and Associated Battery Energy Storage System Facilities in Chile
Assets total capacity of 909 MW, comprised of 588 MW solar and 1.61 GWh of battery storage (321 MW equivalent)
NEW YORK–(BUSINESS WIRE)–A wholly owned subsidiary of Glenfarne Asset Company, LLC (“Glenfarne”), a developer, owner-operator, and industrial manager of energy and infrastructure assets, today announced it has entered into an agreement to acquire four assets in Chile with a combined 909 Megawatts (“MW”), comprised of 588 MW of operating solar and associated battery energy storage system (“BESS”) facilities with a capacity of 1.61 Gigawatt-hours (“GWh”) (321 MW equivalent), which are currently under construction. Glenfarne is acquiring the assets from Metlen Energy & Metals (“Metlen”).
This transaction is subject to certain financing assumptions and customary adjustments, as well as the assumption of debt. The closing of the transaction is expected to occur when the BESS becomes operational. It is subject to obtaining regulatory approvals and the fulfillment of certain financing conditions, as well as other conditions that are customary for this type of transaction.
Brendan Duval, CEO and Founder of Glenfarne, commented, “This acquisition further diversifies Glenfarne’s renewable energy portfolio and includes our first foray into both utility scale solar and battery storage facilities. We will continue to look for strategic opportunities to grow our Chile business that are aligned with the company’s mission to realize the world’s energy transition.”
“This is a landmark transaction for Metlen, as we pave the growth of M Renewables. We 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,” said Evangelos Mytilineos, CEO of Metlen. “This transaction reinforces our relationship with Glenfarne across the renewables market but also creates foundations for further enhancing the cooperation in other areas of common interest.”
“The acquisition of these assets shows our continuing commitment to operating in Chile and growing our business that has been the backbone of our company since inception,” said Bryan Murphy, President of Glenfarne. “Glenfarne’s power business is coming off a record year for both operational and financial performance in 2024, and this transaction furthers our momentum by bringing accretive and recently built assets into our already industry-leading power portfolio.”
As part of the transaction, Metlen will deliver all four fully constructed and operational BESS facilities to Glenfarne with expected completion in early 2026. Upon closing of the transaction, Glenfarne’s operational and in-construction power assets, including the assets of EnfraGen, will total over 3.1 GW of capacity and 1.61 GWh of battery storage (321 MW equivalent) across Chile, Panama, Colombia, and Costa Rica.
Paul Hastings LLP, White & Case LLP, and Claro & Cia acted as legal advisors for this transaction for Glenfarne.
About Glenfarne Asset Company, LLC
Glenfarne Asset Company, LLC is a subsidiary of Glenfarne Group, a privately held developer, owner, and operator of energy infrastructure assets based in New York, New York and Houston, Texas, with offices in Anchorage, Alaska; Panama City, Panama; Santiago, Chile; Bogota, Colombia; Barcelona, Spain; and Seoul, South Korea. Through its subsidiaries, Glenfarne Group owns and operates over 50 energy infrastructure assets through three core businesses: Global LNG Solutions, Grid Stability, and Renewables. The company’s seasoned executives, asset managers, and operators develop, acquire, manage, and operate energy infrastructure assets throughout North and South America. For more information, please visit glenfarne.com.
METLEN:
METLEN Energy & Metals is a multinational industrial and energy company, a leader in the metallurgy and energy industries, focused on sustainability and circular economy. The Company is listed on the Athens Stock Exchange, with a consolidated turnover and EBITDA of €5.68 billion and €1.08 billion, respectively. METLEN is a reference point for competitive green metallurgy at the European and global level, whilst operating the only vertically integrated bauxite, alumina and primary aluminum production unit in the European Union (E.U.) with privately owned port facilities. In the energy sector, METLEN offers comprehensive solutions, covering thermal and renewable energy projects, electricity distribution and trading, alongside investments in grid infrastructure, battery storage, and other green technologies. The Company is active in the markets of all five continents, in 40 countries, adopting a full-scale synergetic model between the Metallurgy and Energy Sectors, while undertaking end-to-end development of major energy infrastructure projects.
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Contacts
Kris Cole
Pro-glenfarne@prosek.com
(310) 652-1411
