Glenfarne, an energy and infrastructure asset manager, has agreed to acquire four utility-scale solar assets and associated battery energy storage system (BESS) facilities in Chile.
The acquisition, which involves a subsidiary of Glenfarne, encompasses 588MW of operational solar capacity and 1.61 gigawatt-hours (GWh) of BESS facilities, equivalent to 321MW, currently under construction.
The assets, purchased from Metlen Energy & Metals, will increase Glenfarne's capacity to more than 3.1GW, including battery storage across Latin America.
Glenfarne CEO and founder Brendan Duval said: “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 realise the world’s energy transition.”
The transaction is contingent on regulatory approvals, financing conditions and customary adjustments, with the BESS expected to become operational by early 2026.
Legal firms Paul Hastings, White & Case and Claro & Cia provided advisory services for the transaction.
Metlen CEO Evangelos Mytilineos said: “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.
“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.”
Meanwhile, Metlen is collaborating with GE Vernova’s Grid Solutions to construct converter stations for the Eastern Green Link 1, a subsea electric superhighway project led by Iberdrola and National Grid Electricity Transmission, valued at £2.5bn ($3.1bn).
