METLEN Energy & Metals (METLEN), a Greek-based industrial and energy group and a wholly owned subsidiary of Glenfarne Asset Company (Glenfarne) has entered into an agreement for Glenfarne to acquire a portfolio of Solar and Battery Energy Storage System assets in Chile. The acquisition is valued at $815 million, which also includes the assumption of debt and is based on certain financing assumptions and other adjustments.
Glenfarne Group is a developer, owner, and operator of energy infrastructure assets. Through its subsidiaries, the company said that it owns and operates over 50 energy infrastructure assets, including Global LNG Solutions, Grid Stability, and Renewables.
Astris Finance acted as the financial advisor, and Milbank LLP, Larrain y Asociados Ltda., acted as legal advisors to METLEN for this transaction. The transaction involves 588 MW of operational solar projects combined with 1,610 MWh of co-located BESS facilities. The BESS facilities are currently under construction and are expected to be completed within a year.
The transaction is expected to be closed when the BESS becomes operational, regulatory approvals are obtained, and certain financing and other customary conditions for this type of transaction are fulfilled.
“This transaction represents a significant step in Glenfarne’s commitment to further expanding our presence in Chile’s renewable energy sector and continued growth in our business relationships with METLEN. We’re glad to work with METLEN on this transaction, which aligns with our mission by investing in infrastructure that supports Chile’s energy transition,” said Brendan Duval, Founder and CEO of Glenfarne.
According to Mercom’s recently released Q1 2025 Solar Funding and M&A report, about 13.6 GW of solar projects were acquired in Q1 2025 compared to 10.8 GW in Q1 2024.
This week, Palladium Energy, a renewable energy project developer, announced the sale of a 364 MW solar plus 280 MWh storage portfolio to Exus Renewables North America (Exus) through its joint venture with Arava Power, a utility-scale renewable energy project developer.
