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The transaction includes 588 MW of operational photovoltaic projects and 1,610 MWh of battery storage systems under development. Glenfarne Asset Company, through one of its subsidiaries, has reached an agreement with Metlen Energy & Metals SA to acquire a portfolio of solar and battery storage (BESS) assets in Chile. The agreed consideration amounts to $815 million, which includes the assumption of debt and is subject to certain adjustments and financing assumptions. According to a statement, the transaction includes operating solar projects with a total capacity of 588 MW, combined with BESS facilities totaling 1,610 MWh of storage. Construction of the storage systems is underway and is expected to be completed within one year, at which point the transaction is expected to close, subject to regulatory approvals and customary financing conditions. The information adds that the assets involved in the transaction feature significant geographic diversification and multiple interconnection nodes within Chiles National Electric System (SEN), which allows for portfolio optimization. It is also described that Astris Finance acted as financial advisor to Metlen in the transaction, while Milbank LLP and Larraín y Asociados Ltda. provided legal advice. Metlen states that the transaction with Glenfarne, a subsidiary of Glenfarne Group, LLC, a private energy and infrastructure asset management, development, and operation firm based in New York and Houston, is part of the companys global asset rotation program, focused on the renewable energy and storage markets in the country. While the statement does not specifically mention the projects included in the agreement, it should be noted that in December 2023, Metlen inaugurated the 109.2 MW Willka solar park in Chile , located in the Arica and Parinacota region; in August of the same year, it added the 86 MW Doña Antonia park in the Coquimbo region; while in December of last year, it launched two solar plants totaling 394 MW , Tocopilla, 227 MW, and Tamarico, 167 MW, in the Antofagasta and Atacama regions, respectively. Among other battery storage projects, Metlen is also promoting the 1,607 MWh Mesembria project, which is scheduled for completion in the fourth quarter of 2025. |
