METLEN and Glenfarne Forge Historic Solar Battery Storage Agreement in Chile
Deal News | Apr 24, 2025 | PR Newswire Cision METLEN Energy & Metals
METLEN Energy & Metals S.A. and Glenfarne Asset Company, LLC have reached a significant agreement for the acquisition of a portfolio of solar energy storage systems in Chile. The deal involves operational solar projects with a total capacity of 588 MW, complemented by battery energy storage systems (BESS) with a storage capacity of 1,610 MWh. Construction is underway and expected to complete within a year. The financial terms are estimated at $815 million, encompassing debt, based on certain funding assumptions and adjustments. The transaction finalizes upon the operational status of BESS, regulatory approvals, and customary conditions. This agreement exemplifies METLEN's global asset rotation strategy in renewable projects and underscores its capability in executing complex global transactions, while reinforcing ties between METLEN and Glenfarne. The article details further the industry roles of both companies and the strategic value of this acquisition in promoting energy transition in Chile.
Sectors
- Renewable Energy
- Energy Storage
Geography
- Chile – The solar energy projects and storage systems discussed are located in Chile, making it the central geographical focus of the transaction.
- Greece – METLEN, one of the companies involved, is based in Athens, Greece.
- United States – Glenfarne is headquartered in New York and Houston, United States, adding to the geographical relevance.
Industry
- Renewable Energy – The article focuses on solar energy storage systems, a key segment of the renewable energy industry.
- Energy Storage – The focus on Battery Energy Storage Systems (BESS) directly ties to the energy storage industry, emphasizing technological advancements in this sector.
Financials
- 815 million USD – The total acquisition amount including debt, based on financing assumptions and specific adjustments.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| METLEN Energy & Metals S.A. | Selling Company | Company | A multinational industrial and energy company, leader in metallurgy and energy with a focus on sustainability and circular economy. |
| Glenfarne Asset Company, LLC | Bidding Company | Company | A private company focused on development, ownership, and operation of energy infrastructure, extending its renewable presence in Chile through this acquisition. |
| Astris Finance | Financial Advisor | Company | Acted as financial advisor for METLEN. |
| Milbank LLP, Larrain y Asociados Ltda. | Legal Advisors | Company | Provided legal advisory services to METLEN for the transaction. |