Metlen Energy & Metals has agreed to sell a 588-megawatt solar portfolio in Chile, including battery energy storage systems (BESS) with a combined capacity of 1,610 megawatt-hours, to a wholly owned subsidiary of Glenfarne Asset Company.
The US$815 million transaction includes the assumption of debt and is subject to regulatory approvals, the completion of BESS construction, and other customary conditions. The sale forms part of Metlen’s broader Asset Rotation Program aimed at optimizing its global renewable energy portfolio.
The portfolio comprises operational solar assets paired with ongoing BESS development. Construction of the storage facilities is expected to be completed within a year. The assets are geographically diversified across Chile’s national electric system (Sistema Eléctrico Nacional), benefiting from multiple interconnection points to enhance grid integration and operational flexibility.
“This is a landmark transaction for Metlen, as we pave the growth of M Renewables,” said Evangelos Mytilineos, chief executive of Metlen. “We have 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.”
Mytilineos added that the agreement strengthens the company’s relationship with Glenfarne and supports future collaboration in other areas of mutual interest. “It allows Metlen to release capital and crystallize value in a challenging market environment, providing confidence on the execution of the Asset Rotation Program,” he said.
Glenfarne’s founder and CEO, Brendan Duval, said the deal underscores the company’s long-term commitment to Chile’s clean energy transition. “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,” Duval said.
The transaction highlights growing international interest in Chile’s renewables market, which plays a central role in the country’s strategy to reduce dependence on fossil fuels and increase energy security.
