The partnership between METLEN Energy & Metals S.A. (“METLEN”) and Glenfarne Asset Company, LLC (“Glenfarne”) marks a significant milestone in the renewable energy sector, with the acquisition of a portfolio of Solar and Battery Energy Storage System (BESS) assets in Chile. The deal has been hailed as a landmark transaction, with a total installed capacity of 588 megawatts (MW) and an energy storage capacity of 1,610 megawatts-hour (MWh).
Key Highlights of the Transaction
• Total installed capacity of 588 MW of operational solar projects
• Combined energy storage capacity of 1,610 MWh from co-located BESS facilities
• Multiple interconnection nodes across Chile’s Sistema Eléctrico Nacional (SEN), enabling portfolio optimization
• Acquired at USD 815 million, including debt assumption, with certain financing assumptions and other adjustments
A Strong Partnership for the Future
The partnership between METLEN and Glenfarne is a testament to the growing importance of renewable energy and energy storage in the global market. The two companies have a long history of collaboration, and this deal is expected to solidify their position as leaders in the sector. “The acquisition of this portfolio of solar and BESS assets is a significant step forward for METLEN’s global Asset Rotation Program for renewable energy projects,” said Evangelos Mytilineos, CEO of METLEN. “We are committed to driving the growth of M Renewables and are excited to partner with Glenfarne to achieve this goal.”
Brendan Duval, Founder and CEO of Glenfarne, added, “This transaction represents a significant step in Glenfarne’s commitment to expanding its presence in Chile’s renewable energy sector. We are delighted to work with METLEN on this project, which aligns with our mission to invest in infrastructure that supports Chile’s energy transition.”
What’s Next for METLEN and Glenfarne
The closing of the transaction is expected to occur when the BESS facilities become operational, regulatory approvals are obtained, and certain financing and other customary conditions are fulfilled. The partnership between METLEN and Glenfarne will enable the companies to tap into Chile’s growing renewable energy market, while also providing opportunities for future growth and expansion. “Astris Finance acted as Financial Advisor, and Milbank LLP, Larrain y Asociados Ltda., acted as legal advisors to METLEN for this transaction,” said Evangelos Mytilineos.
About METLEN and Glenfarne
METLEN Energy & Metals is a multinational industrial and energy company, a leader in the metallurgy and energy industries, focused on sustainability and circular economy. Glenfarne Group, LLC is a privately held developer, owner, and operator of energy infrastructure assets based in New York, New York and Houston, Texas. METLEN offers comprehensive solutions, covering thermal and renewable energy projects, electricity distribution and trading, alongside investments in grid infrastructure, battery storage, and other green technologies. Glenfarne owns and operates over 50 energy infrastructure assets through three core businesses: Global LNG Solutions, Grid Stability, and Renewables. The two companies have a long history of collaboration, with METLEN and Glenfarne working together on various renewable energy projects. This deal is expected to solidify their position as leaders in the sector, while also providing opportunities for future growth and expansion.
“This landmark agreement forms part of METLEN’s global Asset Rotation Program for renewable energy projects and showcases the unparalleled capabilities of METLEN to implement highly complex transactions globally.”
The deal is expected to release capital and crystallize value in a challenging market environment, providing confidence on the execution of METLEN’s Asset Rotation Program. METLEN Group
Glenfarne Group is a privately held developer, owner, and operator of energy infrastructure assets based in New York, New York and Houston, Texas, with offices in Anchorage, Alaska; Panama City, Panama; Santiago, Chile; Bogota, Colombia; Barcelona, Spain; and Seoul, South Korea. The company’s seasoned executives, asset managers, and operators develop, acquire, manage, and operate energy infrastructure assets throughout North and South America. For more information, please visit glenfarnegroup.com.
| Company | Role | Quote |
|---|---|---|
| METLEN Energy & Metals | CEO, Evangelos Mytilineos | “This landmark agreement forms part of METLEN’s global Asset Rotation Program for renewable energy projects and showcases the unparalleled capabilities of METLEN to implement highly complex transactions globally.” |
| Glenfarne Group, LLC | Founder and CEO, Brendan Duval | “This transaction represents a significant step in Glenfarne’s commitment to expanding its presence in Chile’s renewable energy sector.” |
Background
METLEN Energy & Metals S.A. (“METLEN”) is a multinational industrial and energy company, a leader in the metallurgy and energy industries, focused on sustainability and circular economy. METLEN is listed on the Athens Stock Exchange, with a consolidated turnover and EBITDA of €5.68 billion and €1.08 billion, respectively. Financial Details
The acquisition price for the portfolio of solar and BESS assets is USD 815 million, including debt assumption, with certain financing assumptions and other adjustments. The transaction is expected to release capital and crystallize value in a challenging market environment, providing confidence on the execution of METLEN’s Asset Rotation Program.
• Total installed capacity of 588 MW of operational solar projects
• Combined energy storage capacity of 1,610 MWh from co-located BESS facilities
• Multiple interconnection nodes across Chile’s Sistema Eléctrico Nacional (SEN), enabling portfolio optimization
The partnership between METLEN and Glenfarne is a testament to the growing importance of renewable energy and energy storage in the global market. The deal is expected to release capital and crystallize value in a challenging market environment, providing confidence on the execution of METLEN’s Asset Rotation Program. The acquisition of this portfolio of solar and BESS assets is a significant step forward for METLEN’s global Asset Rotation Program for renewable energy projects. This landmark agreement forms part of METLEN’s global Asset Rotation Program for renewable energy projects and showcases the unparalleled capabilities of METLEN to implement highly complex transactions globally. As BESS become an integral part of energy markets, METLEN has been in the forefront of implementing energy storage projects – standalone and on a hybrid basis. Through a unique set of capabilities across development, engineering, structuring and construction, METLEN is able to create substantial value across its global energy business. The closing of the transaction is expected to occur when the BESS facilities become operational, regulatory approvals are obtained, and certain financing and other customary conditions are fulfilled. The deal is expected to provide opportunities for future growth and expansion, while also solidifying METLEN’s position as a leader in the renewable energy sector. METLEN’s CEO, Evangelos Mytilineos, commented on the deal, saying, “This landmark agreement forms part of METLEN’s global Asset Rotation Program for renewable energy projects and showcases the unparalleled capabilities of METLEN to implement highly complex transactions globally.”
Brendan Duval, Founder and CEO of Glenfarne, added, “This transaction represents a significant step in Glenfarne’s commitment to expanding its presence in Chile’s renewable energy sector. We are delighted to work with METLEN on this project, which aligns with our mission to invest in infrastructure that supports Chile’s energy transition.”
The partnership between METLEN and Glenfarne is a testament to the growing importance of renewable energy and energy storage in the global market. The partnership between METLEN and Glenfarne is a testament to the growing importance of renewable energy and energy storage in the global market.
