The transaction is contingent upon regulatory approvals, financing conditions and customary adjustments, with the BESS expected to become operational by early 2026.
The assets, acquired from Metlen Energy & Metals, will expand Glenfarne’s total capacity to over 3.1GW, including battery storage, across Latin America. This move strengthens Glenfarne’s presence in the region’s renewable energy sector.
Brendan Duval, CEO and founder of Glenfarne, stated: “This acquisition further diversifies Glenfarne’s renewable energy portfolio and includes our first foray into both utility-scale solar and battery storage facilities. We will continue to look for strategic opportunities to grow our Chile business that are aligned with the company’s mission to realise the world’s energy transition.”
The transaction awaits regulatory approvals, financing arrangements, and standard adjustments. The BESS facilities are expected to be operational by early 2026. Legal advisors for the deal included Paul Hastings, White & Case, and Claro & Cia.
Evangelos Mytilineos, CEO of Metlen, commented: “This is a landmark transaction for Metlen, as we pave the growth of M Renewables. We 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.”
The deal strengthens the partnership between Metlen and Glenfarne in the renewable energy market and lays the groundwork for future collaboration in other shared interests.
In a separate initiative, Metlen is working with GE Vernova’s Grid Solutions to build converter stations for the Eastern Green Link 1, a £2.5bn ($3.1bn) subsea electric superhighway project led by Iberdrola and National Grid Electricity Transmission.
