METLEN Energy & Metals PLC (“METLEN”) has announced the successful and timely completion of the financial closing for the sale of a significant portion of its portfolio in Chile. This portfolio comprises four solar projects totaling 588 MW, which are supported by fully constructed battery energy storage systems (BESS) with a total capacity of 1,610 MWh.
The transaction with GAC RS Chile II SpA, a subsidiary of Glenfarne Group, LLC (“Glenfarne”), was signed in April 2025 and is part of METLEN's global Asset Rotation Plan. With the fulfillment of certain conditions, the total consideration of $865 million further reflects the value creation opportunities emerging in the Chilean market, as well as METLEN's decisive role in operating hybrid projects (solar and BESS).
Strategic value and hybrid projects
On the occasion of the transaction's completion, Evangelos Mytilineos, Chairman of METLEN, pointed out that co-located solar and BESS projects will pave the way for the future of the company’s global Asset Rotation Plan. By developing new hybrid projects and hybridizing existing solar parks, METLEN's Renewables & Energy Transition Platform is uniquely positioned to capitalize on these new and rapidly growing opportunities.
Nikos Papapetrou, Chief Executive Director of METLEN’s Renewables & Energy Transition Platform, stated:
"The completion of this landmark transaction highlights our capabilities in project implementation in Latin America, as well as METLEN's unique ability to offer a complete value proposition to the investment community through the Asset Rotation Plan. With Chile leading the way in long-duration energy storage systems (BESS), we are leveraging our expertise in development, design, and construction to create long-term value in the rapidly changing global renewable energy landscape."
Strengthening international partnerships
Glenfarne has been a long-standing and reliable partner for METLEN, and this transaction represents the culmination of a growth path that the company aims to extend into other sectors of shared interest.
Brendan Duval, CEO and Founder of Glenfarne, stated: "With this acquisition, Glenfarne strengthens the technological diversification of its infrastructure by adding battery energy storage capacity, while increasing its geographical and capital diversification. METLEN has been an exceptional partner throughout the transaction, and our shared focus on energy security and sustainability creates opportunities for future collaboration across Glenfarne’s activities throughout the Americas."
Financial impact and deleveraging
The completion of the deal supports the company's deleveraging efforts and further strengthens METLEN's financial position at the end of 2025, with an inflow exceeding $800 million.
This result highlights the consistent execution of METLEN's Asset Rotation Plan, as it allows for the capitalization of value and the reinvestment of funds into high-growth opportunities across all of the company’s business sectors.
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