Glenfarne to Acquire Four Operating Utility Scale Solar Assets and Associated Battery Energy Storage System Facilities in Chile

A wholly owned subsidiary of Glenfarne Asset Company, LLC (“Glenfarne”), a developer, owner-operator, and industrial manager of energy and infrastructure assets, announced it has entered into an agreement to acquire four assets in Chile with a combined 909 Megawatts (“MW”), comprised of 588 MW of operating solar and associated battery energy storage system (“BESS”) facilities with a capacity of 1.61 Gigawatt-hours (“GWh”) (321 MW equivalent), which are currently under construction. Glenfarne is acquiring the assets from Metlen Energy & Metals (“Metlen”).

This transaction is subject to certain financing assumptions and customary adjustments, as well as the assumption of debt. The closing of the transaction is expected to occur when the BESS becomes operational. It is subject to obtaining regulatory approvals and the fulfillment of certain financing conditions, as well as other conditions that are customary for this type of transaction.

Brendan Duval, CEO and Founder of Glenfarne, commented, “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 realize the world’s energy transition.”

“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,” said Evangelos Mytilineos, CEO of Metlen. “This transaction reinforces our relationship with Glenfarne across the renewables market but also creates foundations for further enhancing the cooperation in other areas of common interest.”

“The acquisition of these assets shows our continuing commitment to operating in Chile and growing our business that has been the backbone of our company since inception,” said Bryan Murphy, President of Glenfarne. “Glenfarne’s power business is coming off a record year for both operational and financial performance in 2024, and this transaction furthers our momentum by bringing accretive and recently built assets into our already industry-leading power portfolio.”

As part of the transaction, Metlen will deliver all four fully constructed and operational BESS facilities to Glenfarne with expected completion in early 2026. Upon closing of the transaction, Glenfarne’s operational and in-construction power assets, including the assets of EnfraGen, will total over 3.1 GW of capacity and 1.61 GWh of battery storage (321 MW equivalent) across Chile, Panama, Colombia, and Costa Rica.

Paul Hastings LLP, White & Case LLP, and Claro & Cia acted as legal advisors for this transaction for Glenfarne.

Glenfarne Asset Company, LLC | glenfarne.com