Glenfarne Group has acquired four utility-scale solar-plus-storage projects from METLEN in northern Chile, adding 909 MW of installed capacity, including 588 MW of operational solar and 1.61 GWh of co-located battery storage. Valued at USD 865 million, the transaction is supported by a financing package exceeding USD 1 billion. The portfolio enhances Glenfarne’s Latin American presence, expands battery storage exposure, and strengthens participation in Chile’s national power market.
DATA SNAPSHOT
Glenfarne Group, a New York-headquartered developer, owner, and operator of energy and infrastructure assets, has completed the acquisition of four integrated utility-scale solar and battery projects from Metlen Energy & Metals in Chile. The transaction includes a total installed capacity of 909 MW, consisting of 588 MW of operational solar generation and co-located battery energy storage systems with a combined capacity of 1.61 GWh, equivalent to 321 MW of battery capacity.
The assets are situated in northern Chile a region characterized by high solar irradiance, and are interconnected at multiple points within the country’s Sistema Eléctrico Nacional (SEN).This configuration provides diversified grid access and operational flexibility. According to Glenfarne Group, this configuration enables more efficient utilization of solar generation and battery storage resources under varying market and grid conditions.
The portfolio comprises operational solar assets, with associated battery energy storage systems expected to be completed in the first half of 2026. The projects are structured as co-located solar and storage facilities, enabling the integration of solar generation with battery capacity for energy shifting and market participation within Chile’s power system.
The transaction is valued at $865 million includes agreed financing structures and post-closing conditions. In parallel with the acquisition, Glenfarne Group secured a financing package exceeding USD 1 billion. The facilities were arranged and underwritten by Scotiabank, BNP Paribas, and Societe Generale, and were structured to fund the acquisition and support future refinancing activities.
Following completion of the transaction, Glenfarne Group’s asset base in Latin America comprises more than 3.1 GW of installed generation capacity and 1.61 GWh of battery storage across Chile, Panama, Colombia, and Costa Rica. The company’s wider portfolio also includes LNG infrastructure projects under development in North America with a combined planned capacity of 32.8 million tonnes per year.
Paul Hastings LLP, White & Case LLP, and Claro & Cia acted as legal advisors for Glenfarne. Milbank LLP and Larrain acted as legal advisors for Metlen. Milbank LLP and Garrigues acted as legal advisors for Scotiabank, BNP Paribas, and Societe General.
Brendan Duval, CEO and Founder of Glenfarne, said that the acquisition expands Glenfarne’s portfolio through the addition of battery storage capacity and broader geographic diversification.
Evangelos Mytilineos, Chairman of METLEN, said that co-located solar and battery projects form part of METLEN’s asset rotation strategy, including the hybridization of existing solar assets.
Bryan Murphy, Glenfarne Group Partner and President,said that the transaction and associated financing structure support portfolio stability and future investment activity.