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METLEN and Glenfarne: A Groundbreaking Renewable Energy Venture in Chile

On April 23, 2025, METLEN Energy & Metals S.A. announced a pivotal agreement with Glenfarne Asset Company, LLC, marking a significant step in solar and battery energy storage efforts in Chile. This collaboration will see Glenfarne acquire a substantial portfolio comprising operational solar projects with an impressive capacity of 588 MW along with combined battery energy storage systems (BESS) boasting a storage capacity of 1,610 MWh. The construction of these BESS facilities is well underway, with completion expected within a year.

The Strategic Importance of the Acquisition

The deal is not just noteworthy due to its scale but also because of its strategic potential. The geographical diversity of the resources and multiple interconnection points across Chile's Sistema Eléctrico Nacional (SEN) promotes robust portfolio optimization. The agreement has a headline consideration of approximately USD 815 million, which includes debt assumption and is contingent on successful financing arrangements. The transaction is set to finalize once the energy storage systems are operational, along with the necessary regulatory approvals.

CEOs from both companies noted the importance of this move. Mr. Evangelos Mytilineos, CEO of METLEN, articulated the deal as a landmark transaction in enhancing their M Renewables segment. Since identifying Chile's robust renewables market in 2020, METLEN has navigated various market challenges, with success within this agreement reaffirming their capabilities in delivering high-standard renewable projects.

Brendan Duval, Glenfarne’s Founder and CEO, echoed this sentiment, viewing the acquisition as a reinforcement of their commitment to expanding their footprint in Chile’s renewable energy sector. By investing in necessary infrastructure, they support the ongoing energy transition in the region, creating sustainable, long-term energy solutions for Chile.

A Partnership Built on Experience and Trust

This landmark transaction also signifies a deepened partnership between METLEN and Glenfarne, who have worked together in the renewable energy field previously. The collaboration is viewed as a way to capitalize on shared interests while also paving the way for future cooperative opportunities across other sectors. With Glenfarne's ambition in energy infrastructure development, this agreement positions METLEN to release capital while maximizing their operational efficiency amidst a competitive energy market.

Both firms are backed by expert advisory firms to navigate the complexities of this high-value transaction. Astris Finance served as the financial advisor, while Milbank LLP and Larrain y Asociados Ltda. provided legal assistance for METLEN, ensuring that all aspects of the deal adhered to regulatory standards and financial best practices.

METLEN: A Leader in the Energy Sector

METLEN Energy & Metals is not just an industry player; it is a powerhouse in sustainability and innovation in both the metallurgy and energy sectors, boasting a consolidated turnover of €5.68 billion. As a pioneer offering comprehensive solutions involving thermal and renewable energy projects, electricity distribution, alongside battery storage services, METLEN operates across five continents and embodies a synergistic model blending metallurgy and energy.

In today’s world where renewable energy solutions are gaining more attention, partnerships like that of METLEN and Glenfarne demonstrate the potential for innovation in addressing energy challenges. As they move closer to finalizing their agreement and setting their ambitious projects in motion, this collaboration could pave the way for new standards within renewable energy markets not just in Chile, but globally.

This strategic partnership serves as a strong example of how businesses can drive significant change and growth while focusing on sustainable energy solutions, supporting the broader transition toward renewable energy networks, ultimately contributing to a cleaner, greener planet.

For more information about METLEN and Glenfarne’s initiatives, please visit their respective websites: METLEN Group and Glenfarne Group.