#solar energy #Chile #Santiago #METLEN Energy #Glenfarne Group

METLEN and Glenfarne's Game-Changing Partnership in Chile

On April 23, 2025, METLEN Energy & Metals S.A. announced a pivotal agreement with Glenfarne Asset Company, LLC, marking a significant milestone in renewable energy. The deal revolves around the acquisition of solar and battery energy storage systems located in Chile. This partnership will see the deployment of a total operational capacity of 588 MW of solar power alongside a state-of-the-art energy storage system capable of holding 1,610 MWh of energy.

The Importance of the Deal

The total consideration for this acquisition stands at USD 815 million, which will also include the assumption of related debt. This strategic move allows both companies to capitalize on the growing demand for renewable energy solutions and enhances their respective portfolios in the rapidly evolving energy market.

The battery energy storage system (BESS) facilities, which are currently under construction, are expected to be operational within a year, thereby increasing the reliability and efficiency of the energy produced. The geographical diversity of the projects throughout Chile and multiple interconnection points across the country's national electrical grid (Sistema Eléctrico Nacional) signifies a robust infrastructure that supports better portfolio management and optimization.

Leadership Insights

Evangelos Mytilineos, the CEO of METLEN, expressed enthusiasm about this agreement stating, “This is a landmark transaction for METLEN, as we pave the growth of M Renewables”. He highlighted that the company recognized Chile's renewable potential as early as 2020 and has successfully tackled market obstacles to deliver projects that meet high standards for quality and efficiency. This deal not only solidifies the relationship with Glenfarne but also sets the stage for further cooperative ventures in the renewable sector.

Brendan Duval, Founder and CEO of Glenfarne, emphasized the strategic significance of this partnership, stating, “This transaction represents a significant step in Glenfarne's commitment to further expanding our presence in Chile's renewable energy sector.” He noted that both firms share a vision of investing in infrastructure that will accelerate Chile's transition to renewable energy, reinforcing their dedication to sustainable practices.

Future Outlook

As METLEN continues to embark on its Asset Rotation Program for renewable projects, this partnership showcases its capabilities in managing complex transactions on a global scale. The BESS components are particularly crucial as energy storage becomes a critical factor in energy markets worldwide, facilitating a balance between energy supply and demand. METLEN's unique range of skills in development, engineering, construction, and financial structuring will significantly serve to enhance the value of these projects.

With both companies demonstrating a solid commitment to sustainability and innovative energy solutions, their collaboration can potentially lead to significant advancements in both Chile’s renewable energy landscape and the broader global energy market. This milestone deal exemplifies how strategic partnerships can generate profound impacts in the quest for cleaner energy, aligning closely with global sustainability goals.

About the Companies

METLEN Energy & Metals

METLEN is a leading multinational company in the metallurgy and energy sectors, committed to sustainability. Listed on the Athens Stock Exchange, the company boasts impressive financials with a consolidated turnover of €5.68 billion and an EBITDA of €1.08 billion. METLEN focuses on developing comprehensive energy solutions that span thermal and renewable projects, electricity distribution, and battery storage technologies.

Glenfarne Group, LLC

Based in New York and Houston, Glenfarne is dedicated to developing, owning, and operating energy infrastructure. Its extensive portfolio includes over 50 energy assets across North and South America, primarily concentrating on renewable solutions. Glenfarne’s strategic investments target infrastructure that supports energy transition efforts, reinforcing its mission of sustainability.

This collaboration between METLEN and Glenfarne marks not just a new chapter in their partnership but a significant step towards reshaping the energy landscape in Chile and beyond.