The portfolio spans multiple locations across Chile’s Sistema Eléctrico Nacional (SEN), benefiting from diverse geographic distribution and several interconnection points. This setup enhances the portfolio’s operational efficiency and optimization potential. The transaction’s agreed value is US$815 million, which includes debt assumption and is subject to specific financing conditions and adjustments.
The deal is set to close once the BESS facilities are operational, regulatory approvals are secured, and standard financing and customary conditions are met. This transaction is a key part of Metlen’s global Asset Rotation Program, which focuses on managing and optimizing renewable energy assets.
Evangelos Mytilineos, chief executive of Metlen, commented: “This is a landmark transaction for Metlen, as we pave the growth of M Renewables. We have 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. This agreement reinforces our relationship with Glenfarne across the renewables market but also creates foundations for further enhancing the cooperation in other areas of common interest. Furthermore, it allows Metlen to release capital and crystallize value in a challenging market environment, providing confidence on the execution of the Asset Rotation Program.”
Brendan Duval, founder and chief executive of Glenfarne, stated: “This transaction represents a significant step in Glenfarne’s commitment to further expanding our presence in Chile’s renewable energy sector and continued growth in our business relationships with Metlen. We’re glad to work with Metlen on this transaction, which aligns with our mission by investing in infrastructure that supports Chile’s energy transition.”
The agreement strengthens the partnership between Metlen and Glenfarne, fostering opportunities for future collaboration in renewable energy and related fields. For Metlen, the sale supports its strategy to unlock capital and deliver value through its renewable energy initiatives. For Glenfarne, the acquisition reinforces its commitment to Chile’s renewable energy market, contributing to the country’s transition to sustainable energy sources. The portfolio’s advanced infrastructure and strategic positioning are expected to enhance Chile’s renewable energy landscape.
