Renewables

Glenfarne Acquiring $815M METLEN Solar and Battery Storage Portfolio in Chile

April 24, 2025

The package being sold to a Glenfarne subsidiary includes 588 MW of operational solar capacity, combined with more than 300 MW of co-located battery energy storage systems totaling close to 1,610 MWh (1.61 GWh) in dischargeable capacity.

Chilean solar park. Image credit METLEN Energy & Metals website

A subsidiary of global power infrastructure group Glenfarne is acquiring more than 2 GW of dischargeable solar and battery storage capacity both operating and under construction in Chile.

Renewable energy leads Chile’s electricity mix, with more than 70% supplied by hydro, solar and wind. Battery storage will smooth out the intermittency of renewables as Chile phases out more fossil-fueled generation.

Greek-based industrial firm METLEN Energy & Metals is selling the Chilean portfolio of utility-scale solar and battery storage to a wholly owned subsidiary of Glenfarne Asset Co. The $815 million package includes 588 MW of operational solar capacity, combined with more than 300 MW of co-located battery energy storage systems totaling close to 1,610 MWh (1.61 GWh) in dischargeable capacity.

The battery storage facilities are under construction and expected to be completed within a year, the companies say.

"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,” METLEN CEO Evangelos Mytilineos said in a statement. “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."

The package of four solar and battery storage systems will include interconnection nodes across Chile's Sistema Electrico Nacional (SEN grid.

METLEN is engaged across multiple sectors globally, including raw materials needed in the decarbonization of energy such as gallium and bauxite. In August 2024, the company initiated its second solar project in Chile with the Dona Antonio solar park.

Glenfarne, which also has been invested in Chilean renewable energy assets, is also involved across several energy types. The company was recently signed to lead work on the Alaska LNG project, the only liquified natural gas export project federally permitted on the U.S. Pacific Coast.