909 MW Acquisition Increases Technology, Geographic, and Revenue Diversification of Glenfarne’s Energy Portfolio
NEW YORK–(BUSINESS WIRE)–A subsidiary of Glenfarne Group , LLC (“Glenfarne”) today announced the completion of a previously announced acquisition of four energy projects in Chile with a combined 909 Megawatts (“MW”) of installed capacity comprised of 588 MW of solar and associated battery energy storage system (“BESS”) facilities with a capacity of 1.61 Gigawatt-hours (“GWh”) (321 MW equivalent). Glenfarne acquired the assets from METLEN Energy & Metals (“METLEN”).
“With this acquisition, Glenfarne is increasing the technology diversity of our infrastructure by adding battery capacity and increasing geographic and revenue diversification.”Share
The projects are located in Chile’s northern provinces, which feature some of the highest levels of solar irradiance in the world. The projects feature fully operational solar infrastructure integrated with BESS assets METLEN will complete during the first half of 2026. The projects’ geographic diversity and multiple interconnection nodes across Chile’s Sistema Eléctrico Nacional (SEN) enable enhanced asset optimization and utilization.
The transaction is valued at $865 million including the assumption of debt, based on certain financing and post-closing assumptions. Concurrent with the transaction, Glenfarne executed an over $1 billion finance package to fund the acquisition and provide flexibility for future acquisitions and refinancings. Scotiabank, BNP Paribas, and Societe General led and underwrote the facilities.
Glenfarne Chief Executive Officer and Founder Brendan Duval said, “With this acquisition, Glenfarne is increasing the technology diversity of our infrastructure by adding battery capacity and increasing geographic and revenue diversification. METLEN has been a terrific partner throughout this transaction and our common focus on energy security and sustainability create opportunities for future cooperation in Glenfarne’s businesses across the Americas.”
METLEN Chairman Evangelos Mytilineos added, “Co-located Solar and BESS projects will pave the way forward in METLEN’s Global Asset Rotation Plan. With new projects developed on a hybrid basis but also through the hybridization of existing solar projects, METLEN’s Energy Transition Platform is uniquely positioned to capture this emerging and growing opportunity.”
Glenfarne Group Partner and President Bryan Murphy added, “Along with this accretive transaction that provides high quality, stable EBITDA to the portfolio in a great market, Glenfarne has created a comprehensive funding package that financially optimizes our portfolio and positions Glenfarne for future opportunistic growth.”
Glenfarne’s assets, including the assets of EnfraGen and Termonorte, total over 3.1 GW of capacity and 1.61 GWh of battery storage (321 MW equivalent) across Chile, Panama, Colombia, and Costa Rica, and 32.8 million tonnes of LNG per year under development in North America.
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.
About Glenfarne
Glenfarne Group is a privately held global developer, owner, and operator of energy and infrastructure assets. Through its subsidiaries, Glenfarne owns and operates over 60 energy assets through three core businesses: Global LNG Solutions, Grid Stability, and Renewables. Glenfarne’s permitted North American LNG portfolio totals 32.8 MTPA of capacity under development in Alaska, Louisiana, and Texas. For more information, please visit www.glenfarne.com.
About METLEN
METLEN Energy & Metals Plc (METLEN) is the parent company of the international industrial and energy group, a leader in the metallurgy and energy sectors, focused on sustainable growth and the circular economy. METLEN is a benchmark in competitive “green” metallurgy at both European and global level, operating the only fully integrated bauxite, alumina and primary aluminium production plant in the European Union, with privately owned port facilities. In the energy sector, the Company provides integrated solutions through the implementation of thermal and renewable power generation projects, electricity distribution and supply, as well as investments in network infrastructure, battery storage and other green technologies. METLEN operates across five continents and in more than 40 countries, employing over 9,000 people worldwide and applying a fully synergistic model across its metallurgy, energy and end-to-end energy project development activities.
Contacts
Glenfarne – Tim Fitzpatrick
(907) 717-4978, [email protected]
METLEN – Ms. Antigoni Fakou, METLEN Press Office
+30210-6877346, [email protected]