Metlen agrees to sell solar projects in Chile

File photo.

Listed group Metlen Energy & Metals and a wholly owned subsidiary of Glenfarne Asset Company announced on Wednesday they have entered into an agreement for Glenfarne to acquire a portfolio of solar and battery energy storage system (BESS) assets in Chile.

The transaction involves operational solar projects with total capacity of 588 megawatts, combined with co-located BESS facilities with storage capacity of 1,610 megawatt-hours. Construction of the BESS facilities is ongoing and expected to be completed within a year.

The projects benefit from wide geographic diversification and multiple interconnection nodes across Chile’s Sistema Electrico Nacional (SEN), allowing for portfolio optimization. The headline consideration of the acquisition is agreed at $815 million (714 million euros), including the assumption of debt, and based on certain financing assumptions and other adjustments.

The closing of the transaction is planned to occur when the BESS becomes operational, regulatory approvals are obtained and certain financing and other customary conditions for this type of transactions are fulfilled.

This landmark agreement forms part of Metlen’s global Asset Rotation Program for renewable energy projects and showcases the unparalleled capabilities of Metlen in implementing highly complex transactions globally, the Athens-listed company said in a statement.