METLEN Energy & Metals, a global industrial and energy company based in Greece, has announced the sale of its solar and BESS portfolio in Chile to Glenfarne Asset Company LLC – a New York-based proprietary investment platform.
The total capacity of the sold assets stands at 588 MW and is combined with co-located BESS with a storage capacity of 1,620 MWh.
Construction of the BESS infrastructure is still underway; however, it is anticipated to be completed within 12 months.
The transaction will be closed once the BESS facilities have been fully constructed, energised, and have the proper regulatory approvals and financing.
All solar farms in the portfolio are operational and, while they are spread across a wide geographic region, benefit from multiple interconnection nodes in Chile’s Sistema Eléctrico Nacional (SEN) grid.
METLEN CEO Evangelos Mytilineos commented in the company statement: “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 successfully overcome market challenges.
“In doing so we have developed, structured – commercially and financially – and constructed these projects at the highest standard.”
Brendan Duval, Founder and CEO of Glenfarne, added, “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.”
Overall, the acquisition has cost Glenfarne $815m and includes the assumption of debt.
[Image credit: METLEN Energy & Metals]
