The US-based Glenfarne Group has acquired a portfolio of solar PV and co-located battery energy storage system (BESS) assets in Chile from Greece-headquartered firm Metlen Energy & Metals.
Metlen noted that the deal is part of its “asset rotation plan”, and consists of a portfolio of four operational solar PV projects, with a combined capacity of 588MW. The deal also includes 1.6GWh of co-located storage assets, on which Metlen will complete construction in the first half of 2026.
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The deal was first announced between Metlen and Glenfarne subsidiary GAC RS Chile II in April 2025, and the companies completed the deal last week, valuing the portfolio at US$865 million.
“With this acquisition, Glenfarne is increasing the technology diversity of our infrastructure by adding battery capacity and increasing geographic and revenue diversification,” said Brendan Duval, Glenfarne CEO and founder. Following the completion of this deal, the company’s renewable energy pipeline now sits at 3.1GW of capacity.
Nikos Papapetrou, Metlen chief executive director of renewables and energy transition platform, added that Chile has become a “frontrunner for long-duration BESS”; in November, Acciona Energia announced plans to add a 200MW/1GWh 5-hour BESS to its Malgarida solar PV complex in the country.
Indeed, this appetite for long-duration storage is reflected in the country’s impressive deployment figures. During Solar Media’s Energy Storage Summit Latin America 2025, Chilean energy ministry Diego Pardow Lorenzo said that the country was likely to surpass its 2050 BESS deployment targets as early as 2027, as reported by our colleagues at Energy-Storage.news.
Glenfarne also announced that it had secured a finance package of over US$1 billion to enable the deal, with underwriting provided by BNP Paribas, Scotiabank and Société Générale, while Claro & Cia, Paul Hasting LLP and White & Case LLP served as legal advisers.
