Glenfarne, a global energy and infrastructure asset manager, is set to acquire four utility-scale solar assets in the Republic of Chile. These assets will involve associated battery energy storage system (BESS) facilities. This strategic play represents the latest big bet for the young company. It diversifies its renewable energy portfolio and it’s the company’s first foray into utility-scale solar and battery storage markets.
The purchase consists of 588 megawatts (MW) of currently operational solar capacity. It includes 1.61 GWh worth of battery energy storage systems (BESS) facilities, currently under construction that will total at least 321 MW in capacity. The battery storage facilities are scheduled to come online in early 2026. This upgrade will greatly improve the reliability and efficiency of the energy supply in the region.
Brendan Duval, Glenfarne’s CEO and founder, said he was excited about this acquisition, calling it an essential part of the company’s mission.
“This acquisition further diversifies Glenfarne’s renewable energy portfolio and includes our first foray into both utility-scale solar and battery storage facilities. We will continue to look for strategic opportunities to grow our Chile business that are aligned with the company’s mission to realise the world’s energy transition.” – Brendan Duval
The transaction is contingent upon regulatory approvals, conditions of financing, and customary adjustments. It involves a subsidiary of Glenfarne, which has been actively identifying growth opportunities within the Chilean renewable market since 2020. The company has successfully navigated various market challenges in the region, positioning itself as a key player in the renewable sector.
Evangelos Mytilineos, a spokesman for Metlen, which is involved with the projects, noted the importance of this transaction.
“This is a landmark transaction for Metlen, as we pave the growth of M Renewables. We identified the potential of Chile’s renewables market in 2020 and have managed to successfully overcome market challenges. In doing so, we have developed, structured – commercially and financially – and constructed these projects at the highest standard. This transaction reinforces our relationship with Glenfarne across the renewables market but also creates foundations for further enhancing the cooperation in other areas of common interest.” – Evangelos Mytilineos
Advisors Paul Hastings, White & Case, and Claro & Cia advised on the deal. Their participation speaks to the complexity and transformative nature of the deal.
Glenfarne has recently received approval to proceed with this acquisition. This decision furthers their pledge to amplify operations in Chile and contribute to the world’s transition toward sustainable energy solutions. The firm narrows its focus to the best strategic growth opportunities. These initiatives complement its new purpose—to be at the heart of the world’s energy transition.