Metlen completes disposal of portfolio of renewables assets in Chile
Metlen Energy & Metals PLC on Tuesday said it has completed the sale of a portfolio of solar farms and co-located battery energy storage systems in Chile to a subsidiary of Glenfarne Group LLC at enhanced terms.
Metlen is an Athens-based aluminium producer and electricity generator. Glenfarne is a New York- and Houston-based developer, owner, operator, and industrial manager of energy and infrastructure assets.
In April, Metlen had said Glenfarne unit GAC RS Chile II Spa would pay $815 million for the assets.
On Tuesday, Metlen said the final price to be paid is $865 million, reflecting the ‘value creation opportunities emerging in the Chilean market’.
The sale includes four projects with operational solar capacity of 588 megawatts supported by constructed co-located battery energy storage systems with capacity of 1,610 megawatt-hours.
‘The completion of this landmark transaction showcases our strong execution capabilities in the [Latin America] region as well as Metlen’s unique ability to offer an integrated value proposition to the investor community under its Asset Rotation Plan,’ said Metlen Chair Evangelos Mytilineos.
Metlen said the deal ‘increases its total liquidity, while significantly strengthening’ its balance sheet.
Shares in Metlen were up 2.2% to €42.10 in London on Tuesday morning.
Copyright 2025 Alliance News Ltd. All Rights Reserved.