Milbank Advises Lenders on Glenfarne’s $865M Acquisition of Utility-Scale Solar and Battery Assets in Chile

Milbank LLP represented the lender group, led by BNP Paribas, Société Générale and The Bank of Nova Scotia, in connection with the financing of Glenfarne Group, LLC’s acquisition of four integrated energy projects in Chile from METLEN Energy & Metals. The transaction, valued at approximately $865 million including assumed debt, significantly expands Glenfarne’s renewable energy portfolio with 909 MW of installed capacity, comprising 588 MW of solar generation and 1.61 GWh of battery energy storage systems (321 MW equivalent).

The financing package, exceeding $1 billion, was structured to fund the acquisition and provide flexibility for future growth and refinancing opportunities. The projects, located in Chile’s northern provinces, feature some of the highest solar irradiance globally and are interconnected across the country’s Sistema Eléctrico Nacional (SEN), enhancing operational optimization and geographic diversification. Milbank advised the lenders on all aspects of the financing, including structuring and documentation of the facilities, which support Glenfarne’s strategic expansion in Latin America’s renewable energy sector.

The transaction was led by Global Project, Energy and Infrastructure Finance partner Jaime Ramirez, Corporate Finance and Securities partner Carlos Albarracín and Global Project, Energy and Infrastructure Finance special counsel Daniel Rios Zertuche.  The team also included Global Project, Energy and Infrastructure Finance associates Noor Maraghi, Chrisangelina Lo, Artem Gorodilov and Matthew O’Donnell, Corporate Finance and Securities associate Pamela Molina and Global Project, Energy and Infrastructure Finance international attorney Juan Riestra Ramirez.