Greek energy and industrial group Metlen Energy & Metals has agreed to sell its Tamarico II hybrid solar and battery energy storage project in Chile's Atacama region to Copec Flux, a subsidiary of Chilean energy group Copec.

The project combines 165 MW of solar photovoltaic capacity with a 725 MWh battery energy storage system, with infrastructure designed to allow expansion of storage capacity to 925 MWh. The financial terms of the transaction were not disclosed.

Asset Rotation at the Core of the Deal

Metlen framed the transaction as a continuation of its asset rotation strategy, a business model in which the company develops, builds, and operates renewable energy projects before monetizing them through sale.

The company stated that the sale of Tamarico II reaffirms its ability to develop, build, and operate its own renewable energy projects and ultimately monetize their value through this approach.

The transaction structure specifies that Copec Flux will acquire 100% of the company owning the project once Tamarico II reaches commercial operation. No timeline for that milestone was provided in the available disclosures.

Project Origins and Technical Specifications

Tamarico II was originally presented as Tamarico Phase II. At that stage, specifying 169.02 MWdc of photovoltaic capacity, 159.6 MWac of nominal capacity, and an unspecified lithium-ion battery energy storage system.

The original proposal included 281,700 bifacial solar modules spread across 378 hectares, a 33/220 kV substation, and an approximately 2.34 km, 220 kV transmission line, with a reported investment value of USD 250 million.

Metlen's current figures for the project stand at 165 MW of solar PV and 725 MWh of battery storage, with the option to increase storage capacity to 925 MWh. The site is located in the Atacama region of northern Chile.

Copec Expands Its Renewable Generation Portfolio

The acquisition of Tamarico II adds another large-scale solar project to the renewable energy portfolio, bringing the total solar generation capacity to 550 MWp.

The project forms part of a broader strategy to expand renewable power generation and strengthen the development of large-scale solar and energy infrastructure.

A Deepening Partnership Between Metlen and Copec

The Tamarico II sale is not the first commercial relationship between Metlen and Copec. Metlen signed a 15-year power purchase agreement with Copec EMOAC covering 450 GWh of annual solar generation from four Chilean plants, backed by 322 MW of Metlen battery storage.

Metlen noted that the two companies have worked together for three years and stated that the partnership could expand through further renewable energy and storage investments in Chile.

Metlen's Existing Chilean Operations

Tamarico II is separate from the first phase of the Tamarico project, which remains operational. Tamarico Phase I is a 167 MW solar plant located in Vallenar, in Chile’s Atacama region.

The project is part of a wider solar portfolio that also includes the 227 MW Tocopilla solar plant in the Antofagasta region. Together, these projects contribute to a significant operating photovoltaic portfolio in Chile.

Metlen's Broader European Storage Activity

Beyond Chile, Metlen has been expanding its battery storage presence across Europe. The company has recently been active in the United Kingdom, Italy, and Greece and is participating in a joint venture targeting up to 1.5 GW and 3 GWh of storage capacity across Romania, Bulgaria, and Italy.

In Italy, Metlen secured USD 21 million in financing for a 25 MW, 75 MWh storage project. The company also completed a 283 MW solar portfolio sale in the United Kingdom.

Chile's Growing Hybrid Energy Market

The Tamarico II transaction reflects broader momentum in Chile's renewable energy sector, particularly for hybrid projects that pair solar generation with utility-scale battery storage.

The country's Atacama region, characterized by some of the world's highest solar irradiation levels, has become a focal point for large-scale photovoltaic development.

The integration of battery energy storage into such projects addresses the grid flexibility demands that accompany high penetrations of intermittent renewable generation.

The sale also demonstrates ongoing investor and corporate appetite for assets that combine generation capacity with dispatchable storage, a combination increasingly sought by utilities and energy companies looking to meet reliability requirements alongside decarbonization targets.

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