Engie Brasil Energia has finalised its acquisition of a 545MWac Brazilian solar PV portfolio from Miami-headquartered renewables developer Atlas Renewable Energy.
The transaction – which was first announced in October 2023 – represents BRL3.24 billion (US$656 million), with capacity spread across five solar projects in the states of Bahia, Ceará and Minas Gerais.
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A total of 66% of the output capacity of the portfolio is allocated to the regulated market – where generators sell power to distributors, who in turn bid on government-run auctions – and the remaining 34% to the free energy market.
With this acquisition, Engie Brasil Energia – the local subsidiary of French utility Engie – has reached 9GW of renewable energy capacity in Brazil. CEO of the subsidiary, Eduardo Sattamini, said: “The five assets, now incorporated into Engie Brasil Energia, are highly contracted, contributing to the sustainability of the company’s results. They will also benefit from synergies with the plants we operate in these regions.”
When the transaction was announced, Atlas Renewable Energy said that it would use the funds to “reinvest in developing new renewable projects” in Brazil. The company – which focuses many of its operations on Latin America – is particularly active in Brazil.
In November, a month after the transaction with Engie closed, Atlas announced US$447.8 million in funding from the Brazilian Development Bank to support the development of a 902MWp solar project in Minas Gerais, the ‘largest’ single-phase PV installation in Brazil. In January it signed a 100MW power purchase agreement (PPA) with Votorantim Cimentos, a Brazilian construction materials company.