Fund manager Global Infrastructure Partners (GIP) and private equity firm Actis have completed the acquisition of Atlas Renewable Energy by GIP for an undisclosed amount.
The Miami-based solar developer is mainly present in the Latin American market and has 2.3GW of installed solar capacity across Brazil, Chile, Uruguay and Mexico.
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Founded in 2016 with the support of Actis, solar developer Atlas increased its installed capacity five-fold over a 4.5 year period with 14 fully contracted solar assets. In doing so, it became one of the largest independent renewables developers in Latin America, according to Michael Harrington, partner and head of Americas at Actis.
With the acquisition of the Atlas, GIP has bolstered its renewables portfolio, which now amounts to 19GW of operating and under construction capacity across North America, Europe and Asia.
Ronnie Hawkins, partner at GIP emerging markets, said: “We look forward to supporting Atlas’ management team and leveraging GIP’s extensive experience and relationships to further scale the solar business across other renewable technologies.”
Meanwhile, Actis continues to sell its assets – this is the fifth renewable platform the company has exited in the Americas – and agreed to sell its Sprng Energy renewables platform to oil major Shell for US$1.55 billion earlier in the year.
Carlos Barrera, CEO at Atlas Renewable Energy, said: “The investment by GIP now marks a new and exciting phase for our company as we expand the business into new markets and new technologies, and continue to deliver tailor-made solutions that help corporates transition to clean energy.”
Earlier in the year, GIP alongside co-investors closed on a US$500 million investment in independent power producer (IPP) BrightNight LLC to fund its project development.