Renewable Energy M&A: Global Infrastructure Partners acquires Actis-backed Atlas Renewable Energy for ~$2bn

published on 13 October 2022
Renewable Energy M&A. Global Infrastructure Partners. Atlas Renewable Energy. Brazil. Latin America. North America. Solar.-akjou

Atlas is one of the largest renewable energy developers in Latin America, holding a ~3.1 GW portfolio of primarily utility-scale solar assets. The company’s projects are concentrated in Brazil, with ~1.4 GW of operational or under-construction solar projects in the states of Ceará, Bahia and Minas Gerais. The states, located in Eastern Brazil, form a part of the country’s solar belt, where irradiation levels can reach as high as 2,400kW/sq metre. Outside of Brazil, Atlas owns solar assets at various stages of development in Chile, Mexico and Uruguay, and 400 MW+ of early-stage wind farms in Chile.

Atlas was founded in 2016 with the backing of private equity firm Actis. The company has increased its installed capacity 5X over a 4.5 year period. GIP claims that the company benefits from sector tailwinds for renewable energy generation in the region, such as economic growth and the global energy transition, coupled with the availability of abundant renewable resources.

The deal marks the largest solar-focussed acquisition for GIP, globally, since 2020, and the only major solar transaction for the firm in LatAm. The company recently acquired Germany-based offshore wind heavyweight wpd and its ~1.2 GW project portfolio, as well as a 49% stake in 2.5 GW of early-stage offshore wind projects in Australia from AGL Energy.

The Enerdatics research team has enclosed a timeline of GIP’s portfolio buildout through M&A activity and strategic partnerships, since 2020, in the attached image.

The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.

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