Atlas Renewable Energy, a solar and wind project developer, agreed to sell a 546 MW portfolio of operating solar assets to Engie Brasil Energia Complementares Participações, which is part of the Engie Group in Brazil. The operating portfolio includes solar power assets – Juazeiro, Sao Pedro, Sol do Futuro, Sertao Solar, and Lar do Sol, located across the states of Bahia, Ceara, and Minas Gerais.
The transaction amounted to R$3.5 billion (~$640 million). The company plans to reinvest in developing new renewable projects in the country for a diversified group of customers under innovative structures, strengthening Atlas’ long-term positioning in the region.
After the transaction, Atlas will still hold a portfolio of more than 1.8 GW of installed capacity in Brazil. This includes two photovoltaic parks under construction in the state of Minas Gerais, including the largest solar plant in Latin America, and two other projects already in operation.
The transaction’s closing is subject to the satisfaction of certain precedent conditions negotiated between the parties, including the approval of the Administrative Council for Economic Defense (CADE, for its acronym in Portuguese), among other customary conditions for transactions of this nature.
“Atlas is growing significantly in Brazil, and this transaction will allow us to develop more projects in the country. The country continues to be one of Atlas’ core markets, with a continued focus on developing customized renewable energy solutions for customers across different sectors of the national economy,” says Fabio Bortoluzo, country manager of Atlas Renewable Energy in Brazil.
According to Mercom’s 9M and Q3 2023 Solar Funding and M&A Report, in the first nine months (9M) of 2023, there were a total of 166 project acquisitions for 31.6 GW compared to 207 projects acquired for 52.1 GW in 9M 2022.
Ingka Investments, the investment arm of Ingka Group, recently acquired 300 MW of ready-to-build solar PV projects in Romania. The total investment in the solar PV project will amount to over €200 million (~$211.74 million).