Engie Brasil Energia has agreed to buy five operating solar project totaling 545MW from Global Infrastructure Partners affiliate Atlas Renewable Energy. Engie said the projects in Bahia, Ceara, and Minas Gerais were valued at R$3.24bn (US$646m), including the assumption of R$971m of net debt.
“The acquisition of operating assets, with contracted energy, has become an attractive option for efficiently expanding our businesses at this time in the market,” Engie chief financial officer Eduardo Takamori said.
Atlas will use the proceeds to reinvest in its 1.8GW Brazil pipeline as part of its asset rotation strategy. "Atlas is growing significantly in Brazil ... and the country continues to be one of its top markets," country manager Fabio Bortoluzo said.
GIP purchased Atlas from investor Actis in 2022 in a deal worth around US$2bn, and GIP closed a US$525m clubbed deal backing the purchase. BNP Paribas was joint lead arranger, green loan coordinator, deal contingent hedge provider, lender, and issuer of the five-year senior secured green holdco financing. BNP Paribas, SMBC and Scotiabank each took one-third of the deal, which was split across a US$375m term loan to fund the purchase with a US$150m accordion revolving capex facility backing GIP and Atlas in their pipeline growth strategy in the next three years and the construction financing of new assets.
The latest deal requires regulatory approval.
