US-based infrastructure investment fund Global Infrastructure Partners (GIP) has announced the acquisition of Latin American renewable energy firm Atlas Renewable Energy from Actis.

Formed in 2016, Atlas Renewable Energy is the second-largest independent renewable project developer in Latin America.

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The company has increased its installed capacity fivefold over a period of 4.5 years.

It currently has 14 fully contracted solar assets across Brazil, Chile, Mexico and Uruguay, which collectively produce 2.3GW of clean energy.

The financial details of the transaction have not been disclosed.

GIP emerging markets partner Ronnie Hawkins said: “We are pleased to announce the acquisition of Atlas Renewable Energy, which further enhances GIP’s leading global renewables franchise.

“Atlas adds a large-scale Latin American platform to our solar, wind and battery storage assets in North America, Europe and Asia.

“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.”

Atlas Renewable Energy CEO Carlos Barrera said: “In the past five years Atlas Renewable Energy has experienced a remarkable growth journey that now positions us as a regional leader in delivering competitive, clean energy solutions to large corporate customers.

“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.

“We look forward to the road ahead, and to continue to set a high bar in our ESG efforts to promote sustainable development through renewable energy.”

Based in New York City, GIP focuses on investments in the energy, transport, digital infrastructure and water/waste sectors.

In May this year, the company agreed to acquire WPD Offshore, the offshore wind business of renewable project developer wpd.