Atlas Renewable Energy said in a press release this week that it has sold a portfolio of Brazil-based operating assets to Engie Brasil Energia Complementares Participações. The assets, sold to Engie Group based in Brazil, are five solar power plants with a combined installed capacity of 545 MW.

Analyst Bernardo Viero from Suno Research said that Engie's operational installed capacity will increase by 6.4% following the sale, growing its commercial capacity by 3.4%, while accounting for assets under construction.

Atlas Renewable Energy plans to reinvest the BRL 3.2 billion from the transaction in new renewable projects in Brazil, maintaining 1.8 GW of installed capacity in the country after the sale, including two solar PV parks under construction in Minas Gerais, one of which is the largest solar plant in Latin America, as well as two operational projects.

Atlas Renewable Energy's portfolio in Brazil includes over 15 GW of sustainable energy under development. The deal is pending approval from the national competition regulator, the Administrative Council for Economic Defense (CADE), among other conditions.