Engie Brasil Energia, a Brazilian subsidiary of French utility Engie, has entered an agreement with Atlas Renewable Energy to acquire a 545MW portfolio of solar plants in Brazil.

Atlas Renewable Energy is a portfolio company of New York-based infrastructure investment firm Global Infrastructure Partners.

The portfolio being acquired comprises five solar plants: the 120MW Juazeiro, the 54MW Sao Pedro, the 81MW Sol do Futuro, the 90MW Sertao Solar and the 200MW Lar do Sol, located across the states of Bahia, Ceara and Minas Gerais.

Engie is acquiring the portfolio for 3.24bn reais ($641.8m), which includes 971m reais of Atlas’ net debt. This transaction also includes a conditional earn-out component.

The deal awaits approval from the Brazilian anti-trust authority, the Conselho Administrativo de Defesa Econômica.

Engie Brasil Energia chief financial officer and investor relations officer Eduardo Takamori stated: “With the decision to invest in these assets, ENGIE Brasil Energia will ensure contracted energy compatible with the required return, positively impacting EBITDA [earnings before interest, taxes, depreciation and amortisation] margins in the long term.

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“The acquisition of operating assets with contracted energy has become an attractive option for efficiently expanding our businesses at this time in the market.”

Atlas Renewable Energy Brazil country manager Fabio Bortoluzo stated: “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 customised renewable energy solutions for customers across different sectors of the national economy.”

Following the transaction, Atlas will continue to own more than 1.8GW of installed capacity in Brazil. Its portfolio will comprise two solar parks under construction and two other projects in operation.

It also has more than 15GW of Brazilian projects in development, including solar and wind.