Atlas Renewable Energy, an independent solar and wind project developer backed by Global Infrastructure Partners, has closed a US$3 billion corporate refinancing of its renewable energy portfolio in Latin America, one of the largest-ever private financings for renewable energy in the region.  

Lenders include BNP Paribas, Crédit Agricole, Goldman Sachs, Morgan Stanley, MUFG Bank, Natixis CIB, and Santander CIB. Milbank advised the lenders. 

Due to its scale and structural complexity, the transaction involved 26 law firms in 11 jurisdictions. Three Latham & Watkins offices, as well as Claro & Cía in Santiago, Brazil's Mattos Filho and Mexico's Mijares, Angoitia, Cortés y Fuentes SC advised Atlas. 

The refinancing facility will facilitate capital structure optimization, enable more competitive financing terms for the portfolio, and, in the long term, sustain the expansion of clean energy infrastructure, Atlas says. The transaction includes a set of solar and energy storage projects, mainly located in Chile, with additional projects in Brazil and Mexico. 

Atlas has a renewable energy portfolio of 10.8 gigawatts, with its main presence in Latin America. It has more than 8.4GW of projects in the Americas, of which 3.6GW are operational and 3.2GW are in advanced development or construction. 

“With strong governance, disciplined execution and growth, Atlas has not only become the largest [independent power producer] in the renewable energy sector in Latin America but has proven to generate sustainable value in multiple markets over the past decade,” says chief executive officer Carlos Barrera. “This refinancing is also a sign of the company’s financial maturity and will support its next phase of growth.” 

In 2025, Atlas raised US$510 million in financing for the construction and development of the Estepa Project in Chile, comprising 215 megawatts of solar power plants and 418MW of battery energy storage systems.