UK-based Actis has announced an investment of $525m to establish a new renewable energy platform named Atlas Renewable Energy that will focus on solar power projects in Latin America.

Targeting more than 1,500MWs of installed capacity in the region, the renewable energy platform has been set up following Actis’ acquisition of certain assets of SunEdison.

The deal with the US based renewable energy firm is related to the purchase of 1,500MW of its solar PV assets in Latin America by Actis.

Included in the transaction are 578MW contracted projects that are in operation, construction or advanced development phases and more than 1,000MW of projects in the nascent stage of development.

The projects are likely to generate adequate clean energy needed for more than 350,000 households upon becoming fully operational. Also, they are expected to results in reducing CO2 emissions by more than 1.5 million tons.

Actis energy business partner Michael Harrington said: “The creation of the Atlas Platform represents Actis' commitment to Latin America, recognizing its continued robust potential for renewable energy growth. This business plan will be led by a strong, tested management team with proven track record in the solar industry.”

Growth strategy of the Atlas Renewable Energy will be to take part in new projects as a partner and build its own proprietary pipeline in the region

Important target markets for Atlas Renewable in this regard include Brazil, Uruguay, Chile and Mexico.

Atlas Renewable Energy CEO Carlos Barrera said: "Actis is the undisputed leader in setting up successful platforms in Latin America and other growth markets globally. We look forward to working with them to position Atlas Renewable Energy as one of the leading renewable platforms in Latin America."

The company will be headquartered in Santiago, Chile, and will have regional offices in Brazil and Mexico.

Atlas Renewable will be based in Chile at Santiago besides having regional offices in Mexico and Brazil.