Atlas Renewable: Behind a complex refinancing
Atlas Renewable Energy walks Proximo through the intricacies of its recent refinancing, and what the company has gained from the experience.
In this week’s Proximo In-Depth podcast, Amy Guthrie spoke with Esteban Uauy, Chief Financial Officer at Atlas Renewable Energy, about the $3 billion refinancing the company closed in February 2026, with support from its sponsor Global Infrastructure Partners (GIP), part of BlackRock.
The transaction took a capital structure that had grown asset by asset and refinanced it as a single regional platform, the kind of holding company exercise more often seen in the U.S. than in Latin American renewables.
Atlas Renewable Energy has won a Proximo Deal of the Year award for Best Refinancing. The company is one of the largest independent renewable power producers in Latin America, with operations in Brazil, Chile, Colombia and Mexico.
Why refinance
Atlas’s wide geographical footprint left it with a complex financial structure spanning different types of lender, including development finance institutions, commercial banks and local banks. With more than 1,000 covenants to comply with, the operational burden was high.
A complex refinancing
The deal brought together 11 assets and more than 14 project financings across jurisdictions with very different legal frameworks. While the assets sit in Latin America, New York law and New York-based banks and law firms were central to structuring, advising and closing the transaction. In all, more than 15 law firms were involved.
What Atlas has gained
The real value was simplifying the company’s finance structure, streamlining internal processes, and turning a debt portfolio management team into what is now a structured finance team. That frees Atlas to keep growing in its core markets. Fewer moving parts also means less risk of something going wrong.
What’s next for Atlas
Atlas is mapping out strategic partners for electricity offtake in both existing markets and new geographies. The team sees particular potential in Chile and Mexico, as well as Brazil, where it expects data centers to be a major driver of power demand.
Meet the teams behind this year’s Proximo Deals of the Year at Americas 2026: Agency, Energy & Infrastructure Finance. Winners take the stage in Miami, 16-18 November, alongside senior dealmakers from across North and Latin America. View the agenda and book your place.
