Partners Group has bought a 50% stake in Latin American power generation platform EnfraGen.

The global private markets manager, on behalf of its clients, is buying half of EnfraGen from US-based owner Glenfarne Group for an undisclosed sum.

Glenfarne will retain the remaining 50% of the business which was formed in 2015.

EnfraGen specialises in providing back-up power for grid stability and baseload renewable power generation in countries in Latin America through its existing businesses, Prime Energía and Fontus.

Partners Group said part of its capital injection will fund EnfraGen’s expansion into Colombia with the acquisition of Termoflores, the country’s second-largest back-up power generation asset.

Including the Termoflores acquisition, EnfraGen will have 1.4GW in total power generation capacity across its platform, plus an executable growth pipeline, it said.

Brendan Duval, CEO of EnfraGen, said: “We are pleased to work with Partners Group to pursue our shared vision for EnfraGen as a preeminent power platform focused on grid stability and value-added renewable assets across investment grade Latin America.

“We see a robust pipeline of opportunities to further build EnfraGen’s portfolio, and look forward to combining Glenfarne’s and Partners Group’s expertise and innovation to achieve this vision.”

Edward Diffendal, managing director, private infrastructure Americas, Partners Group, said: “Latin America has experienced a rapid expansion of renewable energy sources, creating an increased need for grid stability.

”EnfraGen operates in a particularly attractive segment of this market, which benefits from structural renewable tailwinds and receives stable cash flows under long-term established capacity contracts.”

Diffendal said back-up power generators such as EnfraGen play a critical role in reducing load imbalance in Latin America, and EnfraGen also provides reliable renewable energy to local communities.