Energy Capital Partners LLC is in advanced talks to acquire Atlantica Sustainable Infrastructure plc (NasdaqGS:AY), an owner of renewable power assets, according to people with knowledge of the matter. The private equity firm has been negotiating terms of a deal to buy UK-based Atlantica, the people said, asking not to be identified because the information is private. It could reach a deal as soon as the next few weeks, according to the people.

Shares of Atlantica, which had fallen about 18% in the past year, jumped as much as 12% in US trading May 2, 2024. They closed up 2.4% to $21.42, giving the company a market capitalization of about $2.5 billion. The company is currently valued at about $7 billion including debt, according to data compiled by Bloomberg.