Strategic moves and asset appreciation confirm the maturity of the solar market in Brazil.
The photovoltaic solar energy sector in Brazil began 2025 with strong activity in the mergers and acquisitions (M&A) market. According to the M&A Bulletin from consulting firm Greener, the first quarter showed a 25% increase in the number of transactions compared to the same period last year. A total of 15 operations were formalized, highlighting the sector’s dynamism and consolidation.
The main highlight was centralized generation (CG), which accounted for seven of the eight transactions involving solar power plants — more than double the amount recorded in the same period in 2024. Among these, five were in the self-production by equivalence model, a regulatory structure that allows for greater predictability of energy costs and attractiveness for medium and large-scale consumers.
In total, 42 solar power plants were negotiated, totaling 1.1 GWp of installed capacity. Distributed generation (DG), although representing the majority in the number of projects (23 plants), had only one transaction during the period — a sharp drop compared to the 55 plants mapped in the same quarter of 2024.
Centralized generation assets are concentrated in states with high solar potential: Minas Gerais (10 plants), Bahia (8), and Piauí. Meanwhile, distributed generation projects were identified in six states and the Federal District, demonstrating national reach even amid temporary contraction.
Expansion in the solar value chain
Another important movement was observed in the solar energy value chain, which accounted for 47% of M&A transactions in the quarter. There were six acquisitions and one merger of companies offering services such as automation, infrastructure, smart grids, monitoring, and Internet of Things. Of this total, 58% of the investors operate in energy generation and/or commercialization, indicating a trend toward verticalization and operational synergy.
Asset appreciation reinforces market appetite
A study by PwC Brazil revealed that Brazilian energy sector companies appreciated, on average, 20% over the past four years. Even more relevant, companies that incorporated renewable sources into their portfolios showed an additional 25% appreciation compared to those maintaining a traditional energy mix.
Based on an analysis of over 3,000 companies — including Brazilian firms in the electric power, oil and gas, sanitation, and distribution sectors — the study shows that, in Brazil, the electric sector represents 72% of the companies evaluated, versus a global average of 43%.
Experts point out that this appreciation results from increasing operational efficiency, return on investment, and the growing relevance of renewables in the global context. “There’s no going back on this issue. The expansion of renewable plants is a natural path for the sector’s sustainable growth,” said PwC’s energy partner.
Solário Carioca: PPP as a future model for solar projects
In this context of transformation and innovation, the Solário Carioca stands out as an example of a project structured to meet the challenges of energy transition in the public sector. Implemented in the state of Rio de Janeiro, the project is the result of a public-private partnership (PPP) and aims to supply part of the energy demand of public agencies with a clean, safe, and financially efficient solution.
Through this model, the public administration benefits from the energy generated without the need for direct investment, while the private partner is responsible for the construction, operation, and maintenance of the solar plant. The contractual structure ensures stable supply and significant savings in energy costs, in addition to being aligned with sustainability goals and technological innovation.
Solário Carioca also reflects the new phase of the solar sector: beyond producing clean energy, it incorporates modern systems for automation, remote monitoring, and intelligent performance management, reinforcing its role as a reference plant for the next generation of centralized projects.
Outlook for 2025
With Q1 performance indicating a strong rebound in mergers and acquisitions — and with 2024 already accounting for 44% of all transactions since Greener began monitoring in 2022 — the outlook for the rest of 2025 is optimistic. Continued expansion of centralized generation is expected, as well as maturation in self-production and PPP models.
Brazil is on track to consolidate itself as one of the global leaders in solar energy, with a matrix that is increasingly decentralized, clean, and strategic. Projects like Solário Carioca reinforce that the energy transition is not just a goal, but a reality in motion — driven by long-term vision, efficiency, and a commitment to the country’s sustainable future.
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