The Brazilian solar M&A market remained stable in 2025, with 33 transactions registered through the third quarter. This information is available in Greener's M&A Bulletin.
According to the consultancy, the number represents just one less operation compared to the same period in 2024, signaling a scenario of balance in movements and maturity in negotiations in the segment.
Centralized generation (GC) plants continue to lead the way in transactions, accounting for 42% of transactions completed this year. According to the survey, the self-generation model stands out, continuing to be the market's main growth driver.
Negotiations involving GD (distributed generation) remained at a similar pace to the previous year, with seven transactions recorded through the third quarter, just one less than in 2024.
Gradual growth and stability in transactions
Since 2022, Greener has mapped 135 transactions in the sector, 34 of which were registered by the same period in 2024. Compared to the previous quarter, the volume of transactions grew 5%, indicating a gradual recovery after a more moderate first half of the year.
Among companies in the photovoltaic chain, 12 transactions were recorded up to September 2025, maintaining the same level observed last year and demonstrating consistency in the sector's consolidation.
Centralized generation gains strength with self-production
In 2025, the GC market totaled 14 transactions, while the DG segment accounted for seven. Despite the slight decline in transactions, GC traded capacity reached 1,6 GWp by the third quarter, driven primarily by self-generation projects.
One of the most significant developments during the period was the divestment of Raízen, which sold solar DG portfolios valued at nearly R$600 million, totaling 40 plants. The self-generation model accounted for 100% of the GC transactions carried out in the quarter, consolidating its position as a dominant trend in large-scale transactions.
According to Greener estimates, 1,6 GWp of power was transacted in the period, an increase of 68% compared to 2024, driven by the strengthening of structured contracts between generators and large consumers.
Integration between energy and technology accelerates acquisitions
In addition to market results, the bulletin highlights a growing connection between the energy and technology sectors, which has been stimulating strategic acquisitions focused on digitalization and operational efficiency.
Examples include the acquisition of Auren Energia by Way2, the merger between Grupo Ludfor and Trifase Energia, and the purchase of Unifique by Holding Sustentys, a telecommunications company, among others mentioned in the report.
Quarterly Highlights
- Minas Gerais completed the second consecutive quarter without recording GD transactions;
- Raízen’s divestments shook up the distributed generation market;
- The technology sector is strengthening its presence in the energy segment, marking a trend of convergence between efficiency and sustainability.
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