At a time when the distributed generation (DG) sector faces regulatory debates and political uncertainties, AXS Energia continues on a growth trajectory. The company plans to invest R$ 1,9 billion by 2027, reaching 350 MW in assets and expanding its customer base to 50 clients in the next two years.
AXS's optimism is based on the conviction that generating energy close to the point of consumption is the most efficient and sustainable path for the electrical system.
Founded in 2021, AXS is part of the Roca Group, which operates throughout the entire electricity sector chain – from engineering and construction to operation and maintenance. In addition to strengthening its presence in distributed generation (DG), the company is preparing new projects in energy storage and centralized generation, aiming for the opening of the free market for low voltage and a more decentralized and competitive future for the Brazilian consumer.
In the conversation, Rodolfo Pinto, CEO of the company, recalls his trajectory in the electricity sector, comments on recent fundraising efforts – totaling more than R$ 1 billion in debentures and investments – and explains why he believes that... distributed generation It will continue to be one of the pillars of Brazil's energy transition.
Rodolfo, tell us a little about your career path in the energy sector.
I am an engineer, graduated in 1997. I worked until 2010 in several engineering and construction companies, mainly in the electrical sector, with a strong focus on hydroelectric power plants, which was the main focus at the time.
Starting in 2010 and 2011, I made two important moves. The first was with the construction company Sete Engenharia, which is now called Elastri, a company that has already built around 8 GW in hydroelectric, wind, and solar projects. It's a medium-sized construction company, very focused on renewable energy projects and transmission systems.
The second move was the founding of Araxá Solar, one of the pioneers in the solar energy sector in Brazil. It was established even before Resolution 482, which regulated distributed generation. In other words, we started before the legislation existed.
Since 2011, I have been deeply involved in the renewable energy market, including solar, wind, and other sources.
Between 2015 and 2018, I formed a joint venture with a French multinational, creating Engie Solar, with the goal of operating distributed generation in Brazil. In 2018, I sold my stake and remained in a non-compete period for two years. At the end of 2020, for 2021, I founded AXS Energia, a young company but one that brings more than 15 years of accumulated experience in the Brazilian solar sector. Today, AXS is on track to reach 350 MW in operational assets.
Just to clarify: Engie and Araxá no longer have any connection with AXS, right?
That's right. Since 2018, there has been no connection. We formed the joint venture, it ended, and then I created AXS completely independently.
Did you start AXS with any investors by your side?
No. The initial investment was 100% our own, around R$ 500 million of our own capital over the first few years. Later, we received an investment of R$ 650 million from AZ Quest, through an infrastructure FIP (Investment Fund in Participations) launched by the management company itself.
Furthermore, we have several structured operations in the capital markets, in a fairly conventional manner, typical infrastructure debt and debentures.
I gathered some data and wanted to confirm it with you. You currently have around 20 customers and 200 MW of operational capacity, correct?
That's right. We have 20 customers with 200 MW in operation, and another 150 MW under construction. By the first quarter of 2027, we will complete the 350 MW. The goal is to reach around 50 customers by then.
Canal Solar — And you have 113 projects under development?
That's right. There are 113 projects in total, more than half already operational and the rest under construction until 2027. So, our 350 MW are distributed across 113 projects.
And the total investment between 2022 and 2027 amounts to R$ 1,9 billion?
Correct. That is the total capex for the construction of the 350 MW.
AXS is part of the Roca Group, right? What exactly is the Roca Group?
The Roca Group is the collection of companies we created to cover the entire value chain of the electricity sector.
We have AXS Energia, which generates power; Elastri, which builds; Araxá Engenharia, which designs projects; TC Filter, which develops solar, wind, natural gas, green hydrogen, and storage projects; and Araxá O&M, which handles the operation and maintenance of the assets.
The Roca Group brings together all these companies. We are not large in any single vertical, but we operate from end to end in the electrical sector: development, engineering, construction, investment and operation.
AXS already has 61 plants in operation, right?
Exactly. There are 61 power plants, totaling 200 MW, distributed among Minas Gerais, São Paulo, Paraná, Goiás, and Mato Grosso.
And you have carried out several fundraising rounds in recent years. In 2023, R$ 320 million in debentures with Banco Modal; in 2024, US$ 31,3 million via credit loan; then R$ 120 million in incentivized debentures; in July 2025, the R$ 650 million investment from AZ Quest; and, more recently, R$ 170 million in debentures coordinated by XP Investimentos.
Exactly. All of these moves are part of our growth strategy.
This R$170 million investment generated a lot of comments on our social media. Many people were surprised by the investment given the current uncertainty surrounding distributed generation. What's behind your confidence?
Indeed, the regulatory climate is challenging, but from a technological standpoint, there is nothing more efficient than distributed generation. Generating energy close to the point of consumption is intuitively better than generating it thousands of kilometers away. Why do we believe so strongly in distributed generation? Because it is, without a doubt, the most efficient and advantageous energy source in any region of the country. With this conviction, we continue to bet on and invest in solar generation, confident that there will be a collective understanding of how much better this model is for society and for Brazil.
But aren't you worried about regulatory changes that could affect investments?
Every investor in Brazil considers this risk. It's part of any entrepreneur's risk matrix. If an entrepreneur includes all possible outcomes in their risk matrix, they won't invest in anything.
We believe there may be some regulatory hiccups, but it makes no sense to compromise an industry as efficient as distributed generation, which brings direct benefits to society. The risk of regulatory and legislative instability is constant, but everything we have observed in the electricity sector indicates that it is a manageable risk.
And what is the debt profile of AXS?
These are typical long-term infrastructure debts – 15 to 16 years – with fairly solid structures.
And what about the company's cash flow generation?
We are close to break-even and are continuing to invest. The forecast is to reach the break-even point in the coming months, with increasing revenue generation from there.
Is the projected revenue for 2025 approximately R$120 million?
That's right, something between R$100 and R$120 million.
Speaking of the future: you have projects in centralized generation and also in energy storage, right?
Yes. We have a 180 MW centralized solar power generation project in Minas Gerais, aimed at the free market, especially the future opening up to low voltage. The investment is around R$ 650 million, with connection expected in 2029.
I understand that the curtailment problem is a specific one. Of course, there are questions about why this wasn't resolved two years ago, but the trend is that it will be solved going forward. There will be transmission and power auctions – precisely what is lacking in the electricity sector. We also have projects to participate in the battery auction; we are still waiting for the tender to define the best strategy. I believe that the major investment in the electricity sector in the coming years will undoubtedly be energy storage.
And how are you preparing for the opening of the free market for low voltage?
The free market will be a major revolution. We foresee a change in people's lives regarding electricity, and our experience in the energy retail sector prepares us well for this.
And finally, where do Grupo Roca and AXS want to go?
We want to be a group that actively participates in the Brazilian energy transition, delivering the best solutions, products, and a complete ecosystem of clean and accessible energy to the end consumer.
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