Project Alfa is a utility-scale solar photovoltaic (PV) aggregation platform in Brazil consisting of 67 solar plants strategically positioned across 10 Brazilian states. The platform represents a total declared capacity of 227.16 MWp with an estimated recurring generation profile of 497,480 MWh/year. The asset portfolio is structured around a dual-monetization commercial strategy: contracted/wholesale electricity sales coupled with upside potential from verified carbon emission reductions (298,488 $\text{tCO}_2$/year). Total documented capital expenditure is US$152.8 million, reflecting an entry cost basis of US$0.67 million/MWp.
Portfolio Overview
| State |
Plants |
MWac |
MWp |
Share |
| Bahia |
25 |
78.25 |
101.73 |
81.7% |
| Pernambuco |
8 |
17.50 |
22.75 |
18.3% |
| Total |
33 |
95.75 |
124.48 |
100% |
CONTRACTED REVENUE MODEL
The investment case is underpinned by contracted revenue rather than merchant power-price exposure during the initial PPA period.
PPA Structure
- Contracted price: US$126.95/MWh
- Initial term: 10 years under a 5+5 structure
- Indexation: 4.5% p.a.
- Year-one generation: 207,261 MWh
- First full year of revenue: 2029
- Contracted revenue: approximately US$314.5 million
The PPA price is modelled at a 21.7% premium to the portfolio LCOE, which is estimated at approximately US$104.30/MWh.
DEVELOPMENT & CONSTRUCTION SCHEDULE
Commercial operation is phased between 2026 and 2028, reducing reliance on a single construction milestone.
| Year |
Plants |
Capacity |
| 2026 |
9 |
27.50 MWac |
| 2027 |
21 |
58.25 MWac |
| 2028 |
3 |
10.00 MWac |
| Total |
33 |
95.75 MWac |
Approximately US$93.4 million of the US$97.2 million total CAPEX is concentrated in 2026–2027.
FINANCIAL PROFILE
Base Case — Unlevered
| Metric |
Base Case |
| Full EPC CAPEX |
US$97.2M |
| Project IRR |
26.1% p.a. |
| NPV @ 14% |
US$75.6M |
| Simple Payback |
5.5 years |
| Portfolio LCOE |
US$104/MWh |
| EBITDA Margin |
92.9% |
Regulatory & Investment Disclaimer
This executive summary and the financial projections contained herein are prepared solely for indicative, preliminary informational purposes and do not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to acquire any securities, investment platform units, or debt instruments.
All financial profiles, return metrics (ROI), Enterprise Values, and payback periods are modeled estimates derived from third-party operational assumptions and base-case operational scenarios. Actual performance may vary materially based on actual solar irradiation, grid curtailment, national transmission connection approvals, wholesale power market (PLD/PPA) volatility, and operational availability.
Carbon Credit Conditionality: Projected carbon-credit revenues of US$8.95M to US$14.92M per annum represent uncontracted financial upside. Receipt of carbon revenues is strictly contingent upon the project platform successfully satisfying all applicable additionality assessments, validation criteria, baseline certifications, third-party independent verifications, and credit issuance protocols administered by international voluntary or compliance carbon registries.
Potential investors must conduct their own independent technical, environmental, tax (Lucro Real vs. regional SUDENE incentives), and legal due diligence before making an investment commitment. No representation or warranty, express or implied, is given as to the achievement or reasonableness of any future projections, estimates, or prospects.
Description
Investment Highlights Phase 1.
Portfolio Overview
CONTRACTED REVENUE MODEL
The investment case is underpinned by contracted revenue rather than merchant power-price exposure during the initial PPA period.
PPA Structure
The PPA price is modelled at a 21.7% premium to the portfolio LCOE, which is estimated at approximately US$104.30/MWh.
DEVELOPMENT & CONSTRUCTION SCHEDULE
Commercial operation is phased between 2026 and 2028, reducing reliance on a single construction milestone.
Approximately US$93.4 million of the US$97.2 million total CAPEX is concentrated in 2026–2027.
FINANCIAL PROFILE
Base Case — Unlevered
Regulatory & Investment Disclaimer
Basic Details
Target Price:
$ 97,200,000
Gross Revenue
$28,850,000
EBITDA
$27,170,000
Business ID:
L#20261152
Country
Brazil
Detail
Published on September 11, 2026 at 9:58 am. Updated on September 14, 2026 at 10:16 am