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    1. Home
    2. Renewable Energy - Wind
    3. 227 MWp Brazilian Solar PV Portfolio

    227 MWp Brazilian Solar PV Portfolio

    Description

    Brazil
    L#20261152
    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.

    Key Investment Highlights

    • Scale & Geographic Footprint: 227.16 MWp aggregate capacity diversified across 10 Brazilian states, minimizing single-asset operational and localized grid-curtailment risks.
    • Capital Efficiency: Total documented CAPEX of US$152.8M (~US$0.67M/MWp), comparing favorably to regional greenfield solar installation benchmarks.
    • Dual Cash Flow Generation: Base electricity sales supported by an unhedged upside from voluntary/compliance carbon credit issuance.
    • Attractive Unit Economics: Base-case operational EBITDA of US$27.17 million/year on US$28.85 million/year gross revenue (~94.2% EBITDA margin).
    • Compelling Payback & Return Profile: Indicative base-case simple payback of 5.62 years and an annual operational Return on Investment (ROI) of 17.8% p.a.
    • Platform Valuation: Indicative base-case Enterprise Value (EV) of US$217.4 million (~8.0x EBITDA).

    Portfolio Capital Structure

    The platform is partitioned into three strategic investment pipelines:
    Sub-Portfolio Plant Count Aggregate Capacity Capacity Share Documented CAPEX Unit CAPEX
    PIPE 1 31 112.06 MWp 49.3% US$75.4M US$0.67M/MWp
    PIPE 2 28 67.00 MWp 29.5% US$45.1M US$0.67M/MWp
    PIPE 3 8 48.10 MWp 21.2% US$32.4M US$0.67M/MWp
    Total Portfolio 67 227.16 MWp 100.0% US$152.8M US$0.67M/MWp

    Scenario Performance & Financial Summary

    Operational modeling assesses platform resilience across three primary energy and carbon pricing regimes, holding operating expenses constant at US$1.68 million/year (~US$7,400/MWp/year):
    Financial & Operational Metric Prudent Case Base Case Optimistic Case
    Electricity Price Assumption US$30.00 / MWh US$40.00 / MWh US$50.00 / MWh
    Carbon Credit Price Assumption US$0.00 / $\text{tCO}_2$ US$30.00 / $\text{tCO}_2$ US$50.00 / $\text{tCO}_2$
    Electricity Sales Revenue US$14.92M US$19.90M US$24.87M
    Carbon Credit Monetization US$0.00M US$8.95M US$14.92M
    Gross Operating Revenue US$14.92M US$28.85M US$39.80M
    Operating Expenses (OPEX) (US$1.68M) (US$1.68M) (US$1.68M)
    Platform EBITDA US$13.24M US$27.17M US$38.12M
    EBITDA Margin 88.7% 94.2% 95.8%
    Depreciation & Amortization (20-yr) (US$7.64M) (US$7.64M) (US$7.64M)
    Operating Profit (EBIT) US$5.60M US$19.53M US$30.48M
    Corporate Income Tax (34% Lucro Real) (US$1.90M) (US$6.64M) (US$10.36M)
    Indicative Net Income US$3.70M US$12.89M US$20.12M
    Operational ROI (EBITDA / CAPEX) 8.7% p.a. 17.8% p.a. 24.9% p.a.
    Simple Capital Payback 11.54 years 5.62 years 4.01 years

    Carbon Credit Monetization Profile

    Estimated platform decarbonization volume is 298,488 $\text{tCO}_2$/year.
    • Under the Base Scenario (US$30/$\text{tCO}_2$), carbon revenues contribute US$8.95 million/year, accounting for 31.0% of gross revenues and expanding EBITDA by 49.1% over merchant power alone.
    • Under the Optimistic Scenario (US$50/$\text{tCO}_2$), carbon revenues expand to US$14.92 million/year, driving total platform cash flow to US$38.12M EBITDA.
    • Merchant electricity generation alone at US$40/MWh secures US$18.22 million/year in operating cash flow without carbon monetization, providing an operational downside floor of 11.9% ROI p.a.

    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.

    Basic Details

    Target Price:

    $ 35,000,000

    Gross Revenue

    $28,850,000

    EBITDA

    $27,170,000

    Business ID:

    L#20261152

    Country

    Brazil

    Detail

    Business ID:L#20261152
    Property Type:Renewable Energy - Wind
    Property Status:For Sale
    Target Price: $ 35,000,000
    Gross Revenue:$ 28,850,000
    EBITDA:$ 27,170,000
    Target Price / Revenue:1.21x
    Target Price / EBITDA:1.29x
    Contact M&A Advisor








      Published on September 11, 2026 at 9:58 am. Updated on September 11, 2026 at 8:26 pm

      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.

      Key Investment Highlights

      • Scale & Geographic Footprint: 227.16 MWp aggregate capacity diversified across 10 Brazilian states, minimizing single-asset operational and localized grid-curtailment risks.
      • Capital Efficiency: Total documented CAPEX of US$152.8M (~US$0.67M/MWp), comparing favorably to regional greenfield solar installation benchmarks.
      • Dual Cash Flow Generation: Base electricity sales supported by an unhedged upside from voluntary/compliance carbon credit issuance.
      • Attractive Unit Economics: Base-case operational EBITDA of US$27.17 million/year on US$28.85 million/year gross revenue (~94.2% EBITDA margin).
      • Compelling Payback & Return Profile: Indicative base-case simple payback of 5.62 years and an annual operational Return on Investment (ROI) of 17.8% p.a.
      • Platform Valuation: Indicative base-case Enterprise Value (EV) of US$217.4 million (~8.0x EBITDA).

      Portfolio Capital Structure

      The platform is partitioned into three strategic investment pipelines:
      Sub-Portfolio Plant Count Aggregate Capacity Capacity Share Documented CAPEX Unit CAPEX
      PIPE 1 31 112.06 MWp 49.3% US$75.4M US$0.67M/MWp
      PIPE 2 28 67.00 MWp 29.5% US$45.1M US$0.67M/MWp
      PIPE 3 8 48.10 MWp 21.2% US$32.4M US$0.67M/MWp
      Total Portfolio 67 227.16 MWp 100.0% US$152.8M US$0.67M/MWp

      Scenario Performance & Financial Summary

      Operational modeling assesses platform resilience across three primary energy and carbon pricing regimes, holding operating expenses constant at US$1.68 million/year (~US$7,400/MWp/year):
      Financial & Operational Metric Prudent Case Base Case Optimistic Case
      Electricity Price Assumption US$30.00 / MWh US$40.00 / MWh US$50.00 / MWh
      Carbon Credit Price Assumption US$0.00 / $\text{tCO}_2$ US$30.00 / $\text{tCO}_2$ US$50.00 / $\text{tCO}_2$
      Electricity Sales Revenue US$14.92M US$19.90M US$24.87M
      Carbon Credit Monetization US$0.00M US$8.95M US$14.92M
      Gross Operating Revenue US$14.92M US$28.85M US$39.80M
      Operating Expenses (OPEX) (US$1.68M) (US$1.68M) (US$1.68M)
      Platform EBITDA US$13.24M US$27.17M US$38.12M
      EBITDA Margin 88.7% 94.2% 95.8%
      Depreciation & Amortization (20-yr) (US$7.64M) (US$7.64M) (US$7.64M)
      Operating Profit (EBIT) US$5.60M US$19.53M US$30.48M
      Corporate Income Tax (34% Lucro Real) (US$1.90M) (US$6.64M) (US$10.36M)
      Indicative Net Income US$3.70M US$12.89M US$20.12M
      Operational ROI (EBITDA / CAPEX) 8.7% p.a. 17.8% p.a. 24.9% p.a.
      Simple Capital Payback 11.54 years 5.62 years 4.01 years

      Carbon Credit Monetization Profile

      Estimated platform decarbonization volume is 298,488 $\text{tCO}_2$/year.
      • Under the Base Scenario (US$30/$\text{tCO}_2$), carbon revenues contribute US$8.95 million/year, accounting for 31.0% of gross revenues and expanding EBITDA by 49.1% over merchant power alone.
      • Under the Optimistic Scenario (US$50/$\text{tCO}_2$), carbon revenues expand to US$14.92 million/year, driving total platform cash flow to US$38.12M EBITDA.
      • Merchant electricity generation alone at US$40/MWh secures US$18.22 million/year in operating cash flow without carbon monetization, providing an operational downside floor of 11.9% ROI p.a.

      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.

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