Local Developers with GW-Scale Portfolios Emerged as Prime M&A Targets in Brazil: Firms like Auren Energia and Vibra Energia, along with international investors such as I Squared Capital, actively pursued players like Comerc Energia and AES Brasil, which boast extensive operational portfolios backed by PAs and robust development pipelines. Meanwhile, sub-utility-scale solar projects dominated asset-level deal flow, with buyers such as Brasol and Comerc targeting 50-150 MW portfolios, leveraging favorable net-metering regime.

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