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.

Transmission Bottlenecks Stalled Solar and Wind M&A in Chile, While BESS Attractiveness Rose: Chile's M&A activity for solar and wind assets plunged ~100% Y/Y, as interconnection constraints, overproduction, and negative pricing eroded revenue potential. However, these challenges are fueling investor interest in BESS assets, driven by energy arbitrage opportunities. SUSI Partners' 860 MW acquisition in 2024 highlights the growing momentum in the space.