The fundraising by solar energy projects via the capital market, which intensified between 2020 and 2021 and cooled with the discharge of the Special Settlement and Custody System (Selic), the basic interest rate, can gain additional breath with the new easy regime, created by the Securities Commission (CVM), evaluates the Brazilian Association of Photovoltaic Solar Energy (Absorlado).
“There are relevant examples, but the use of the capital market is still relatively shy when compared to the growth potential of solar generation in Brazil. It is possible that easy to boost the access of smaller companies for both debt and equity operations,” says Raphael Roque, coordinator of the Working Group (GT) of ABSOLAR to Estadão/Broadcast.
“This market is decisive in enabling portfolio expansion in multiple states simultaneously with more predictability to many of our associates. The lower interest rates ahead favors the attraction of institutional capital to the energy transition in Brazil,” says Roque.
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However, it is now the fixed income that attracts most of the investor flow. This scenario led Ecopower to bet on a Certificate of Real Estate Receivable (CRI) with installed plant ballast and inverter to finance the expansion of solar power capacity.
Fixed income, income tax, targets individual and institutional investors at a time when demand for solar energy bumps into difficulty in part of the sector, says Frederico Rocha Melo, the company’s chief financial officer.
“There is a large prospecting card for customers who cannot be served by smaller integrators who are tight margins. And larger companies cannot enjoy this portfolio due to the inefficiency of the Brazilian financial system, as credit is scarce. So we left for their own CRI,” he says.
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The operation was modeled and performed by the Auddas Strategic Consulting and reached $ 10 million in the debut.
“We managed to circumvent macroeconomic difficulties with a company that has the potential to originate more than R $ 2 billion in operations by 2030. There are advanced conversations with institutional investors focused on infrastructure and real estate opportunities,” says Leo Pinho, a partner responsible for Auddas’s capital area.
The securitization of CRIS is made by Captable, a platform registered with CVM, responsible for the management and distribution of investment to individuals.
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Paulo Deits, CEO of Captable, comments that the structure of operation ‘to six hands’ has reached a design in which 20% of subordinate quotas are invested by the partners themselves, which protects investors from senior quotas against default.
Debentures
Another fixed income investment accessed by the sector is the debentures encouraged, especially by distributed generation projects – a model in which mini -generation or microgeneration systems (MMGD) are installed near or in the place of consumption. “It is a structure that has been effective to finance medium and large projects”, comments Roque.
Lawyer Luana Falkenburger, a partner of Rolim Goulart Cardoso Advogados, points out that the amendments brought by Law No. 14.081/24, the so -called Infrastructure Debentures Law, and Decree No. 11,964/24, which regulated both encouraged and infrastructure debnts, approached projects of photovoltaic solar minigeration of these emissions.
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However, Provisional Measure No. 1,303/25, issued to compensate for the revocation of the decree that provided for the financial operations tax (IOF), brought uncertainties to containing provisions that can tax the income of these securities.
Refairing this view and states that possible regulatory changes generate uncertainties that raise the cost and complexity of operations, and presses for new financing solutions. “The sector is on the right track, but there is still a wide growth avenue by the front, which also involves the maturation of agents and the strengthening of guarantees,” says Roque.
In addition to the use of encouraged debentures, infrastructure and CRIS for different founding strategies, Roque bets on strengthening investment funds, such as investment funds in participation and investment funds in credit rights (FIDCs) in future steps.
