PwC points out that the drop reflects accommodation in the sector; transmission bottlenecks and data centers guide new agreements for 2026
M&A operations (mergers and acquisitions) in the Brazilian energy market registered a drop of 18.6% in 2025 compared to the previous year. The number of closed businesses fell from 86 in 2024 to 70 last year, according to a survey by PwC.
SCENARIO AND VALUES
The financial value handled may not have suffered the same impact, despite the reduction in the number of operations. PwC Brasil partner, Favian Goitia, states that the lack of transparency in the country makes it difficult to measure negotiated values accurately, according to the newspaper’s findings Economic Value.
According to the executive, the percentage drop reflects a natural accommodation in the sector, which had been booming for years due to investments in distributed generation and large renewable energy projects.
The consultancy also assesses that factors such as high interest rates, the proximity of the Brazilian electoral calendar and the conflict in Iran do not compromise the country’s attractiveness.
DATA CENTERS AND BOTTLENECKS
For 2026, investors’ focus is on infrastructure. Brazil faces limitations in distributing the energy generated, which has caused cuts in the system known as curtailment. Solving the problem should take 2 to 3 years, estimates Goitia.
The need to expand transmission has gained urgency with the advancement of artificial intelligence and the installation of data centers, which require high electricity consumption. The sector already generates high values, even in the face of regulatory uncertainty. An example is the US$2 billion agreement between All Data Centers ea House of Winds.
PwC partner Daniel Martins states that the diversified energy matrix, the stock of projects and regulatory predictability make Brazil a center of opportunities to meet new technological demands.
MINING AND BROAD SECTOR
The decline in M&A operations in 2025 followed the trend observed in the energy sector broadly, which includes oil and gas, mining, metals and chemicals. The number of transactions fell from 158 in 2024 to 129.
The metals and mining segment increased from 29 to 23 operations. The area should also benefit from digital advancement, given the need to expand production capacity. As an example of this movement, PwC cites the sale of the mining company Serra Verde for the USA Rare Earth for US$2.8 billion in April this year.
