Hello,

In this edition, we dive into how the energy sector is moving the M&A needle across the region. Our starting point is the latest report from TTR Data, which reveals a 10% drop in Latin American M&A activity in the opening months of the year, even as it underscores energy’s growing role as a development pillar.

At the same time, Latin America’s investment map is clearly being redrawn. Brazil, Chile, Colombia and Argentina now stand out as hubs of renewable-energy dynamism, proving that the energy transition is not only imperative but increasingly attractive.

While economic uncertainty still hangs over much of the region, Latin America is positioning itself as a heavyweight in the energy arena, and renewables are charting the course for the next wave of major deals.

Some of the top stories from the past fortnight include:

• Ecopetrol signs agreement to acquire solar and wind projects in Colombia from Statkraft European Wind and Solar Holding, AS

• Eletrobras completes partial sale of 1.5 GW of thermal plants to Âmbar Energia

• Engie Chile to invest USDm 310 in its first energy project in Chile's Metropolitan Region

Good reading!

M&A Renewables

1. Eletrobras completes partial sale of 1.5 GW of thermal plants to Âmbar Energia

2. Eletrobras divests 1.5 GW of thermal plants to J&F’s Âmbar Energia for BRL 4.7 bi (including BRL 1.2 bi earn-out); 12 Eletronorte assets transferred

3. GDSun partners with Bow-E to lease and operate five solar farms (13.8 MW) in SP, MG, CE and the Federal District

4. CADE clears Eneva’s purchase of up to 2.4 GW of Ceiba Energy thermoelectric assets—six Jandaia SPVs are included

5. CADE approves Braskem’s acquisition of EDF Renewables wind farms (Ventos de Santa Diana and Folha Larga Norte); price and stake undisclosed

6. Klabin takes a non-controlling minority stake in a new Maracanã Energia SPV holding nine wind farms in Bahia

7. EDP sells its remaining 20 % stake in the Pecém thermal plant to Diamante Energia for BRLm 200

8. Ecopetrol S.A. and AES Colombia signed an agreement whereby the Colombian state-owned oil company acquired 49% of the Jemeiwaa Ka'l wind project

9. Ecopetrol signs agreement to acquire solar and wind projects in Colombia from Statkraft European Wind and Solar Holding, AS

M&A Energy

1. Atlántica Infraestructura Sostenible S.L.U. acquired all the shares of Difebal S.A.

2. Sagittarius Energy acquires Orion, Ecuador's fourth-largest independent oil operator

Investment & Financing Renewables

1. In 2025 Urrá plans to invest COPm 300.000 in solar energy

2. Engie Chile to invest USDm 310 in its first energy project in Chile's Metropolitan Region

3. Argentina Genneia adds USDm 30 to expand San Rafael Solar Park in Mendoza

4. Lula signs agreement with Envision to invest USDm 900 in SAF production in Brazil

5. Órigo raises BRLm 500 to finance distributed solar generation in 12 states

Investment & Financing Energy

1. Argentina Pampa Energía to invest USD 1.6 bn in Vaca Muerta between 2025 and 2026

2. Anastácio Transmissora de Energia secures BRLm 117.5 financing approval from BNDES

Announced/Not confirmed

1. Actis and GIC plan to take Serena Energy private at BRL 11.74 per share

2. Brazil's Raízen, Shell's licensee in Argentina, analyzes two offers to sell its Dock Sud refinery

Fundraising

1. SolarX 2025 Challenge launched for Latin American and Caribbean startups in search of innovative solar solutions

Market whispers

Brazil

1. Brazil's oil workers plan two-day strike at Petrobras against austerity measures

2. After a 160 GWh cut, Renova says the numbers still don’t add up for batteries

3. Petrobras wins victory over drilling in the Amazon, but future licenses in doubt

4. Brazil's oil workers plan two-day strike at Petrobras against austerity measures

5. After a 160 GWh cut, Renova says the numbers still don’t add up for batteries

6. Petrobras wins victory over drilling in the Amazon, but future licenses in doubt

7. Azevedo & Travassos Energia scouting six M&A targets, from full companies to standalone assets nationwide

8. Raízen (Cosan/Shell JV) opens the shop window: Argentine downstream assets up for sale via BTG Pactual; Trafigura and Glencore reportedly interested

9. Saudi Aramco eyeing Brazilian energy assets—has already sounded out Petrobras and a potential Braskem deal; LatAm push follows USD 3.6 bi Primax buy in Peru

LATAM

1. Pemex has confirmed the Norwegian Government Global Pension Fund's decision to exclude it from its investment portfolio due to allegations of corruption

2. GeoPark's USD 1 bn investment in Vaca Muerta on hold due to lack of provincial approval

3. Ecopetrol to be fined for environmental violation in oil project in Huila

4. Petro-Peru failed to find a partner to operate Block 64 in Loreto

5. Energy companies are selling their assets to pay subsidies: Asocodis

6. Superintendencia de Servicios ordered Vanti to adjust tariffs for gas service in Colombia and return the surpluses

7. Osinergmin imposed a fine to Electrosur S.A. for non-compliance with regulations in Tacna

8. Argentina's energy outlook is facing a new cycle of uncertaint

9. Energy investments in Mexico, Brazil and Colombia to slow down in 2025 due to economic uncertainty

10. Corruption denounced in Colombia's Mining and Energy Planning Unit, 385 renewable energy projects suspended

11. XM assures that 55% of transmission projects in Colombia are behind schedule

12. Ecopetrol not responsible for gas price increase

13. Less appetite for foreign investment was the key cause of Ecopetrol's new business

14. Chile's Colbun bins USDm 500 solar-BESS project after criticism

International

1. Norway expels Pemex from its pension fund due to corruption suspicions

M&A in Latin America: less volume, sharper focus on energy

The latest TTR Data report shows that Latin American M&A deal volume fell by 10% overall.

Yet the market is far from quiet. Energy, in particular, remains a powerful magnet for investment across the continent. As the report notes:

“We also have dynamic sectors such as energy, technology, financial services and tourism, which present high growth potential and opportunities for M&A transactions.”

April’s standout deal was Vista Energy’s purchase (through Vista Energy Argentina) of 100% of Petronas E&P Argentina from Petronas Carigali Canada and Petronas Carigali International E&P, both subsidiaries of Petronas.

Colombia also merits attention for its rising deal count. According to Daniel Fajardo, senior counsel with Holland & Knight, the country offers a robust investor-protection regime and several high-growth sectors, notably energy.

The chart below provides an overview of transaction flow across the region and by country.

Source: La República.

Key energy markets: Brazil, Chile, Colombia and Argentina

Below, we outline the distinct (yet equally promising) trends that are turning these four countries into the epicentre of Latin America’s renewables push.

Brazil: photovoltaic boom amid structural pressures

Brazil’s energy sector finds itself in a paradox: record-high investment flows coupled with mounting structural strain. Greener’s latest report flags three headwinds (depressed power prices, generation curtailment and elevated interest rates) that are compressing margins and complicating new offtake agreements.

Even so, solar keeps shining. Regulatory tailwinds have triggered a rush of new projects: 5.7 GW of photovoltaic capacity is currently under construction to serve Brazil’s free-energy market. Between March 2024 and February 2025, module makers alone booked contracts for 5.4 GWp, translating into fresh investment of USD 2.5 bn.

Chile: advancing renewable integration and market modernisation

Chile’s CEN reports “substantial progress” on grid transformation, renewable integration and wholesale-market reform. One bright spot is the Small Means of Distributed Generation (PMGD) segment, which closed 2024 at an all-time high:

• Installed capacity: 3,242 MW (≈ 9.5 % of SEN)

• Solar share: 83.4 %

“The next milestone is to complete intermediary steps that embed a competitive, sustainable market with a larger renewable footprint,” notes CEN CEO Rodrigo Oyanedel.

Colombia: energy diplomacy and renewable momentum

Two developments stand out this fortnight:

1. Diplomatic outreach to China: Bogotá is courting Chinese capital for solar, wind and critical-minerals projects, says Review Energy.

2. Pipeline acceleration: SER Colombia’s president, Alexandra Hernández, reports 17 renewables projects under construction (totalling 2,580 MW) and notes that self-generation capacity has doubled in just six months.

Argentina: potential in energy, mining and hydrocarbons, but stability is key

Argentina boasts enormous resource potential, yet persistent policy swings undermine investor confidence. Aleph Energy cites three “pillar” sectors (energy, energy-transition mining and hydrocarbons) before issuing a stark warning: without regulatory predictability, that potential hangs in the balance.

“Policy inconsistencies create uncertainty and obstruct the stable environment needed to attract capital and technology,” the consultancy concludes.

Even so, Energía Estratégica finds that returns in Argentina’s distributed-generation segment are improving despite the macro headwinds.

Where do we go from here?

Latin America is rich in opportunity but short on geopolitical clarity. While U.S. investors hesitate, regional players weigh the benefits of China’s financial muscle against the risks of over-reliance.

• DFSUD forecasts a slowdown in large-scale energy projects in Mexico, Brazil and Colombia this year, citing tougher regulation and scarcer international financing. Diversification of the energy mix is paramount.

• El Periódico de la Energía underscores China’s growing role as Latin America’s second-largest investor (vital in lithium, mega-projects and energy autonomy) and the primary trading partner of Brazil, Chile and Peru.

The takeaway: investors who can navigate policy uncertainty and align with each country’s renewables agenda are poised to capture the region’s next wave of energy-driven M&A.

General Landscape

Brazil

1. Brazil moves forward with the Biomethane Incentive Program and establishes emission reduction goals

2. GDSun and Bow-e form a partnership for five new solar plants

3. Brazil moves forward with the Biomethane Incentive Program and establishes emission reduction goals

4. GDSun and Bow-e form a partnership for five new solar plants

5. Actics and GIC to launch a delisting tender offer for Serena Energia at BRL 11.74/share; the stock jumped 6.7 % on the announcement

6. After a 160 GWh curtailment, Renova says battery economics still don’t add up

7. GDSun partners with Bow-E to lease and operate five solar farms (13.8 MW) in SP, MG, CE and the Federal District

8. Electric-power decree: lots of social programmes, little real reform

LATAM

1. Paraguay inaugurates a 500 kilovolt substation, the fifth in its electrical system.

2. Colombia secures 4,700 MW of renewable energy for 2027 with the award of new projects

3. Lithium, megaprojects and autonomy: keys to the new relationship between China and Latin America

4. Increase in contribution to be paid by electricity generators in Colombia declared constitutional

5. Distributed generation in Argentina: return on investment accelerates, but challenges in imports and financing persist

6. Chilean electricity market: the Coordinator highlights advances in competition and greater integration of renewables

7. During January and March, 16 power generation projects came into operation in Colombia

8. Oil and gas production in Colombia declined in March

9. Colombia launches diplomatic offensive to attract Chinese investment in renewable energies

10. Chile promotes 59 new community solar parks throughout the country

11. Argentina exceeds 7 GW of installed renewable capacity, but remains behind its national target

12. The share of renewable energies in the Colombian electricity matrix would reach 15% by 2025

13. Cemento Yura, part of the Gloria Group, started up a photovoltaic plant in Arequipa that required an investment of USDm 23.5

14. These are the bottlenecks seen by entrepreneurs in the energy sector in Colombia

15. This is the new bill to be promoted by the Government for the energy sector in Colombia

16. Acolgén highlights the risks of the energy sector in Colombia

17. Landmark agreement: Unilever to operate with solar energy throughout Argentina

18. In less than six months the capacity for self-generation of energy doubled' says SER Colombia

19. Oil and gas reserves in Colombia could continue their downward trend

20. Electric cars to triple in Latin America by 2024. This figure represents almost 0.7% of the world's electric vehicle fleet.

21. Codelco to develop lithium projects with Rio Tinto in the Maricunga Salt Flat

22. Zelestra has contracted Sungrow to supply battery storage technology for a 1 GWh system at the Aurora project in Chile

23. Inauguration of the first self-consumption photovoltaic plant in the Peruvian cement industry

24. Grenergy signs a new long-term solar PPA in Chile for 390 GWh per year

25. Atome launches renewables arm with large hybrid project in Paraguay

26. Energy and banking are the sectors with the highest profits in the first quarter of the year in Colombia

27. Despite the political context, Peru continues to be an attractive destination for foreign investment, especially in sectors such as technology and clean energy, according to JGA

28. Chevron, in partnership with Oxy, lands in Peru to explore the northern sea

29. Lithium boom: Argentina's historic production and export figures to be achieved

30. Copec signed an agreement with Ariztía to supply 108.6 GWh per year of 100% renewable energy to all its operations in Chile

31. Colombia is considering exempting renewable energy projects of up to 100 MW from environmental licenses

32. Colombian government to present next week the rules of the game for geothermal projects

33. LANGA Int switches on three solar plants in Chile

34. In Chile, Corfo opens call to promote the manufacture of wind systems and strengthen the value chain of green hydrogen

35. In the largest battery deal in Latin America, BYD will supply 3.4 GWh to Chile's Oasis de Atacama project

36. The highest altitude self-consumption on-grid photovoltaic plant in Latin America is built in Peru

37. This is how Argentina could lead the new carbon market boom

38. Electric vehicles are exploding in Latin America and the Caribbean

39. Key agreement between Europe and Latin America to accelerate the development and trade of clean hydrogen

Mexico

1. Mexico could achieve 2 GW of annual growth during this six-year term

2. Pemex evaluates development of Liquefied Natural Gas projects in Mexico

3. Mexico joins the storage boom in Latin America