SNEL11 raises BRL 1 billion for distributed generation plants

Suno Asset closed the fifth unit issuance of the SNEL11 fund having raised more than BRL 1 billion, earmarked for the purchase of distributed generation plants already in operation. The planned acquisitions could take the portfolio from around 150 MWp to close to 400 MWp.

The report describes who is buying, but not who financed the construction of these plants nor at what cost, and it is that cost which sets the seller's floor price. According to the article Panorama do Financiamento de Projetos Renováveis em 2025-26, by Editora Brasil Energia, of 24 April 2026, with ANBIMA data, incentivised debentures for photovoltaic distributed minigeneration in Brazil totalled 14 issuances and BRL 1.94 billion in 2025, against BRL 1.4 billion in 2024, and BNDES's TLP stood at IPCA plus 7.77% per year in April 2026.

A plant built with debt indexed at this level comes to the negotiation with its present value squeezed by debt service. The fund consolidating operational assets captures the discount created by the seller's leverage.

The cost of the seller's original debt determines the acquisition price of an operating DG plant.