Foreign investors accounted for 60% of the value of mergers and acquisitions in Brazil’s energy sector over the past three years, according to a survey by Acorn Advisory. The study was based on TTR Data covering the period between July 2023 and June 2026. Foreign investors, however, were responsible for only 30.7% of control acquisitions. According to Acorn, the gap between their share of deal value and their share of transactions highlights the concentration of international capital in larger assets. While the average ticket of operations with foreign buyers was R$ 1.2 billion, that of domestic transactions was just over R$ 200 million. “The foreign investor concentrates mainly on larger assets, while local consolidators remain very active in the mid-market,” says Acorn Advisory partner Gabriel Silva. Over the past three years, 189 control acquisitions were carried out in the energy sector. In 2025, the sector recorded 24 acquisitions by foreign buyers, almost double the 13 observed in 2024. The share of international capital in control acquisitions in energy rose from 21% to 36% in the period. “Behind this volume, there are two main movements: portfolio recycling by the large groups and a still-fragmented renewables market, which continues to offer assets for consolidation,” says Silva. Of the 58 operations carried out by foreign investors over the past three years, about half are generation assets. Among the sources, solar energy leads, followed by wind and then hydro. Transmission and distribution represent about 17% of the transactions. (Eixos)