Brazil's Ultragaz to buy renewables DG platform Stella Energia
Small solar system in Brazil. Author: Tony Winston/Agência Brasília.
A subsidiary of Brazilian fuel distribution company Ultrapar Participacoes SA (BVMF:UGPA3), also known as Grupo Ultra, is acquiring local distributed generation (DG) platform Stella GD Intermediacao de Geracao Distribuída de Energia Ltda.
Ultragaz Comercial Ltda will pay at least BRL 63 million (USD 12.4m/EUR 12.2m) to buy the start-up in which it first invested last year through a venture capital arm. The buyer will make an initial payment of BRL 7.56 million, Ultrapar said on Monday. The remaining amount depends on Stella’s performance metrics and will be paid in 2027.
Founded in 2019, Stella focuses on connecting renewable electricity generators and customers through distributed generation. The business currently has a portfolio of about 75 MWp, with 11,000 active customers in 12 Brazilian states.
For Ultragaz, the acquisition marks its debut in the electricity segment in an effort to support the energy transition in the country.