Energea Portfolio 2 LP seeks to deliver monthly income and long-term capital appreciation through the acquisition and operation of distributed-generation community solar projects in Brazil, backed by recurring energy payments from a broad base of commercial and residential subscribers.
The Fund generates revenue when solar projects produce energy and payments are collected from subscribers. With a realized net IRR of 14% since its 2020 inception, the Fund has paid monthly distributions every month since launch1. Energea Global LLC, the Fund’s General Partner, has built a vertically integrated platform with a proprietary energy sales system, in-house operations and maintenance capabilities, and a track record of institutional partnerships with BTG Pactual, Brookfield Renewable Partners, and Victory Hill Capital Partners.
Offering Details
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Additional offering details
Target Fund Raise: $200,000,000
Annualized Cash Yield: 6.2% (Q1 2026)
Distributions: Monthly; investors may elect to automatically reinvest or receive cash
Liquidity: Redemptions available after 60-day minimum hold; 5% early redemption fee applies prior to 3-year anniversary
Tax Reporting: Form 1099-DIV / 1099-B
Please refer to the private placement memorandum for additional information, disclosures, and a more detailed explanation of fees, performance calculations, and risks.
1 Returns are net of Energea's management fees and carried interest. Returns do not reflect broker-dealer sales loads, ongoing service fees, or early redemption fees, which reduce an investor's actual return.
About Energea
Energea Global LLC is a renewable energy operating company founded in 2017, specializing in the origination, acquisition, and management of distributed-generation community solar projects. Headquartered in Chester, Connecticut, with an operational office in Rio de Janeiro, the company has built deep local expertise across project sourcing, subscriber relationships, and asset operations in Brazil. Since its inception, Energea has sponsored, arranged, or managed $495M in total invested capital across 228 projects and 655 MW of capacity spanning six countries.
Energea’s vertically integrated model gives it direct control over every stage of a project’s lifecycle — from origination and development through ongoing energy sales and maintenance — powered by a proprietary technology platform built in-house. This structure supports both cost efficiency and operational transparency at scale, and has enabled Energea to build lasting competitive advantages in Brazil’s distributed solar market.
The company has a demonstrated track record of institutional partnerships, having managed joint venture portfolios alongside BTG Pactual, Brookfield Renewable Partners, and Victory Hill Capital Partners.
About the investment
Investment opportunity
Brazil represents one of the most compelling markets in the world for distributed solar energy. The country benefits from abundant solar irradiance, a large and growing base of commercial and residential energy users, and a regulatory structure that enables community solar, where a centralized installation delivers energy to multiple subscribers who receive credits on their electricity bills. This model democratizes access to clean energy while creating scalable, contracted revenue streams for asset owners.
The distributed solar segment in Brazil is also highly fragmented, with a large number of smaller developers operating individual projects without the scale or infrastructure to manage diversified portfolios over the long term. This dynamic creates a favorable acquisition environment for Energea, allowing the team to source operating assets at attractive valuations and consolidate them into a professionally managed, income-generating portfolio.
How the Fund generates returns
Energea Portfolio 2 LP acquires and operates community solar projects across Brazil, generating revenue through recurring energy payments from commercial and residential subscribers. That revenue is first used to cover project-level expenses — including maintenance, insurance, and land lease costs — with net cash flowing up to the portfolio level to cover administrative expenses, with the remainder distributed to investors monthly.
Revenue is generated when projects produce energy and subscribers pay for it at a contracted discount to their local utility rate — typically 15–25% below prevailing prices. Subscriber agreements are administered through the local utility, with Energea managing onboarding and monthly energy credit allocation. As Brazil phases out longstanding energy subsidies and utility costs rise, the value proposition for subscribers strengthens, supporting both retention and new subscriber demand.
The Fund targets 10-25 year energy supply agreements per project, providing more consistent cash flows. Energea’s proprietary energy sales platform and in-house operations and maintenance capabilities allow the team to actively manage subscriber relationships and asset performance across the portfolio. Investor commitments fund new project acquisitions and development.
Portfolio assets
The Fund’s current portfolio spans eleven solar installations across the Brazilian state of Minas Gerais, the majority of which are actively cash flowing.
Performance highlights1
Since its inception in 2020, the Fund has delivered a realized net IRR of 14% (as of July 22, 2026), with monthly distributions paid to investors every month since launch. Total distributions paid since inception through December 31, 2025, amount to $3,865,473.
Source: Energea internal performance data. Past performance does not indicate future results.
1 Returns are net of Energea's management fees and carried interest. Returns do not reflect broker-dealer sales loads, ongoing service fees, or early redemption fees, which reduce an investor's actual return. Annualized Cash Yield is the prior quarter's distributions as a percentage of paid-in capital. Realized IRR is the annual-period internal rate of return.
About the investment team
The Energea leadership team brings together decades of experience across renewable energy development, capital markets, technology, and international law. The four co-founding Managing Partners have worked together since the firm’s founding in 2017, building a fully integrated platform for originating, managing, and scaling solar infrastructure investments.
Mike Silvestrini, Managing Partner & Chief Investment Officer
Mike is a seasoned renewable energy professional with more than 15 years of experience in solar development across the United States, Brazil, and Africa. Before co-founding Energea in 2017, he co-founded and served as CEO of Greenskies Renewable Energy LLC, growing the firm into one of the country’s largest commercial and industrial solar developers before his exit in 2017. At Energea, Mike draws on that operational experience to drive portfolio expansion and investment strategy across global markets. He also serves on the board of the Big Life Foundation, which protects 1.6 million acres of wilderness in East Africa through community-based conservation.
Chris Sattler, Managing Partner & Chief Revenue Officer
Chris brings an extensive track record in energy, capital markets, and business building to his role at Energea, which he co-founded in 2017. Prior to Energea, he co-founded North American Power, a retail energy company that grew to more than one million customers before being acquired by a major North American energy asset owner. He subsequently served as CEO of IVI Energia, a Brookfield Renewable Partners-owned distributed generation platform in Brazil, where he structured transactions that advanced Brookfield’s renewable energy strategy in Latin America. Chris holds a degree in Real Estate and Urban Economics from the University of Connecticut, completed the Program for Leadership Development at Harvard Business School, and holds the CAIA designation.
Gray Reinhard, Managing Partner & Chief Technology Officer
Gray is a software engineer and technologist who joined Energea in 2020 and leads the company’s technology and data systems. He built the proprietary platform that powers Energea’s operations end to end — from investor-facing experiences and share pricing algorithms to project monitoring and SEC compliance workflows. Prior to Energea, he developed proprietary project management technology at Greenskies Renewable Energy. Gray holds a B.S.E. from Princeton University.
Isabella Mendonça, Managing Partner & General Counsel
Isabella is a corporate lawyer specializing in cross-border transactions, with expertise in energy, infrastructure, and regulatory matters across Brazilian and international markets. She oversees all legal affairs and special purpose entity governance across the Fund’s Brazilian project portfolio. Prior to Energea, she worked as an associate in the Energy Group at Deloitte and Mayer Brown in Brazil, advising on regulatory and corporate matters for renewable energy development. She holds a law degree from Fundação Getulio Vargas and an LL.M. from the University of Chicago.
Why Energea
Consistent income since inception
The Fund has paid monthly distributions to investors every month since its 2020 launch, with a realized net IRR of 14% as of July 22, 2026. Total distributions paid since inception exceed $3.8 million.
Contracted, recurring revenue
Each project is backed by energy supply agreements with commercial and residential subscribers, typically spanning 10-25 years. This structure provides more consistent cash flows with limited re-contracting risk and insulates returns from short-term market volatility.
Vertically integrated operations
Energea manages every stage of each asset’s lifecycle — origination, development, energy sales, and ongoing maintenance — through a proprietary technology platform. This in-house model supports operational control, cost efficiency, and transparency across a growing portfolio.
Attractive acquisition environment
Brazil’s distributed solar market is highly fragmented, with many smaller developers lacking the scale to manage diversified portfolios. Energea’s established sourcing relationships, local presence, and operational infrastructure allow the team to acquire operating assets at attractive valuations and add value through active management.
Institutional track record
Energea has co-managed solar portfolios alongside BTG Pactual, Brookfield Renewable Partners, and Victory Hill Capital Partners — demonstrating its ability to operate at an institutional standard and source high-quality deal flow across the market.
Risks
Currency / foreign exchange risk: Project revenues are earned in Brazilian Reais (BRL) and converted to USD for distribution. Returns are sensitive to BRL/USD exchange rate fluctuations, and currency exposure is currently unhedged.
Geographic concentration: Substantially all of the Fund’s deployed capital is in Brazil. Macroeconomic, political, or regulatory developments in Brazil could affect the entire portfolio simultaneously.
Liquidity: The Fund is not exchange-listed. Redemptions require a minimum 60-day hold and may take up to 90 days to process. Investors redeeming prior to their 3-year anniversary will incur a 5% early redemption fee. Investors should expect a multi-year hold.
Secured third-party debt: The Fund has an outstanding revolving credit and project-finance facility (approximately $4.38 million outstanding as of December 31, 2025) with a third-party lender. Although the lender's name includes "Energea," it is not affiliated with Energea Global LLC or any of its entities. The facility is secured by specific underlying projects, and the General Partner is not a party to the agreement. This arrangement is disclosed in full in the offering documents.
Operational risk: The performance of the Fund depends on Energea’s and local partners’ ability to successfully manage the construction, maintenance, and operation of solar assets. Results may vary due to weather, equipment, or execution factors.
Distribution risk: Distributions are not guaranteed and may be funded from sources other than operational income, including borrowings or return of capital.
Active litigation: Certain subsidiaries of the Fund are party to active legal proceedings in Brazil arising from contractor disputes. Management does not expect a material financial impact from these proceedings; however, litigation outcomes are inherently uncertain. Please refer to the offering documents for full details.
Offering Documents
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