Who We Are
Athon Capital Ltda. is the investment branch of Grupo Athon, and has also served as the investment advisor to the Athon Energia ESG I FIP-IE IS RL Fund since its founding in July 2021.
Our focus is Renewable Photovoltaic Energy and Distributed Generation ("DG").
Santa Rita do Pardo - MS | Capacity: 4,1 MWp
About the AATH11 Fund — Athon Energia ESG I FIP-IE IS RL
The Athon Energia Fund is a tax-INCENTIVIZED vehicle for individual investors, aimed at investing in, developing, and operating DG plants under sound ESG practices. The vehicle targets a qualified, uncorrelated absolute return over the long term.
Fund Structure & Investees
- CAPEX Close to BRL 1 billion invested to date
- Pipeline + 100 MWp (GD1) organic, backed by deep M&A expertise
- Installed capacity Projected at 400 MWp by 2026
- 79,8 MWp de usinas solares operacionais e 32 MWp em implantação
- Mais de R$ 400 milhões em CAPEX
- Pipeline orgânico de expansão de aproximadamente 180 MWp
- Estimativa de mais de 400 MWp (orgânico + M&A) em 2026 e R$ 2 bilhões em CAPEX
The Fund manages a portfolio of DG power plants, alongside a robust pipeline of projects for organic development and M&A.
- All projects hold grid-access approvals with economics pre-dating Law 14.300 (the DG Law)
- As a FIP-IE (tax-incentivized vehicle), individual investors are exempt from capital gains tax
Athon's Assets
53 solar power plants (UFVs) in operation, totaling 213+ MWp. 213 MWp
Equivalent to:
Discover some of our assets
Value Levers
We pursue qualified, uncorrelated absolute returns by investing in distributed generation assets, leveraging:
Engineering & Operations
Low operational risk — an in-house O&M team paired with Siemens as the principal equipment supplier. High availability and performance ratio thresholds. A regional cluster strategy.
A multidisciplinary technical team applying rigorous RFP criteria and contract management. A distinctive track record in securing licenses and approvals, project implementation, and grid connections.
Commercial
Robust clients operating in resilient sectors of the economy — primarily large corporations, backed by substantial termination penalties.
Long-term lease agreements (15+ years) with inflation protection built in.
Financial Planning
Optimization of the capital structure, driving incremental IRR and Return on Equity (ROE).
Upside potential through Incentivized Infrastructure Debentures and REIDI tax incentives (DG Law 14.300).
M&A
Expansion of installed capacity through the acquisition of operational or under-construction projects.
In-depth technical and legal due diligence.
Broad synergies with the organic portfolio and a rigorous investment process.
Regulatory
Organic growth: legal certainty — Law 14.300, enacted in 2023.
213.3 MWp operational and 195 MWp in the organic pipeline (100% pre–Law 14.300, securing the best IRR for investors).
Distributed Generation (DG) plants under remote self-consumption now pay the lower TUSD G tariff.
ESG
Sound ESG practices in place and continuously reviewed.
Green Fund Certification (NINT opinion).
Commitment to publishing an annual sustainability report.