Governance +
Investment Process
1. Planning & Structuring
Assessment of
- Asset profitability
- Portfolio synergies (value levers)
- Financing/CAPEX scenarios
- Lessee credit risk
- Project location, generation potential, and/or effective generation (M&A)
2. Due Diligence
- Alignment with the FIP-IE's responsible investment policies
- Legal due diligence: land title, corporate, environmental, and commercial
- Technical due diligence: project analysis, equipment, on-site visits, generation, availability, performance ratio, O&M, among others
- Financial due diligence: review of debt documentation, covenants, and financial statements
3. Investment Committee
- Review of investments approved through due diligence
- Unanimous approvals
- Risk analysis and opportunity optimization
- Construction approval (organic)
- Preliminary approval for submitting binding proposals (M&A)
4. Approval & Monitoring
- Construction start (organic)
- Asset incorporation plan and generation performance tracking (M&A)
- Active management (by asset and by portfolio) and O&M aimed at meeting and/or exceeding target generation
Responsible Investment
Labeled a Green Fund (verified January 2023).
- Rotulado como Labeled a Green Fund (verified January 2023).
- Independent opinion issued by NINT, Latin America's leading ESG consulting and assessment firm.
ATHON ENERGIA S.A.
Fund Investee
- Comprises distributed-generation (DG) photovoltaic power plants (operational, under construction, or in the project phase)
- Independent opinion issued by NINT — Green Bond rating.
- Commitment to Athon Energia S.A.'s Green Bonds (Green Bond Framework — NINT)
Investment Committee
Daniel Maia
Director
- Founder of Athon Energia S.A. in 2017
- Began his career in 2005 working in Project Finance at BNP Paribas (France)
- Worked as an analyst at Tarpon Investimentos, where he engaged in the analysis of several companies, including the creation and monitoring of Omega Energia and Arezzo&Co
- Degree in Business Administration from FGV, with further studies at HEC Paris.
Breno Megale
Director
- With more than 15 years of experience in financial markets, private equity(H.I.G. Capital and Pátria Investimentos), and strategy consulting(Booz Allen Hamilton / Booz & Co), he has led numerous mergers and acquisitions and investment theses in the energy, capital goods, and infrastructure sectors
- Served as a board member and key executive at private-equity-backed companies, and on private equity investment committees across Latin America.
- Served as a board member and key executive at private-equity-backed companies, and on private equity investment committees across Latin America.
- Degree in Business Administration from FGV, with an MBA from the University of Michigan.
Raphael Eckmann
Director
- Investor and co-founder of Athon Energia S.A., having structured the company's operations, commercial, and project finance functions, as well as the Athon Energia ESG I FIP-IE Fund
- Worked at BTG Pactual (United Kingdom) as Head of Asset Distribution for liquid and illiquid strategies (private equity, infrastructure/energy, and forestry).
- Spent 9 years at Tarpon Investimentos (Brazil and NY), responsible for fundraising and capital-raising processes for Omega Energia, and involved in structuring the IPOs of Arezzo&Co. and Direcional Engenharia
- Degree in Civil Engineering from Universidade Mackenzie, with an MBA from the University of Pittsburgh