Energea always has a lot in the works from acquisitions of existing projects, to development of new ones, to energy based loans, and launching of entirely new portfolios. With each having their own timeline, which can change due to schedule delays, offers being negotiated further, waiting on third-party approvals, etc, we’ll use a monthly post to stay organized and as current as we can.

Brazil

Acquisitions:

New in March, the addition of 13MW in Goias in February. Will keep an eye open for these to show up in the portfolio online, number of projects involved unknown.

Nothing new reported about projects in Minas Gerais – Purchase of 13 MW of projects (# unknown). The company recently signed a non binding offer for approximately 13 MW of fully subscribed solar projects in Minas Gerais. Our objective is to acquire these assets in the first half of the year while completing subscription of the existing operating portfolio by June 30. (January 2026 Performance Report)

Development:

Nothing new reported since February – 10 more Micros Projects (2025 Q4 Webinar Mike)

Delays:

Divinopolis III was activated on April 13. Waiting for it to update in our assets and to see if we’ll be updated on compensation from the electric grid who was at fault for the delay.

Divinopolis III interconnection energizing rescheduled to this month (March).

Divinopolis III interconnection to be fixed February 20, 2026 (Brazil November 2025 Performance Report)

Thoughts:

We look forward to seeing compensation from the security outfit who allowed the theft incident earlier this year.

Once the theft compensation and Divinopolis III compensation are resolved, we will continue contributions to this portfolio. Until then we have paused new money and stopped dividend reinvestment.

Africa

Acquisitions:

Nothing new to report – Hooray Project Acquisition #2. We are currently conducting due diligence on our second acquisition from Hooray Power. (January 2026 Performance Report)

Development:

Nothing new to report – Eastern Cape Battery Project. Meanwhile, progress continued on a battery storage project in the Eastern Cape (January 2026 Performance Report)

Loans:

Still waiting on new information for the controlling interest in Bonsmara. The news of obtaining a controlling interest in Bonsmara makes sense. We don’t know Hector global, but we know Energea. Energea has proven to be very capable underwriters, builders, and managers of projects. Having this type of oversite in a “utility” sized project generates greater confidence than simply providing a loan. We’re currently in negotiations with HGR to convert the majority of our corporate loan into a controlling interest in the Bonsmara project (March Performance Report).

We anticipate that HGR will request a sizable draw in February to fund an Eskom security bond required for interconnection at Bonsmara. Extending additional credit to this borrower is expected to increase the annualized dividend yield in the coming months. (January 2026 Performance Report)

HGR remains current with loan repayments (2025 Q4 Webinar)

Thoughts:

This is a lot of change for Energea to manage. All of it sounds great, but we want to see how it unfolds more, so we are pausing new contributions and dividend reinvestment.

USA

Acquisitions:

The 15MW Maine acquisition has been formally accepted. A verbal agreement has been made for the acquisition of 15MW through 2 projects in Maine. (March Performance Report)

Purchase of 18 MW of projects; 7 MW, 8 MW, 3 MW. We have submitted offers to acquire three new projects, including 7 MW operational, 8 MW operational, and 3 MW in development. If these offers are accepted, we expect to announce the acquisitions in February. (2026 January Performance Report)

Development:

Iron Spur Texas construction has begun and it will be a 140MW project. (March Performance Report)

Iron Spur Texas 100+ MW in planning stage. Progress continues on the Iron Spur project as we develop a plan to safe harbor the project, which will preserve its eligibility for the 30% tax credit through 2030 (2026 January Performance Report)

Thoughts:

Theft incidents seem to be resolved, with a night guard positioned at Fresno now. Until an agreement is reached with Fresno airport, who is supposed to have provided the security, we are pausing new contributions and stopping dividend reinvestment.

LATAM

Nice to see LATAM Energy official launched and funding over $2.5M so far. Looking forward to seeing the first payout from the loan and the first  solar project acquisition.

Thoughts:

We are prioritizing investments to this portfolio.