Brookfield Business Partners, a subsidiary of Brookfield Asset Management in Canada, has agreed to buy Aldo, Brazil’s leading PV product distributor, and system integrator. The transaction should be completed by the end of August. Brookfield Business Partners announced the acquisition of Aldo in a quarterly financial report, saying it will fund around $115 million of the $320 million equity investment for a 35 percent ownership stake, with the remainder coming from institutional investors.

Aldo presently concentrates on the sale of residential, commercial, and industrial solar systems, with just 3 per cent of sales dedicated to projects with a power higher than 1 MW and a concentration on remote self-consumption.

The acquisition will allow the firm to expand its national operations, provide new products and services, and maintain its objective of assisting the growth of Brazil’s distributed generation industry. The firm’s revenue for 2020 is expected to be $308.8 million.

This year, Brazil might witness the deployment of 4 GW of additional distributed generation solar power, with another 5 GW coming next year. When asked about the potential of extending the company’s operations internationally, the CEO stated that the Brazilian market would take at least 10 years to become saturated. Brazil currently has 89 million consumers but only 330,000 solar systems linked to the grid, implying that they have room to expand.