Brazilian telecommunications giant Intelbras enters solar business with acquisition of Renovigi

Brazilian telecommunications company Intelbras has agreed to acquire Brazil’s second-largest PV system integrator and product distributor, Renovigi, for BRL334 million ($64.7 million).

“The company is one of the market leaders and recognized for its excellence in the quality of its products and proximity to its accredited partners,” Intelbras said in a filing with the Securities and Exchange Commission of Brazil. “The acquisition will provide the company’s various sales channels and partners with a great opportunity to expand the availability of products to the local market and [benefit] the entire [supply] chain. In addition, the network of partners and installers will be expanded in an accelerated and synergistic way.”

According to Intelbras, Renovigi achieved a turnover of BRL799.4 million and EBITDA of BRL49.8 million in the past fiscal year. The system integrator is mainly active in the distributed generation segment, which in Brazil includes all PV systems not exceeding 5MW in size.

In July, Renovigi announced a plan to build PV system assembly factory at the Port of Pecém, in the state of Ceará, in northeastern Brazil. In 2020, the company sought to diversify its pool of suppliers when restrictions were imposed by Covid-19.

The company currently operates two production units, in Itajaí, in the state of Santa Catarina; and in Louveira, in São Paulo, where it integrates complete photovoltaic systems which are then distributed among its more-than-9,000 accredited installers. The factories use modules supplied by Risen, JA Solar, Canadian Solar, Sunshine, Talesun, and BYD.