- Companies
- Órigo Energia
Órigo Energia Valuation, Funding & Investors
Órigo Energia is valued at $816M as of January 2024.
Last Órigo Energia valuation
$816M
Undisclosed stage · Jan 2024
Last Órigo Energia funding round
$400M
Undisclosed stage · Jan 2024
Cumulative funding Órigo Energia raised
$538M
across 3 funding rounds
Key investors in Órigo Energia
Augment Infrastructure
I Squared Capital
Impact Fund Denmark
About Órigo Energia
Órigo Energia is a Brazil-headquartered company specializing in shared distributed generation of renewable energy sources. It operates multiple solar farms across São Paulo and Minas Gerais states, alongside biogas plants that convert organic waste into electricity. The firm supports over 1,000 commercial and industrial clients through its generation platforms, enabling them to access clean energy without owning infrastructure. Established in 2020, Órigo Energia manages more than 100 MW in installed capacity and partners with local utilities like CPFL Energia for grid integration. Its projects include the 5 MW Sol do Sertão solar farm in Bahia and a 2 MW biogas facility in Mato Grosso.
Founded
2010
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Usage-based
Valuation
$816M (Jan 2024)
Órigo Energia Valuation
Órigo Energia is currently valued at $816M, based on its undisclosed-stage round in January 2024.
The $400M round was led by I Squared Capital.
Órigo Energia valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jan 2024 | Undisclosed stage | $816M |
Órigo Energia Funding History
Órigo Energia has raised a total of $538M across 3 funding rounds.
Órigo Energia's first fundraising round was a $90M undisclosed-stage round in August 2022. The most recent completed round was a $400M undisclosed-stage round in January 2024.
Órigo Energia funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2024 | Undisclosed stage | I Squared Capital (lead) | $400M | $816M | Órigo Energia is Brazil's largest distributed generation company, founded in 2010, offering residential consumers and small to medium-sized enterprises access to solar-powered energy at discounts from regular utilities. As of the investment announcement, the company operated over 100 solar farms with 300 MW of distributed generation assets already in operation across six states (Minas Gerais, Pernambuco, Ceará, Mato Grosso do Sul, Distrito Federal, and São Paulo), serving more than 100,000 customers. In December 2023, I Squared Capital, a global infrastructure investment manager with over $38 billion in assets under management, agreed to invest up to $400 million for a 49% ownership stake in Órigo Energia, marking I Squared's first direct investment in Brazil following the opening of its São Paulo office. The investment proceeds were allocated to fund the construction of more than 2 gigawatts of distributed solar generation projects across 20 states in Brazil, with an estimated total capital expenditure of R$6 billion (approximately $1.2 billion USD). The transaction was expected to close in the first quarter of 2024 and would make I Squared the company's largest single shareholder with a stake at least twice as large as other investors including Augment Infrastructure, TPG ART-Circularis Partners, Blue like an Orange Sustainable Capital, MOV Investimentos, and Mitsui. The investment reflected confidence in Brazil's fast-growing distributed generation sector, which benefits from favorable regulatory conditions and tax incentives, with the company receiving B Corporation certification in 2019 and earning a Customer Experience recognition as the highest-rated energy sector company in Brazil in 2023. |
| Jan 2023 | Undisclosed stage | Augment Infrastructure (lead) | $48M | - | Órigo Energia is a leading distributed generation company in Brazil, owning solar farms and serving residential customers and small/medium enterprises under Brazil’s Distributed Generation Law. In 2022, it received investments totaling approximately BRL 700 million from Augment Infrastructure (initial BRL 460 million followed by R$240 million or ~USD49 million), alongside shareholders like TPG ART-Circularis, MOV Investimentos, and Mitsui, to expand solar generation assets. A prior equity investment of US$85 million was announced in August 2022 by Augment Infrastructure and IFU (Danish Investment Fund for Developing Countries), marking IFU's largest single investment in its SDG Fund, aimed at accelerating solar farm construction, technology investment, and geographic expansion. At that time, the company operated around 150 MW of renewable energy capacity, serving over 50,000 customers primarily in states like Minas Gerais, Pernambuco, and São Paulo. In Q1 2024, Órigo received a US$400 million investment from I Squared Capital, becoming its largest shareholder with nearly 49.4% stake (Augment holding just over 23%), enabling over 2 GWp in new distributed solar projects across more than 20 Brazilian states. The company has since issued debt like R$215 million incentivized debentures in 2024 for refinancing 47.1 MWp of solar farms and R$500 million commercial notes for 198 MWp expansion. By late 2024, it had nearly 450 MWp capacity serving over 130,000 clients, with further financing from IFC (~$40 million equivalent) for 90 MWp projects. Órigo prioritizes operational efficiency post-accelerated growth, adjusting pipeline goals to 600-650 MW from 700-800 MW amid DG sector transitions. It has earned NPS Awards for customer experience in 2023-2024 and aligns with UN Global Compact SDGs. |
| Aug 2022 | Undisclosed stage | Impact Fund Denmark; Augment Infrastructure | $90M | - | Órigo Energia is a leading distributed generation company in Brazil, owning solar farms and serving residential customers and small and medium enterprises under Brazil’s Distributed Generation Law. On August 1, 2022, Augment Infrastructure and IFU announced an equity investment of US$85 million in the company. Existing shareholders at the time included TPG ART-Circularis, MOV Investimentos, and Mitsui. The investment supports Origo's growth in the robust Brazilian regulatory framework for distributed generation. IFU's investment was made through the Danish Sustainable Development Goals Investment Fund, marking its largest single investment to date, aimed at supporting the green transition in developing countries like Brazil. Augment Infrastructure highlighted Origo's leadership position in the sector. Subsequent investments by Augment included an initial R$460 million in August 2022, followed by an additional R$250 million announced later, bringing total Augment investments to over R$700 million, with plans for accumulated Capex of R$4 billion by 2025 to reach over 1 GWp capacity and 500,000 customers. IFU's 2022 annual report references the Augment Origo investment as expected to install up to 1,300 megawatts of solar power in Brazil, contributing to IFU's green energy and infrastructure focus. No financial metrics such as post-money valuation, revenue, ARR, EBITDA, or valuation multiples are disclosed in the sources for the 2022 round. Later developments include additional funding like $400 million from I Squared in 2024 and IFC commitment to project financing. |
Who has invested in Órigo Energia?
3 investors have backed Órigo Energia across its funding rounds, including Augment Infrastructure, I Squared Capital and Impact Fund Denmark.
Lead investors include I Squared Capital and Augment Infrastructure.
Órigo Energia Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Aug 2022 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialÓrigo Energia Competitors
Órigo Energia competitors include listed companies like Engie Energia Peru and Reliance Power, and private ones like MSolar, Apraava Energy, INOX Renewable Solutions and Type One Energy.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $801M | - | ||
| Private | - | - | $833M | - | ||
| Private | $23M | - | $792M | 34.4x | ||
| Publicly listed | $653M | $256M | $848M | 2.0x | ||
| Private | - | - | $900M | - | ||
| Publicly listed | $751M | $278M | $908M | - |
Órigo Energia Public Comps
Órigo Energia is still privately-owned, but its public comps include Shanghai Huitong Energy, Tamar Petroleum, TXO Partners, Channel Infrastructure NZ, Canadian Solar, Engie Energia Peru, Energy Vault, Waaree RTL, Vitesse Energy and Vulcan Energy Resources.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $15M | $6M | 49.7x | - | 119.6x | - | |||
| $300M | $140M | 5.0x | - | 10.6x | - | |||
| $401M | $91M | 2.4x | 2.6x | 10.7x | 5.7x | |||
| $78M | $54M | 13.0x | 11.7x | 19.1x | 17.1x | |||
| $5.6B | $546M | 1.6x | 1.5x | 16.1x | 15.6x | |||
| $653M | $256M | 1.9x | 2.0x | 4.9x | 5.2x | |||
| $204M | ($83M) | 4.6x | 3.6x | (11.4x) | (46.2x) | |||
| $347M | $66M | 2.5x | 1.9x | 13.3x | 10.8x | |||
This data is available for Pro users. Sign up to see all Órigo Energia competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Órigo Energia
| When was Órigo Energia founded? | Órigo Energia was founded in 2010. |
| Where is Órigo Energia headquartered? | Órigo Energia is headquartered in São Paulo, Brazil. |
| Is Órigo Energia publicly listed? | No, Órigo Energia is a private, VC-backed company. |
| What is Órigo Energia's valuation? | Órigo Energia was last valued at $816M in its undisclosed-stage round in January 2024. |
| How much funding has Órigo Energia raised? | Órigo Energia has raised $538M across 3 funding rounds. |
| What was Órigo Energia's last funding round? | Órigo Energia's last funding round was a $400M undisclosed-stage round in January 2024, led by I Squared Capital. |
| Who are Órigo Energia's investors? | Órigo Energia's investors include Augment Infrastructure, I Squared Capital and Impact Fund Denmark. |
| Which companies are comparable to Órigo Energia? | Companies comparable to Órigo Energia include MSolar, Apraava Energy, INOX Renewable Solutions, Engie Energia Peru, Type One Energy and Reliance Power. |
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