Energy M&A Report: Key players and trends in Latin America 2025

Latin America is currently experiencing a vibrant year in energy M&A activity, with disclosed deal values exceeding US$20bn, showcasing common trends and distinctive aspects in each country. Chile, for example, reported seven deals, with four of them totaling US$2.32bn. Despite fewer transactions, the market continues to see mid-sized deals, emphasizing international investors’ keen interest in renewable energy and infrastructure assets. Major global funds like CVC, KKR, and Glenfarne made significant acquisitions in the Oasis de Atacama solar and storage hub, as well as in solar portfolios with BESS, solidifying Chile as a focal point for clean generation investments.

In Argentina, there have been eight reported deals, with six of them amounting to US$1.86bn. Although the value is lower compared to Chile, Argentina remains actively involved during macroeconomic transitions and regulatory adjustments. The Vaca Muerta region stands out, with Vista Energy acquiring Petronas’ local subsidiary and YPF adding blocks from TotalEnergies. The trend of foreign divestments, like ENAP and Pluspetrol, persists as mid-sized players enter conventional assets such as Crown Point and Tango Energy, hinting at a shift towards more local and specialized actors.

Brazil leads in both volume and value, with 35 deals totaling US$7.37bn across 14 transactions. The activity in Brazil is diverse, with GIP entering Vale’s renewable platform and PRIO making multi-billion-dollar acquisitions in the Peregrino and Pitangola fields. A surge in solar and smaller-scale wind transactions underlines the increasing vertical integration of industrial groups and funds within the energy transition.

Mexico follows closely behind Brazil with US$4.75bn in three transactions out of six reported. A significant strategic deal between Cox Energy and Iberdrola worth US$4.20bn has garnered attention. Furthermore, Grupo Carso bolstered its position in the Zama field, and anticipation remains high for the Saguaro LNG megaproject.

Colombia saw a total of nine deals, with four disclosed transactions tallying US$2.23bn. These transactions involved strategic and large-scale assets. Ecopetrol’s dominant role is evident through its acquisition of Statkraft’s solar and wind project portfolio, along with an increased presence in oil and gas blocks. The departure of international players signals a shift towards stronger local leadership in the energy transition.

Various other countries have marked significant milestones in the energy sector. For example, Cox Energy acquired Solar Pro in Panama, Peru saw expansions in renewables by Colbún and Luz del Sur, the acquisition of a stake in TgP by EIG, Gran Tierra strengthened its presence in the Oriente basin in Ecuador, and significant consolidations in renewables and gas occurred in the Caribbean by TotalEnergies, InterEnergy, and Excelerate.

Overall, the data confirms a regional trend towards decarbonization and scale in renewables, while strategic transactions in hydrocarbons and midstream continue to evolve. The increasing involvement of local players in place of multinational corporations is notable, emphasizing the region’s commitment to energy transition and sustainability.