Exagon Impact Capital, a private equity firm, announced that it has acquired a controlling stake in SunRoof, a Latin American renewable energy platform, through its inaugural fund, Exagon Latin America Fund I (XLA I).
SunRoof is a clean energy provider serving commercial and industrial clients through solar and battery storage solutions. With its proprietary autonomous solar panel cleaning technology, it claims to reduce water usage while maximizing energy yield.
According to SunRoof, it has secured long-term power purchase agreements (PPAs) with companies expanding in Mexico, including multinational food and beverage companies, tire manufacturers, and Mexican beverage firms.
With this acquisition, the XLA I portfolio is expected to strengthen its presence in Latin America’s middle-market renewable energy sector. The investment will also support SunRoof’s expansion in Mexico, helping accelerate the adoption of distributed generation solar in the commercial and industrial segments.
“We’ve developed a strong relationship with the Exagon team over time, and we’re honored by their trust in our vision. We are thrilled to begin this new chapter and see the SunRoof team grow with Exagon’s support. This partnership enables us to accelerate our expansion in Mexico while continuing to deliver impactful, high-quality renewable energy solutions across the region,” said Francisco Martin, Founder and CEO of SunRoof.
According to Mercom’s Q1 2025 Solar Funding and M&A report, a total of 19 solar corporate M&A transactions were recorded in Q1 2025, compared to 20 transactions in Q4 2024, and 10% lower than the 21 solar M&A transactions in Q1 2024.
In March, Omnidian, a performance assurance provider for renewable energy assets, announced its acquisition of Solar Service Guys, which provides system lifecycle service and support for residential and commercial solar investors. According to the agreement, SSG will be a fully integrated subsidiary of Omnidian, operating within Omnidian’s Australian arm, with a focus on delivering services and solutions to customers across the residential, commercial, and utility solar markets.
