Voltalia has said it is seeking compensation for the ongoing curtailment of its Brazilian solar and wind fleet, which has exceeded expectations this year.
The French independent power producer’s results for the first half of 2025 reported that 14% – 268GWh – of its Brazilian generation was curtailed by the national operator, higher than the 10% it had anticipated.
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For its Brazilian solar fleet specifically, Voltalia said curtailment had reduced its load factor by 5%. The curtailments of its Brazilian portfolio represented 10% of the company’s total production.
As a result, the company said its earnings in Brazil in the first half of 2025 were 5% down on the same period last year, offset slightly by improved solar and wind resources in the reporting period. Overall, the company’s earnings before interest, tax, depreciation and amortisation were down 4% for the period.
Voltalia has 750MW of PV and 773MW of wind operational in Brazil, the largest of its fleets worldwide.
But curtailment has become a growing issue for the company’s Brazilian operation as the country continues to grapple with its grid’s inability to absorb the amount of new renewable energy generation coming online. Earlier this year, analyst Wood Mackenzie predicted that curtailment in Brazil could reach 8% by 2035 without significant investment.
“In an environment still marked by curtailment in Brazil, our half-year results remain solid, while highlighting the need to improve our operational performance and efficiency. This is precisely the objective of our SPRING plan, for which we are today presenting the conclusions of the diagnostic phase and the first measures resulting from it,” said Robert Klein, Chief Executive Officer of Voltalia.
In a presentation of its objective to investors published alongside its results, Voltalia referenced a number of ongoing actions aimed at easing the curtailment issue. These include a working group between Brazil’s operator ONS, its regulator ANEEL and other stakeholders to investigate long-term solutions, discussions between government and industry over compensation payments and regulatory action. It also said various legal challenges were underway at state and national levels against the curtailments.
“Voltalia remains confident of a favourable outcome, in the medium term, to the legal and contentious actions undertaken for compensation, however, given this evolving context, no compensation has been included for 2025,” the company said in its results.
