RENV11 — CPV Energia FII

CPV Energia Fundo de Investimento Imobiliário Responsabilidade Limitada (CNPJ 54.174.907/0001-04) — a nano-cap Brazilian real-estate-fund (FII) focused on photovoltaic distributed generation

Segment: Solar Power / Distributed Generation · Price R$ 5.63 · P/BV 0.3979 · BV/unit R$ 14.15 · Net assets R$ 14,5 Mi · 898 unitholders

What is RENV11

RENV11 (CPV Energia FII) is a Brazilian REIT in the Solar Power / Distributed Generation segment. CPV Energia Fundo de Investimento Imobiliário Responsabilidade Limitada (CNPJ 54.174.907/0001-04) — a nano-cap Brazilian real-estate-fund (FII) focused on photovoltaic distributed generation

Tiny fund consisting of two photovoltaic solar generation plants (GD) in Alexânia/GO and Mombaça/CE, with 10 to 15-year contracts under the net metering structure, where revenue comes from generated energy credits. Be aware: it is a nano-cap with almost no liquidity, and revenue fluctuates with solar generation — leaving no cushion over the paid dividend.

This page gathers the factual snapshot of RENV11 in 2026: what the fund is, what it invests in, what it charges, who manages it and how it got here. Opinion, score and recommendation live in the analysis; payout calendar and projections live in dividends.

RENV11 numbers in 2026

Net assets: R$ 14,5 Mi
Book value per share: R$ 14.15
Number of shareholders: 898
Gross leasable area: 2 MW AC installed (2.69 MWp DC)
Occupancy: 100.0%
WAULT (years): 12.5

Fees

Management fee: 0,12% a.a.
Advisory fee: 1,13% a.a.
Performance fee: 20% over excess return
Total Cost (fixed): R$ 12,000/month

Manager

Management: CPV Capital Gestão de Recursos.

CPV Capital (CNPJ 46.974.410/0001-34) is the primary manager, with co-management by Armor Energia. The team specializes in structuring renewable energy assets, but RENV11 is a micro-sized fund with a short track record (launched in May/2024). Following its IPO in April/2024 and 2nd offering in October/2024 (R$ 9.95/unit), the fund has failed to scale — the unit trades well below the offering price, and the P/BV of 0.42 reflects a lack of market credibility. Low rating due to the combination of tiny size, distributions exceeding cash flow, and a lack of meaningful institutional marketing/communication.

Fund Inception: Mai/2024
Managed net assets (RENV11): R$ 14,65 Mi
12m Performance: -2,89%

See our analysis of CPV Capital Gestão de Recursos →

RENV11 portfolio: what the fund invests in

Portfolio comprising 2 SPVs owning operational photovoltaic plants + residual CRI position

Asset	Location	% of NAV	Occupancy
SPV Yellot — UFV Alexânia/GO	—	70.9%	—
SPV GD Solar — UFV Mombaça/CE	—	17.5%	—
VortxDTVM CRI 4th issuance series 1	—	9.3%	—
Cash and Fixed Income	—	2.5%	—

Concentration and diversification

HHI 0.5527 — extrema.

Breakdown	Share
By state	Midwest (GO) 70.9% · Northeast (CE) 17.5%
By tenant	Yellot (UFV Alexânia) 70.9% · Gedisa (UFV Mombaça) 17.5%
By index	Compensated energy tariff (variable) 88.3% · CDI / Fixed Income 11.7%

Price, P/BV and book value

last close R$ 5.63 · all-time low R$ 4.28 · high R$ 9.95 · book value per unit R$ 14.15.

Liquidity and trading

Average daily volume (21 sessions) of R$ 5,067 · 12-month average of R$ 5,067.

Critical liquidity — unable to operate positions > R$ 50k without moving the price. Unviable for serious investors.

RENV11 track record

RENV11 has only 2 years of operations and is still seeking a stable financial regime. The 2 plants have functioned normally since 2024, but the fund's size (net assets R$ 14.65M) fails to dilute fixed costs: the management fee of R$ 12k/month consumes 8-15% of monthly revenue, leaving a minimal margin for distribution. The manager maintains R$ 0.08/unit even when cash flow does not cover it, draining the undistributed balance (R$ 0.09 → R$ 0.07 in 3 months). A P/BV of 0.42 and 12-month return of -2.89% signal that the market does not believe in the current model. To unlock value, the fund needs to acquire new plants at an attractive cap rate — but with such a low P/BV, a new follow-on offering at market is highly dilutive; without an offering, scale will not come.

Period	What happened
FUNCIONAMENTO	Official fund constitution and start of UFV Alexânia operations.
EXPANSÃO	Second plant enters operation, doubling installed capacity.
2ª EMISSÃO	Offering of up to R$ 50M at R$ 9.95/unit for qualified investors.
ESTABILIZAÇÃO	Monthly distribution stabilizes at R$ 0.08, but earnings fluctuate.
TROCA DE ADMIN	ID CTVM takes over administration from Vórtx.
PRESSÃO NO CAIXA	Distribution maintained at R$ 0.08 exceeds cash earnings in 3 out of 5 months.