Solar distributed generation real estate fund (photovoltaic UFVs), managed by Suno Gestora de Recursos. CNPJ 43.741.171/0001-84. Net assets of R$ 883.6M with 22 operational UFVs + 15 assets under acquisition. 5th Offering approved on June 16, 2026: up to R$ 1.84B in 221.32M new units (price R$ 8.32; additional allotment +25%).
Segment: Others — Solar Energy Infrastructure (Distributed Generation) · Price R$ 8.14 · P/BV 1.0074 · BV/unit R$ 8.08 · Net assets R$ 930 Mi · 119,274 unitholders · 22 assets
SNEL11 (Suno Energias Limpas FII) is a Brazilian REIT in the Others — Solar Energy Infrastructure (Distributed Generation) segment. Solar distributed generation real estate fund (photovoltaic UFVs), managed by Suno Gestora de Recursos. CNPJ 43.741.171/0001-84. Net assets of R$ 883.6M with 22 operational UFVs + 15 assets under acquisition. 5th Offering approved on June 16, 2026: up to R$ 1.84B in 221.32M new units (price R$ 8.32; additional allotment +25%).
Owner of dozens of solar power plants spread across Brazil that are leased to electric utility companies, distributing rental income as monthly dividends — the only FII with CVM ESG certification. Note: the largest tenant uses less than half of its capacity, curbing income growth.
This page gathers the factual snapshot of SNEL11 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.
Management: Suno Gestora de Recursos.
Suno Gestora de Recursos is the asset management arm of Suno Group, founded in 2018 by Tiago Reis (CNPI analyst known for the 'buy and hold' thesis and Suno Research channel). The firm grew rapidly and currently manages over R$ 5B in real estate funds (SNEL11, SNAG11, SNCI11, SNFF11, etc.). SNEL11 is administered by Singulare Corretora de Títulos e Valores Mobiliários S.A. (replaced QI Corretora in Apr/26), audited by PwC, with XP as market maker. The differentiator is the unique thesis: few managers in Brazil have expertise in solar distributed generation via an FII vehicle — the product requires technical knowledge in energy, ANEEL regulation, and SPV structuring. Point of attention: management fee of 1.08% p.a. + administration fee of 0.12% p.a. (total fee of 1.20% p.a.) is above the market average, and there is a performance fee of 20% over IPCA+7%.22 operational UFVs (87.8 MWp) + 15 assets under acquisition (61.1 MWp) — 37 projects in the total pipeline totaling 149.4 MWp
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| UFV San Remo 1 & 2 | João Pinheiro/MG — CEMIG | 3.2% | 1.0% |
| UFV Amontada 2 | Amontada/CE — ENEL | 0.6% | 1.0% |
| UFV Petrolina (1, 2, 3, and 4) | Petrolina/PE — CELPE | 3.7% | 1.0% |
| UFV Itabira 1 | Itabira/MG — CEMIG | 1.6% | 1.0% |
| UFVs operated by NUV Energia (4 UFVs in ramp-up) | São Bento Abade/MG, Mundo Melhor/GO, Catena/MG, Malbec/MG | 20.0% | 0.387% |
| UFV Paramirim | Paramirim/BA — COELBA | 3.8% | — |
| UFV Cruzeiro do Sul | PR — COPEL | 1.8% | — |
| UFV Soleil | PR — COPEL | 1.8% | — |
| UFV Juti | Juti/MS — ENERGISA | 2.1% | — |
| UFV Pirassununga | Pirassununga/SP — ELEKTRO | 0.4% | 0.95% |
| UFV Liberdade | GO — Equatorial Goiás | 4.3% | 0% |
| Assets Under Acquisition (pipeline of 15 assets / 61.1 MWp) | — | 23.8% | — |
| FII GD Projects Liquidity | — | 22.5% | — |
| FII GD Projects Holding | — | 23.8% | — |
| Cash and Equivalents (Available Funds + Fixed Income Funds) | — | 6.3% | — |
| cri-pirelli | — | 0.5% | — |
| cri-fametro | — | 0.4% | — |
HHI 0.4 — alta.
| Breakdown | Share |
|---|---|
| By state | Southeast — CEMIG-MG 36.6% · Southeast — LIGHT-RJ 17.4% · Midwest — EQTL-GO 15.9% · South — COPEL-PR 7.7% · Northeast — CELPE-PE 5.7% · Midwest — ENERGISA-MS 3.8% |
| By tenant | NUV Energia 54.0% · Indefinite (in ramp-up) 16.0% · Nextron 8.0% · Setta 6.0% · Matrix 6.0% · Safira 4.0% |
| By index | IPCA 93.0% · CDI 7.0% |
| By contract type | Compensada 70.0% · Indefinido (ramp-up) 13.0% · Take or Pay 17.0% |
The P/BV of 1.06 indicates that the market is paying 6% above the unit's book value — an unusual situation for FIIs in general (B3 median ~0.90), but justifiable given the product's uniqueness and a cumulative return of +80.72% since listing.
last close R$ 8.14 · all-time low R$ 7.81 · high R$ 9.93 · book value per unit R$ 8.08.
| Period | What happened |
|---|---|
| ESTRUTURAÇÃO | Establishment of the fund by Suno with a pioneering mandate in distributed solar generation. |
| IPO (1st Offering) | Start of operations on Dec 23, 2022. Initial fundraising focused on greenfield projects. |
| GREENFIELD | Construction year for the first UFVs. Revenue still dominated by fixed-income investments. |
| 2ª EMISSÃO + CONEXÕES | Raising of new capital and wave of greenfield UFV connections coming online. |
| DESDOBRAMENTO 15:1 | Unit split at a 15:1 ratio to expand liquidity and retail access. |
| 3ª EMISSÃO | The 3rd offering raised R$ 166M to accelerate the acquisition of brownfield assets (already operational). |
| EXPANSÃO ACELERADA | Year of transformation: 4th offering raised R$ 622M and net assets grew to R$ 900M. |
| MATURAÇÃO ACELERANDO | The fund enters an accelerated operational maturation phase with nearly 100k unitholders, 87.8 MWp, and a pipeline of 15 assets under acquisition. |