A process. Not a series of deals.
Anyone can buy a company. The value is in the system that turns each acquisition into the next one — a method that is studied, documented and improved every time it runs, applied market by market.
A fragmented market, structural demand, and a capital gap nobody is closing.
Andara is being formed to build a regional platform of commercial and industrial energy infrastructure companies. Rather than building operating capability from the ground up, we acquire established, profitable, founder-owned businesses and combine them with institutional capital, centralised financing, coordinated procurement and management systems they cannot access on their own.
The opportunity is structural, not cyclical. Regulatory frameworks in the Dominican Republic and Colombia support distributed and renewable generation, and both markets have a large base of commercial and industrial users facing high tariffs, reliability problems, or both. Local operators have already built the technical capability to serve that demand. What they lack is capital, financing products and scale.
Buy capability, not equipment
Trusted customer relationships, qualified technical teams, local licences and a live project pipeline — assets that take years to build and cannot be purchased from a manufacturer.
Centralise everything that scales
Procurement, financing, technology, engineering standards, accounting, marketing, business development and asset management. What is local stays local; what is repeatable gets centralised.
Move from project to asset
Installations sold once become infrastructure owned for decades. Revenue shifts from project margin to contracted cash flow, and the balance sheet becomes the product.
Three stages. Each one funds the next.
- 01
Acquire
The first acquisition in each country is the platform — the strongest operator available, and the anchor everything else in that market is built on. It sets the standard the rest of the country's add-ons are integrated into.
- 02
Integrate and scale
Centralise functions, standardise processes and deploy common systems so each operating company improves its margin and grows faster than it could independently. This is done without destroying what made the business valuable in the first place.
- 03
Own the infrastructure
Shift from selling installations to financing and owning infrastructure under long-term contracts. The economics change from one-time project revenue to a portfolio of contracted assets.
The objective: less project revenue, more contracted cash flow.
An installation business and an infrastructure owner are not valued the same way. The transition from one to the other is the central value-creation event of the strategy.
Stage 1 — Acquire
Inherited revenue from acquired companies, predominantly project-based.
Stage 2 — Integrate
Financing is offered to the existing customer base and the mix begins to turn.
Stage 3 — Own
The majority of revenue comes from contracted infrastructure and recurring services.
Illustrative. The proportions shown represent the intended strategic direction of the revenue mix — not a forecast, a projection or a committed outcome. Andara currently has no completed acquisitions and no owned energy assets.
Seven steps. Run in the same order, every time.
Most attractive targets are family- or founder-owned businesses facing a succession or growth-capital constraint. The process is designed around that reality — it is won on trust, continuity and structure, not on price alone.
- 01
Screen
Each target market is mapped operator by operator: service lines, scale, customer base, tenure, ownership and structure. Every company is measured against defined criteria before any contact is made.
- 02
Approach
The first contact is not an offer. It is a conversation between operators about the future of the business, succession, and what it would take to reach the next level. Trust is built before a number is mentioned.
- 03
Diligence
One standardised framework covers financial, commercial, technical, workforce, legal, regulatory and pipeline diligence. It is used on every deal, so targets can be compared across countries on the same terms.
- 04
Structure
Valuation gaps are bridged with structure rather than by forcing price: cash at closing, rollover equity, earn-outs tied to EBITDA or origination, and seller financing. The structure is designed around what the seller actually wants.
- 05
Integrate
A 100-day integration plan exists before closing: systems, reporting, procurement, brand, engineering standards and team communication. Nothing is improvised twice.
- 06
Finance
Once integrated, the company can offer its existing customers what it never could alone: infrastructure financed by Andara. The same commercial relationship, an entirely different product.
- 07
Review and refine
After every deal the playbook is reviewed: what took longer than expected, which assumption did not hold, which question should have been asked earlier. The next version is better than the last. Always.
The playbook improves every time it runs.
Kaizen is not a slogan here — it is the reason the fifth acquisition should be faster, cheaper and less risky than the first. Every deal produces data. Every data point tunes the process. Every adjustment carries into the next market.
What we centralise
Procurement
Equipment is bought once for the platform, at platform volumes, on platform terms.
Financing
A single capital structure funds infrastructure that individual operators could never finance.
Engineering standards
One specification and one quality standard across every market and every crew.
Technology
Shared monitoring, CRM, project and asset systems instead of five disconnected stacks.
Asset management
Owned infrastructure is managed as a portfolio, with performance tracked against model.
Accounting & control
Consistent reporting, controls and consolidation across every operating company.
Marketing & origination
Demand generation is run centrally and handed to the local team that closes it.
Corporate development
Screening, diligence and integration are a permanent capability, not a project.
What is not centralised matters just as much: the customer relationship, local technical judgement and the team that built the business stay where they are.
What we buy — and what we don't.
Acquisition discipline is what separates a platform from a collection of companies. The criteria are set before looking at any company — not after falling in love with one.
We look for
- Established, profitable C&I energy services businesses.
- Founder- or family-owned, often facing a succession or growth-capital decision.
- A real recurring customer base with relationships that outlive the project cycle.
- Qualified technical teams and demonstrated execution.
- Licences, certifications and local regulatory knowledge.
- A founder who wants to keep building, not simply cash out and leave.
We avoid
- Businesses dependent on a single contract, customer or subsidy.
- Companies whose value disappears if the founder leaves tomorrow.
- Markets where third-party energy billing is not permitted or not clear.
- Operations with unresolved labour, tax or installation-quality liabilities.
- Acquisitions that would consume the capital needed for the next three.
Three tiers of acquisition
- 01
Platform company
The anchor acquisition in a market: the strongest operator, with the customer base, licences and team the rest of the country's activity is built around.
- 02
Add-on acquisitions
Smaller operators integrated into an existing platform to add geography, service lines or technical capacity at lower cost and lower risk.
- 03
Strategic capability acquisitions
Software, financing and asset management — capabilities that deepen the long-term moat rather than simply adding revenue.
Equity is for compounding — not for spending on the first few deals.
The intention is not to buy companies entirely with equity. Where appropriate, an acquisition can combine investor equity, acquisition financing, bank debt, seller financing, earn-outs and rollover equity — and the target's existing revenue, assets and cash flow can help support part of that financing.
The objective is to preserve investor capital for what actually compounds: more acquisitions, customer acquisition, infrastructure investment, technology, geographic expansion and working capital. A platform that exhausts its equity on the first three deals stops being a platform.
Investor equity
Reserved for compounding uses: platform acquisitions, infrastructure and expansion capital.
Acquisition financing
Debt raised against the acquired business, supported by its existing cash flow.
Seller financing
Part of the price is deferred and paid from the operating performance of the business.
Earn-outs
Consideration tied to EBITDA or origination, aligning the seller with what happens next.
Rollover equity
Founders retain a stake in the platform, not only in the company they sold.
Asset-level financing
Contracted infrastructure is financed against its own long-term revenue.
Six factors decide where we enter. In that order.
Fifteen markets across Latin America and the Caribbean were assessed against the same framework, with every material statistic verified against primary sources — national electricity regulators, the World Bank, the IDB, the IEA and IRENA.
Electricity price
The savings pitch. Where tariffs are high, the customer's case for a financed alternative writes itself.
Grid reliability
The resilience pitch. Frequent interruptions turn storage and backup from an upgrade into a requirement.
Regulatory framework
Net metering, PPAs and the ability to bill energy as a third party — the condition that enables the model.
Investment & M&A climate
Capital controls, foreign ownership rules, enforceability of contracts and the practical ability to transact.
Market fragmentation
A market that is already consolidated is not a consolidation opportunity.
Addressable market size
The commercial and industrial consumption base has to be large enough to justify a platform.
High tariffs, workable third-party billing rules and a fragmented operator base make these the first platforms.
Strong demand fundamentals with regulatory or scale questions still being tested before commitment.
Large addressable markets that require established platform capability before entry is justified.
Market sequencing per internal research as of August 2026, verified against national regulators, the World Bank, the IDB, the IEA and IRENA. Sequencing is subject to change as regulatory and market conditions evolve.
The risks are known. That is why they are written down.
A credible consolidation strategy names its risks before the investor does. These are formally tracked and revisited on every deal.
Integration risk
Acquisitions fail in integration more often than in diligence. The 100-day plan exists before closing, founders retain a role and rollover equity, and integration is run by a permanent team rather than improvised deal by deal.
Regulatory risk
The model depends on the ability to bill energy as a third party. Markets are only entered where that framework is clear, structures are designed to be resilient to tariff and net-metering change, and exposure is spread across more than one jurisdiction.
Customer credit risk
Long-term contracts are only as good as the counterparty. Customer credit is underwritten before a system is financed, concentration is capped, and contracts include security and step-in provisions appropriate to each market.
Currency & macro risk
Revenue and financing currencies are matched wherever possible, tariffs are indexed where regulation allows, and market sequencing accounts for inflation, devaluation and capital-control history.
Technology execution risk
Because Andara owns the assets it deploys, poor design lands on Andara. Equipment is selected on measured performance and serviceability in-market, engineering standards are common across the platform, and performance is monitored against model from day one.
Competitive risk
Utilities, developers and international players may pursue the same consolidation. The defence is speed in fragmented markets, being the acquirer founders trust, and owning contracted infrastructure that cannot be displaced once installed.
Andara is not building a solar company. It is building an infrastructure owner.
The full investment thesis, acquisition framework, market analysis and economic model are available under confidentiality to qualified investors and lenders.
This page is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy securities.