Auren, one of Brazil's biggest power generators, still carries heavy debt from its AES Brasil deal, keeping its credit profile under strain into 2026.
Key Facts
—The company. Auren is one of Brazil’s largest power generators, controlled by Votorantim and CPP Investments.
—The debt. Net leverage ended 2025 at about 4.8 times EBITDA, high for the sector.
—The cause. The load stems from its debt-funded takeover of AES Brasil, completed in 2024.
—The drag. Weak hydrology and power-generation cuts are squeezing cash flow.
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