CPFL Energia

completed

The project involves a convertible loan to CPFL Energia, one of the largest power groups in Brazil and the largest power company controlled by Brazilian investors. The IFC investment will assist CPFL-Energia in the completion of its corporate restructuring process, implementation of new corporate governance policies and preparation for an IPO on the Brazilian Novo Mercado and NYSE.Company DescriptionCPFL Energia, a holding company, controls three distribution companies serving almost 5 million customers and has ownership in several generation companies with total nameplate capacity (operating and under construction) in excess of 4,200 MW (CPFL''s portion is 2,379 MW).CPFL’s distribution operations serve consumers in 515 municipalities in Brazil providing approximately 30,500 GWh of energy each year. These operations are organized through three separate distribution concessions: CPFL Paulista serving the State of Sao Paulo, CPFL Piratininga serving the southern regions of the State of Sao Paulo, and RGE serving the northern regions of the State of Rio Grande Do Sul. CPFL Paulista and CPFL Piratininga rank among the ten largest electricity distribution companies in Brazil.CPFL Energia’s existing generation assets consist of Serra da Mesa, a 1,275 MW hydro power plant in which the company holds a 51.54% stake, and 19 small hydro power plants and one thermal unit with total installed capacity of approximately 143 MW.The company is also participating in four new hydro projects in the South of Brazil (Barra Grande, Campos Novos, Foz do Chapeco, Ceran Complex) which are at different stages of construction and development. The total nameplate capacity of the new projects is 2,785 MW (CPFL''s portion is 1,579 MW) with assured capacity of 1,364 MW (CPFL''s portion is 758 MW).