Vento Brazil

completed

Established in August 2011, CPFL Energias Renovaveis S.A. (“CPFLR”, the “Company”) is a company that develops, constructs and operates Renewable energy power projects in Brazil. Its strategy focuses on generating power mainly from wind, small hydro (less than 30 MWs of capacity) and biomass sources. CPFLR has 1.15 GW of operating projects, 582 MW under construction and 3.8 GW under different stages of development. The Project involves the financing of 530 MW of Renewable energy projects in CPFLR’s 3.8 GW pipeline that are currently in advanced stages of development. The total cost to develop and construct the power plants is estimated to be R$2.54 billion (about US$1.25 billion). The implementation of the Project will result in significant growth in CPFLR’s operating capacity and will contribute to Brazil’s energy matrix diversification.To fund its share of equity in the projects, CPFLR has raised R$300 million (~US$148 million) through an IPO. In addition to the primary raise the IPO also comprised a secondary sale by existing shareholders. In total the size of the IPO was R$900 million (US$443 million). Through this IPO, its shares will get listed in the Novo-Mercado segment of BOVESPA.IFC’s equity investment of R$150 million (~US$74 million equivalent) accounted for a part of the proposed financial plan for upcoming projects. This investment has resulted in IFC’s shareholding of approximately 2.7 percent in CPFLR.