CPFL Energias Renováveis SA announced the completion of their public offering. The CPFL Renováveis IPO was the first completed public offering since April for the South American country. CPFL Renováveis raised an estimated BRL12.6 billion or US$459.49 million from two separate offerings. The company sold 38.77 million common shares in the initial offering. Patria Investimentos sold 43.96 million common shares in a secondary offering for CPFL Renováveis.
BTG Pactual Group was hired to handle the deal for CPFL Renováveis. BTG Pactual and Previ, a state run pension fund, pledged BRL890 million to the CPFL Renováveis IPO if investment demand was not reached.
CPFL Renováveis announced that they proceeds from the initial IPO will be used as additional working capital. The proceeds from the second public offering will be used for possible cash out for shareholders stake.
CPFL Energias Renováveis SA is the alternative energy unit for Brazilian utility provider, CPFL Energia SA.
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