September 3, 2019
Brazil's CPFL Energia said it has acquired the stake in its renewable energy division owned by its parent company, China's state-owned utility State Grid.
The São Paulo-based energy company said it paid BRL16.85 ($4.07) for State Grid's 46.8% share in CPFL Energias Renováveis, but it did not say how much it spent in total. CPFL added, however, that it will use all the BRL3.69bn that it raised in a share sale in June to fund the acquisition.
"The transaction will enable the creation of potential
Brazilian energy company uses $890m from a recent share sale to pay for its parent company's stake in CPFL Renováveis