CPFL Energia acquires State Grid's stake in renewables biz

CPFL Energia acquires State Grid's stake in renewables biz

M&A Equity Capital Markets Energy Renewable Solar Wind Brazil China

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 potentia

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