CPFL to Retry Renewables IPO

CPFL Energias Renovaveis plans to try again to raise funds in the equity capital market after seeing better issuing conditions this year. The renewable energy generation unit of CPFL is looking to sell primary and secondary shares in an IPO to raise funds to develop its project pipeline, according to a regulatory filing. The timing and size remain to be determined, through the issuer was targeting up to BRL1bn ($488m) when it filed last year. BTG Pactual has been added to the bank lineup, joining Bank of America Merrill Lynch and Itau as global coordinators. Banco do Brasil, Bradesco and Morgan Stanley are bookrunners. The sale includes secondary shares to be sold by investors including funds managed by Patria Investimentos, Bradesco and BTG Pactual, as well as Roberto Sahade, a former official of Ersa, the precursor company to CPFL Renovaveis. The issuer has 5,550 megawatts in development or operation and booked Ebitda of BRL504m in 2012, up from BRL85m in 2011.