(Alt Assets) Private equity firm Patria Investimentos has sold 43.96 million shares in a secondary offering of shares for Brazilian utility CPFL Energia’s green power arm CPFL Energias Renováveis. CPFL Energias Renováveis completed its IPO pricing shares at the low end of its expected range, marking the first listing in the country since April.
The company and its shareholders raised a reported BRL1.03bn ($459m), Reuters said. CPFL Renováveis sold 38.77 million common shares in a so-called primary offering. Last month the business struck a deal with Portuguese installer Martifer Renováveis to buy its Brazilian subsidiary complete with two wind farms totalling 13.7MW.
The tie-up, which will see subsidiary Rosa dos Ventos change hands, is valued at BRL99.7m ($46m) including the assumption of net debt totalling BRL37.7m.
Its successful listing comes after initial plans to list were aborted in October 2012 due to market conditions. CPFL was created through an assets merger between Energias Renovaveis. CPFL owns around 4,830MW of renewable energy projects, with 850MW of capacity currently in operation and an extra 885MW under construction. The company has aimed to reach installed capacity of 1,735MW by the end of 2014, including plans to develop an additional 3,092MW of wind, hydroelectric and biomass-fueled generating plants.