Brazil CPFL Renovaveis resubmits IPO request

May 24, 2013 - Brazilian renewable energy company CPFL Renovaveis has filed again an initial public offering (IPO) request with local stock market regulator CVM.
The first time, in June 2012, the company had dropped its plans to go public because of adverse market conditions.
Created in 2011, from the merger of the renewable assets of Brazil's power firm CPFL Energia (SAO:CPFE3) and green energy investment player ERSA, CPFL Renovaveis has 1,153 MW in operation, 582 MW under construction and 3,818 MW under development among wind, hydropower, solar and biomass thermoelectric energy projects. The money raised from the IPO will be used to develop new projects and for acquisitions.
There is not a date yet for the operation, which will be lead-managed by Bank of America Merrill Lynch (BofA).
CPFL Renovaveis closed the first quarter of 2013 with a net loss of BRL 15.2 million (USD 7.4m/EUR 5.7m), versus a net profit of BRL 11 million a year earlier.
(BRL 1 = USD 0.488/EUR 0.377)

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