September 2 (Renewables Now) - Brazilian energy company CPFL Energia (BVMF:CPFE3) has concluded the acquisition of State Grid Brazil Power Participacoes SA's shares in CPFL Energias Renovaveis (BVMF:CPRE3).
According to a public filing, published last week, CPFL Energia is paying BRL 16.85 (USD 4.07/EUR 3.70) per share to the local unit of State Grid Corporation of China for its stake in the renewable energy company. CPFL Energia will use funds obtained through its recently concluded public offering to fund this acquisition, the company said.
China's State Grid held 46.76% of CPFL Energias Renovaveis. With the conclusion of the deal, CPFL Energia is now the sole owner of the clean energy arm.
This transaction is the first step of a possible broader restructuring concerning CPFL Energia and its subsidiaries, the firm noted.
State Grid Brazil Power Participacoes is the controlling shareholder of CPFL Energia.
(BRL 1 = USD 0.242/EUR 0.220)