CPFL Renovaveis poised to resume IPO when market conditions improve - report

(SeeNews) - Mar 8, 2013 - Brazilian renewables company CPFL Renovaveis will resume its planned initial public offering (IPO) as soon as market conditions permit, the company's CEO, Miguel Saad, told local energy news provider Canal Energia, according to a report published yesterday.

The CEO reportedly affirmed that the company is fully prepared to launch the IPO, which was cancelled at the beginning of October last year as a result of adverse market conditions coupled with uncertainties provoked by controversial energy sector regulation introduced by the government at that time.

The offering was originally planned to raise about USD 800 million (EUR 610.8m) for the company's expansion.

According to Canal Energia's publication, CPFL Renovaveis will strive to grow not only through participation in local government and free market auctions, but also via strategic acquisitions of sector players.

(USD 1 = EUR 0.763)

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