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to-the-point: China's State Grid ups stake in Brazil's CPFL to 94.75%

Alstom wind turbines in Brazil (c) Alstom

December 6 (Renewables Now) - A unit of State Grid Corporation of China has officially raised its interest in Brazilian power producer CPFL Energia SA (BVMF:CPFE3) to 94.75% from 54.64%, it was announced on Tuesday.

State Grid Brazil Participacoes SA, jointly with ESC Energia SA, now holds about 964.5 million common shares issued by CPFL Energia.

The company took control of both CPFL Energia and its renewables unit CPFL Energias Renovaveis (BVMF:CPRE3) in January 2017 for BRL 17.36 billion (USD 5.35bn/EUR 4.53bn). The following month it said it would buy the remaining shares in the two listed companies at a price of BRL 25.51 per share under a mandatory tender offer.

(BRL 1.0 = USD 0.308/EUR 0.261)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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