The International Finance Corp. bought 150 million reais ($67.6 million) of shares in CPFL Energias Renovaveis SA (CPRE3), the renewable-energy developer of Brazilian power utility CPFL Energia SA (CPFE3), as part of an initial public offering.
CPFL Renovaveis, as the Sao Paulo-based company is known, will use the funds from the IPO completed last week to develop projects and possibly buy existing ones, IFC said today in an e-mailed statement. The IFC is the Washington-based lending unit of the World Bank.
CPFL Renovaveis and its shareholders raised as much as 900 million reais by selling 28 million new shares and 44 million existing shares.
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