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IFC Buys $67.6 Million of Shares in Brazil’s CPFL Renovaveis IPO

July 23 (Bloomberg) -- The International Finance Corp. bought 150 million reais ($67.6 million) of shares in CPFL Energias Renovaveis SA, the renewable-energy developer of Brazilian power utility CPFL Energia SA, 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.

To contact the reporter on this story: Stephan Nielsen in Sao Paulo at snielsen8@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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