Pátria Investimentos Sells Down CPFL Energias Renováveis Stake in IPO (Latin America)

Source: Reuters

CPFL Energias Renováveis, a South American wind farm operator that is backed by alternative investment manager Pátria Investimentos, has completed an initial public offering on the BM&FBOVESPA, raising BRL900 million (approximately US$404 million). Existing shareholders, including Pátria Investimentos, sold 43.96 million shares in a secondary offering. The company intends to use the financing to fund new projects, including solar-powered plants.