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CPFL Energia (Companhia Paulista de Força e Luz) Will Invest R$ 13.5 Billion by 2024, Starting This Year
The company CPFL Energia, where the acronym stands for Companhia Paulista de Força e Luz, will make investments of up to R$ 13.5 billion in the country by 2024. Still this year, the company is expected to spend most of the amount, around R$ 3 billion. The information was provided by the company last Tuesday, on the 10th.
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The company, controlled by the Chinese State Grid, has over 100 years of history. CPFL Energia has become a comprehensive energy company, with businesses in electricity distribution, generation, sales, and services. Today, it is considered one of the largest companies in the Brazilian electric sector. It supplies energy to 9.6 million customers and has been among the leaders in the renewable energy segment in Brazil with a diversified matrix: operating in hydroelectric, solar, wind, and biomass sources.
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More than 9.6 million people are served by the company, and 687 municipalities are covered in the concession area (Minas Gerais, São Paulo, Paraná, and Rio Grande do Sul). Additionally, the company is the third largest private energy generator in Brazil and a leader in renewable generation. It accounts for 14% of the national distribution market, making it the second largest in the country.
The planned investments in distribution until 2024 are expected to total R$ 11.6 billion. For this year, the estimate is R$ 2.2 billion specifically for this segment. The generation sector will receive R$ 1.16 billion over the next four years, with R$ 416 million allocated for 2020.
However, R$ 564 million is expected to be invested in the energy transmission sector by 2024, with R$ 360 million still for this year.
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