Brazil-based renewable energy firm CPFL Energias Renovaveis has raised around BRL900m ($404m) in initial public offering (IPO) to fund its new clean energy projects.

According to the company, the funding raised will be invested in the development of new solar power projects across the country, reports

Bloomberg New Energy Finance analyst Maria Gabriela da Rocha Oliveira said that the completion of IPO will enable the nation’s wind energy developers to expand their portfolio.

Currently, CPFL Renovaveis owns 1.1MW solar power plant, which is the largest of its kind in the country , and has outlined plans to deploy solar panels at commercial buildings, added Oliveira.

The solar power industry in the country is expected to witness significant growth over the next coming years, as costs for photovoltaic panels reduce.

Founded in 2011, CPFL Renovaveis is a joint venture between utility CPFL Energia’s renewable-energy assets and ERSA-Energias Renovaveis.