State Grid has offered to buy the 23% stake in CPFL Energia held by Brazilian conglomerate Camargo Corrêa, CPFL said in a notice to investors.

CPFL Energia is one of Brazil's largest power groups which, besides CPFL Renováveis and its power trading unit CPFL Brasil, includes eight distribution companies, generation business CPFL Geração, and a power services unit.

CPFL Renováveis ended the first quarter of 2016 with a total operating generation capacity of 1.8GW,