1. 1Q14 Results
CPFL Renováveis

2. This presentation may contain statements that represent expectations about future events or results according to Brazilian
and international securities regulations. These statements are based on certain assumptions and analyses made by the
Company pursuant to its experience and the economic environment, market conditions and expected future events, many
of which are beyond the Company's control.
Important factors that could lead to significant differences between actual results and the statements on expectations about
future events or results include the Company's business strategy, Brazilian and international economic conditions,
technology, financial strategy, developments in the utilities industry, hydrological conditions, financial market conditions,
uncertainty regarding the results of future operations, plans, objectives, expectations and intentions, among others.
Considering these factors, the Company's actual results may differ materially from those indicated or implied in forward-
looking statements about future events or results.
The information and opinions contained in this presentation should not be construed as a recommendation to potential
investors and no investment decision should be based on the truthfulness, timeliness or completeness of such information
or opinions. None of the advisors of the Company or parties related to them or their representatives shall be liable for any
losses that may result from the use or of this presentation.
This material includes forward-looking statements subject to risks and uncertainties, which are based on current
expectations and projections about future events and trends that may affect the Company's business. These statements
may include projections of economic growth, demand, energy supply, as well as information about its competitive position,
the regulatory environment, potential growth opportunities and other matters. Many factors could adversely affect the
estimates and assumptions on which these statements are based.
Disclaimer
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3. 1Q14 Highlights
Conclusion of the acquisition of Rosa dos Ventos, adding
13.7 MW of capacity in Ceará
Startup of operation of the last wind farm forming Atlântica
Wind Complex, with 120 MW of capacity in Rio Grande do
Sul
Operations start of the Santa Clara Complex, with 188 MW of
capacity in Rio Grande do Norte
Operating capacity increased to 1,416.8 MW distributed in 66
power plants (+23% vs 1Q13)
Net revenue totaled R$ 289 million in 1Q14 (+26% vs. 1Q13)
EBITDA of R$ 119 million in 1Q14 (-15% vs 1Q13)
Solid liquidity situation: with cash balance of R$ 849 million
Recent event
Conclusion of the public offering of debentures totalling R$ 300 million
Joint Venture with DESA: CADE and ANEEL approval
Macacos Complex´s construction was concluded, awaiting declaration of "able
to operate" from ANEEL
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4. Portfolio´s capacity
4
#1 in renewable energy in Brazil with 1.4 GW (79%) of capacity in operation
Expansion to 1.8 GW of capacity in operation until 2018
Regionally diversified portfolio with presence in 4 sources
Long term PPAs, concessions and authorizations
2012 2013 1Q14 2Q14 2016 2018 Total
contracted
1,153.1
1,283.1
1,416.8
51.3
78.2
254.0 1,800.3
Contracted portfolio growth (MW)
11.3% 10.4%

5. 5
Start of operations Capacity (MW)
Physical guarantee
(MWaverage)
PPA
1Q14 120 52.7 LFA 2010 - 20 years
Atlântica Complex
Project concluded in 1Q14

6. Acquisition of Rosa dos Ventos’ wind farms was completed on february, 27th, 2014
•Projeto Rosa dos Ventos
Canoa Quebrada Lagoa do Mato
Installed Capacity 10.5 MW (5 machines) 3.23 MW (2 machines)
Physical Guarantee 4.10 MWavg 1.26 MWavg
PPA (PROINFA) R$ 371.0 | IGPM - Mar/2014 R$ 327.1 | IGPM - Mar/2014
Start of Commercial Operation Dec/2008 Jun/2009
PPA’s due date Dec/2028 Jun/2029
Rosa dos Ventos
Rosa dos
Ventos
CPFL Renováveis
Ceará Rio Grande
do Norte

7. Sources
• SHPP
• Wind
Joint Venture with DESA
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Assets in operation
Sources
Solar
SHPP
Wind
Biomass
•
•
•
•
•
Consents:
CADE and ANEEL approval
Waiting for approval from BNDES, among
others - Estimated time: Jun/14
Due diligence:
Ongoing – Estimated time: May/14
Expected Closing: 3Q14

8. Operating Data
1Q13 1Q14
352.2
244.3
0.4
0.4
314.4
289.0
21.8
37.7
SHPP
SOL
WIND
BIO
661.8
Energy generation by source (GWh) (1)
571.4
Energy generation: reduction of 13.7% compared to 1Q13 due to unfavorable hydrological conditions
in 1Q14 and to the wind regime higher in 1Q13 than in 1Q14. These effects were partially offset by
the anticipation of the harvest in some biomass plants
1) The energy generation data does not consider the Wind Complex Santa Clara, on which the energy produced is now available to the system
from March 29, 2014, and Campo dos Ventos II Wind Farm, which is apt to generate energy and have been receiving the revenue from their
contracts – pending of ICG conclusion.
- 13.7%
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9. Net Revenue
R$ Million
• Beginning of sales contract fulfillment of Bio Coopcana, Bio Alvorada, Campos dos Ventos II
Complex e Atlântica Complex
• Conclusion of Rosa dos Ventos’ Acquisition
• Annual Adjustment of contracts in 2013 (based on: IGP-M or IPCA)
Net Revenue (R$ Million)
35.8%
SHPP
16.1%
Bio
48.1%
Wind
1Q13 1Q14
229.0
288.9
26.2%
Per Source (1Q14)1
9( 1) The solar source share is of 0.03%.

10. Costs
Expenses
1Q13 1Q14
115.1
214.6
86.3%
1Q13 1Q14
58.2 55.6
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• Extraordinary costs with energy purchase due to contracts supply backing assets and GSF effects
amounting R$ 72.1 million in the 1Q14
• Recurrent costs and expenses in accordance with the Company’s expansion plan
Costs of energy generation and
general and administrative expenses
in R$ Million
- 4.4%

11. Ajusted EBITDA
1Q14
• Operating Costs
• Purchasing power to meet the seasonality of sales
contracts
• Extraordinary Expenses
• Energy purchase due to contracts supply backing
assets and GSF effects: R$ 72.1 MM
EBITDA
R$ Million
11
• Net Revenue
• Operating Portfolio Growth (250 MW)
• Conclusion of Acquisition of Rosa dos Ventos (13.7)
• Additional energy sale by Coopcana e Alvorada
(seasonality)
• PMSO
• Reduction in third party services and PDD
140.3
12.0
EBITDA
1Q13
Net revenue Extraordinary
Expenses
PMSO EBITDA
1Q14
61.3% 41.3%
59.9
119.3
72.1
3.2
Margem EBITDA
- 15.0%
66.2%
191.4
Operating
Costs
172.7
+ 10.8%
Ajusted EBITDA
1Q13
75.4%
172.7

12. • Excluding extraordinary costs: positive net income of R$ 17.8 million in the 1Q14
Net Revenue
R$ Million
12
1Q14 Net profit
(Loss)
Extraordinary
Expenses
1Q14 Adjusted
net income
17.8
72.1-54.3

13. 4,001.2 3,772.1 3,874.8 3,949.0
572.1 553.4 563.1 542.1
2Q13 3Q13 4Q13 1Q14
Net debt EBITDA LTM³
Cash 2014 2015 2016 2017 2018+
716.5
289.9
132.2
364.1 354.6 358.0
2,850.9
580.2
848.7
Debt per index rate (%)Net Debt/EBITDA (R$MM)
Debt amortization (R$MM)
• Average term: 6.4 years
• Average Nominal Cost: 8.3%
(78.3% of CDI of Mar/2014)
Debt Profile
1) Corresponds to funding for projects under construction works that did not yet have pay-outs of long-term debts
2) The cash balance considers the reserve account balance (linked investments)
3) Last twelve months
Debt Profile
CDI
27.2%
Fixed
13.8%
TJLP
55.6%
TJ6
1.8%
IGPM
1.7%
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870.2
CashReserve
Account
Bridge Loans(1) Loans and debentures
7.0x
6.8x
6.9x
7.3x
Leverage 2

14. 14
1) Macacos, Pedra Preta, Costa Branca and Juremas
Macacos Complex I1
Ongoing projects:
Start of
operations
Capacity
(MW)
Physical
guarantee
(MWaverage)
Financing PPA
2Q14 78.2 37.5
BNDES
(contracted financing, partially
disbursed)
LFA ago/10 - 20 years

15. Start of
operations
1H16 2H16 1H18
Capacity
(MW) 82.0 172.0 51.3
Physical
guarantee
(MWaverage)
40.2 89.0 26.1
Financing BNDES (structuring) BNDES (structuring)
BNDES
(to be structure)
PPA ACL - 20 years ACL - 20 years A-5 2013
1) Campo dos Ventos II
2) Ventos de São Benedito, Ventos de Santo Dimas, Santa Mônica, Santa Úrsula São Domingos and Ventos de São Martinho;
3) Pedra Cheirosa I and Pedra Cheirosa II
Next projects:
Campo dos Ventos
Wind Complex 1
São Benedito
Wind Complex2
Pedra Cheirosa
Complex3
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16. • Market Value of R$ 5.9 billion on May 8th, 2014
• Average Daily Volume of 138 thousand Stocks/Day
• Since the IPO the stocks risen 7.8% until May 8th, 2014
Capital markets
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1) Base 100 on 07.19.2013
Stock Performance(1)
IBOV IEE CPRE3
12.7%
7.8%
6.3%

17. Contacts
Closing quotation on 05.08.2014:
R$ 13.49
Market Value:
R$ 5.9 billion / US$ 2.6 Billion
Andre Dorf
Chief Executive Officer
Marcelo Souza
Chief Financial and Investor Relations Officer
Maria Carolina Gonçalves
Investor Relations Supervisor
Luciana Silvestre Fonseca
Investor Relations Analyst
Priscila de Oliveira
Investor Relations Analyst
E-mail: ri@cpflrenovaveis.com.br
Phone: 11- 3157-9312
Press Consulting
RP1 Comunicação Empresarial
E-mail: carolinamarcondes@rp1.com.br
Phone: 11-5501-4655
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