1. 2Q14 Results

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 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 public utilities sector, hydrological conditions, financial
market conditions, uncertainty regarding the results of future operations, plans, objectives, expectations and
intentions, among others. As a result of these factors, the Company's actual results may differ significantly from those
indicated or implied in the 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 veracity, 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 content of this presentation.
This material includes forward-looking statements subjected 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. Numerous factors
could adversely affect the estimates and assumptions on which these statements are based.
Disclaimer
2

3. 2Q14 Highlights
3
• Operating capacity increased to 1,495 MW
distributed in 70 power plants (+30% vs. 2Q13)
• Conclusion of the 78.2 MW Macacos I wind
complex in Rio Grande do Norte
• Net Revenue of R$ 245 million in 2Q14 (+31% vs.
2Q13) and R$ 534 million in 1H14 (+28% vs.
1H13)
• EBITDA of R$ 117 million in 2Q14 (+19% vs.
2Q13) and R$ 236 million in 1H14 (-1% vs. 1H13)
• Solid financial liquidity: cash of R$ 903 million
• Progress made in the association with DESA,
expected to be concluded in 3Q14

4. Contracted portfolio
4
#1 in renewable
energy in Brazil
with 1.5 GW
(84%) of
operating
capacity
Expansion to 1.8
GW of capacity
in operation until
2018
Regionally
diversified
portfolio
present in the
4 renewable
sources
Long-term
PPAs,
concessions
and
authorizations
Aug 2011 1H13 1H14 2016 2018 Total contracted 2018
651.51
1,153.1
1,495.1
231.02 51.3
1,777.4
18.9%Contracted portfolio growth (MW)
1) Creation of CPFL Renováveis
2) Reduction in the capacity to be installed at Campo dos Ventos and São Benedito complexes (in 2016), from 254 MW to 231 MW is due to the
change of a wind turbine. The new equipment operates more efficiently, enabling the purchase agreements average energy to be accomplished
with a reduced generation capacity

5. Project concluded in 2Q14
51) Macacos, Pedra Preta, Costa Branca and Juremas
Macacos I wind complex 1
Start of
operations
Capacity
(MW)
Physical
guarantee
(MWaverage)
Financing PPA
2Q14 78.2 37.5
BNDES
(financing contracted, partially
disbursed)
LFA Aug/10 - 20 years

6. Solar
SHPP
Wind
Biomass
SHPP
Wind
Assets in operation
Status of association with DESA
6
• Expected Closing: 3Q14
• Contracted capacity of 330.8 MW:
• In operation:
• 6 wind farms: 205.2 MW
• 3 SHPPs : 72.4 MW
• Under construction:
• 1 SHPP: 29.2 MW
• 1 wind farm: 24.0 MW

7. Operational startup of biomass plants:
Bio Coopcana (aug/13) and Bio Alvorada
(nov/13)
Operational startup of Atlântica wind
complex (mar/14)
Conclusion of Rosa dos Ventos wind
complex acquisition (feb/14)
Commercial startup of Santa Clara
wind complex (mar/14)
Anticipation of the harvest in 2014
Adverse water supply situation (lower
generation in the SHPPs)
2Q13 2Q14 1H13 1H14
315.2 232.1
640.4
476.7
164.8 341.2
479.2
643.9
160.5
310.5
182.4
348.1
0.3
0.3
0.6
0.8
SOL
BIO
WIND
SHPP
Power generation in 1H14
7
1) Power generation excludes Campo dos Ventos II wind farm and Macacos I wind complex, which are able to generate energy and have already
received the revenue under their contracts - pending construction completion of the Shared Installation of Generation (ICG)
37.9%
12.8%Energy generation by source (GWh)1
1,469.5
1,302.6
884.0
640.8

8. Net revenue
8
Beginning of sales contract fulfillment
of Bio Coopcana, Bio Alvorada,
Campo dos Ventos II, Atlântica wind
complex, Rosa dos Ventos and
Macacos I wind complex
Net revenue (R$ million) By source (1H13 vs. 1H14)
1) The share of solar energy is 0.02% in 1H14 vs. 0.03% in 1H13
2Q13 2Q14 1H13 1H14
186.7
245.1
415.7
534.1
Generation increase in biomass
plants: anticipation of sugarcane
harvest, benefiting the energy
cogeneration
28.5%
31.3%
44.9%
21.5%
33.6%
1H14
WIND BIO SOL SHPP
45.3%
12.7%
42.0%
1H13
1

9. 2Q13 2Q14
115.4
173.6
50.4%
2Q13 2Q14
60.2 60.0
Costs of energy generation and
general and administrative expenses
9
• Extraordinary costs with energy purchase to meet: (i) projects with changes in
schedules, (ii) the effect of GSF and (iii) SHPPs that are not part of the MRE (R$ 34
million in 2Q14 and R$ 106 million in 1H14)
• Higher depreciation cost – new assets in operation (increase of R$ 16 million and R$
31 million between the respective quarter and semester periods being compared)
-0.4%
Costs (R$ million) Expenses (R$ million)
1H13 1H14
230.6
388.2
1H13 1H14
118.4
115.6
68.4% -2.4%

10. 121.5
98.7
58.4 11.5 31.0
2.5 117.1
151.4
EBITDA and net income in 2Q14
EBITDA
2Q13
Net
Revenue
Extraord.
expenses
Operating
Expenses
EBITDA
2Q14
52.9% 47.8%
EBITDA Margin 61.8%
Operating
Costs
65.1%
+24.7%
Adjusted
EBITDA
2Q14
Adjusted
EBITDA
2Q13
+ 18.7%
Net revenue
• Expansion of operating portfolio (342MW)
Extraordinary expenses
• Energy purchase to meet projects with changes in schedule, GSF effects and
SHPPs that are not part of the MRE
Operating costs
• Energy purchase to meet the seasonality of the sales agreements for SHPPs
• Higher PMSO due to the operational startup of new projects
2Q14
(R$ 65.9)
million
2Q13
(R$ 51.6)
million
Net result
10
EBITDA growth (R$ million)

11. EBITDA and net income in 1H14
1H14
(R$ 120.2)
million
1H13
(R$ 66.8)
million
294.2
239.0
118.4 51.2
75.4
5.7 236.4
342.8
EBITDA
1H13
Net
Revenue
Extraord.
expenses
Operating
Expenses
EBITDA
1H14
57.5% 44.3%
EBITDA Margin 64.2%
Operating
Costs
70.8%
+16.5%
Adjusted
EBITDA
1H14
Adjusted
EBITDA
1H13
-1.1%
Net result
Net revenue
• Expansion of operating portfolio (342MW)
Extraordinary expenses
• Energy purchase to meet projects with changes in schedule, GSF effects and
SHPPs that are not part of the MRE
Operating costs
• Energy purchase to meet the seasonality of the sales agreements for SHPPs
• Higher PMSO due to the operational startup of new projects
11
EBITDA growth (R$ million)

12. 3Q13 4Q13 1Q14 2Q14¹
553.4 563.1 542.1 560.6
Net Debt² EBITDA LTM³
Caixa 2014 2015 2016 2017 2018+
735.6
227.6
167.9
436.4
325.9 355.6 389.0
3,131.5
Debt by index (%)Net Debt/EBITDA (R$ million)
Debt amortization (R$ million)
• Average term: 6.3 years
• Average nominal cost: 8.6%
(79.3% of CDI in Jun/14)
Debt profile
(1) Refers to funding for projects under construction for which long-term financing has not yet been obtained;
(2) Cash balance considers the balance in reserve accounts (restricted deposit); and (3) Last 12 months
Debt Profile
12
CashReserve Accounts Bridge Loans(1) Loans and Debentures
903.5
664.0
6.8x 6.9x
7.3x 7.1x
Leverage
13.7%
2.5%
1.8%1.6%
53.4%
Fixed
CDI
TJ6
IGPM
TJLP
3,772.1 3,874.8 3,949.0 3,962.5

13. (1) Gradual operational entrance starting 2Q16 (2) Operational entrance starting 1H18
(3) Reduction in the installed capacity at Campo dos Ventos and São Benedito complexes from 254 MW to 231 MW is due to the change of a wind turbine. The new
equipment operates more efficiently, enabling the purchase agreements average energy to be accomplished with a reduced generation capacity
Next projects
13
Start of
operations
20161 20182
Capacity
(MW)
231.03 51.3
Physical
guarantee
(MWaverage)
120.9 26.1
Financing
BNDES
(being structured)
BNDES
(to be structured)
PPA ACL – 20 years A-5 2013
13
Campo dos Ventos and São Benedito
wind complex
Pedra Cheirosa
wind complex

14. • Market value equivalent to R$ 5.6 billion (R$ 13.00/share)1
• Average volume of 118,000 shares/day
• Since the IPO the shares valued 3.9%1
Capital markets
141) Reference date: 06/30/2014 2) Base 100 on 07/19/2013
Stock performance2
80
85
90
95
100
105
110
115
120
07/19/13
08/03/13
08/18/13
09/02/13
09/17/13
10/02/13
10/17/13
11/01/13
11/16/13
12/01/13
12/16/13
12/31/13
01/15/14
01/30/14
02/14/14
03/01/14
03/16/14
03/31/14
04/15/14
04/30/14
05/15/14
05/30/14
06/14/14
06/29/14
IBOV IEE CPRE3
12.2%
10.1%
3.9%

15. Contacts
15
Closing price
on 08/12/2014:
R$12.66
Market Value:
R$ 5.6 billion
US$ 2.5 billion
Andre Dorf
CEO
Marcelo Souza
Chief Financial and Investor Relations Officer
Maria Carolina Gonçalves
Investor Relations Superintendent
Luciana Silvestre Fonseca
Investor Relations Analyst
Priscila de Oliveira
Investor Relations Analyst
Natalia Troccoli
Investor Relations Analyst
E-mail: ri@cpflrenovaveis.com.br
Phone: +55 11- 3157-9312
Press Relations
RP1 Comunicação Empresarial
E-mail: marianacasena@rp1.com.br
Phone: +55 11-5501-4655