4Q14 Results

This presentation may contain statements that represent expectations about future events or results according toBrazilian and international securities regulations. These statements are based on certain assumptions and analysesmade by the Company pursuant to its experience and the economic environment, market conditions and expectedfuture 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 expectationsabout future events or results include the Company's business strategy, Brazilian and international economicconditions, technology, financial strategy, developments in the public utilities sector, hydrological conditions, financialmarket conditions, uncertainty regarding the results of future operations, plans, objectives, expectations andintentions, among others. As a result of these factors, the Company's actual results may differ materially from thoseindicated 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 potentialinvestors and no investment decision should be based on the veracity, timeliness or completeness of such informationor opinions. None of the advisors of the Company or parties related to them or their representatives shall be liable forany losses that may result from the use or content of this presentation.

This material includes forward-looking statements subject to risks and uncertainties, which are based on currentexpectations and projections about future events and trends that may affect the Company's business. Thesestatements may include projections of economic growth, demand, energy supply, as well as information about itscompetitive position, the regulatory environment, potential growth opportunities and other matters. Numerous factorscould adversely affect the estimates and assumptions on which these statements are based.

Disclaimer

2

4Q14 Highlights

3

Favorable outlook for the continued development of

renewable sources

Operating capacity of 1,772.7 MW distributed across 80

plants at end 4Q14 (+38.2% vs. 4Q13)

M&A: 345 MW of capacity (291 MW in operation) after the

incorporation of DESA and Rosa dos Ventos

Construction completed and commercial startup: wind

complexes Santa Clara, Eurus, Macacos I, last wind farm of

Atlântica and wind farm of Campo dos Ventos II (totaling 467 MW)

Net revenue of R$369.4 million in 4Q14 (+10.5% vs. 4Q13)

and R$1.2 billion in 2014 (+22.5% vs. 2013)

EBITDA of R$209.3 million in 4Q14 (+19.2% vs. 4Q13) and

R$663.5 million in 2014 (+17.8% vs. 2013)

Investments of R$204.8 million in construction projects in

2014

Approval of long-term financing facility for the Morro dos

Ventos II wind farm and qualification of SHPP Mata Velha by

the BNDES

Solid financial liquidity position: cash of R$1.1 billion

Aug/11 2013 2014 2016 2018 Total contracted 2018

651.7

1,283.11,772.1

284.2 51.3

2,108.2

Capacity expansion of 38% in last 12 months

4

#1 renewable

energy player in

Brazil, with 1.8

GW of capacity

in operation

Expansion in

capacity in

operation of 2.1

GW by 2018

Portfolio

diversified across

various regions

and presence in

four energy

sources

Long-term

PPAs,

concessions and

authorizations

Evolution in the contracted portfolio (MW)

(1) Creation of CPFL Renováveis

38.1%

2

18.9%

Conclusion of the acquisition of Rosa do Ventos wind farms (February 14)

Startup of Atlântica wind complex (March 2014)

Commercial startup of Santa Clara wind complex (April 2014)

Incorporation of DESA assets (October 2014)

Commercial startup of wind farm Campo dos Ventos II, wind complex Eurus and wind complex Macacos I (December 2014)

Complete cycle of Bio Alvorada (November 2013) and Bio Coopcana (August 2013)

Unfavorable hydrologic conditions during 2014 (lower generation at SHPPs)

4Q13 4Q14 2013 2014

284.4 297.7

1,191.2 949.6428.4900.7

1,270.22,254.7

274.6

295.1

732.3

1,007.9

0.4

0.4

1.4

1.6

SOL

BIO

WIND

SHPP

Energy generation in 2014

5(1) The figures for energy generation include the Campo dos Ventos II wind farm and Macacos wind complex since December 2014.

51.3%

31.9%Energy generation by source (GWh)1

4,213.8

3,195.2

1,494.0

987.8

6

Net revenue (R$ million) By source (2013 vs. 2014)1

(1) Solar power accounted for 0.03% in 2013, compared to 0.02% in 2014

Incorporation of Rosa dos Ventos’ wind farms (March 2014) and DESA (October 2014)

Recognition of the actual generation of Santa Clara wind complex (April 2014)

Commencement of sale agreement for Macacos wind complex (May 2014)

Complete energy sale cycle in 2014 for Bio Coopcana, Bio Alvorada (May 2013) and Campo dos Ventos II (September 2013)

Increases in agreements signed in 2014 (reference: IGP-M or IPCA)

Effect of GSF over Proinfa plants

54.319.6

26.1

2014

4Q13 4Q14 2013 2014

334.1 369.4

1,018.6

1,247.622.5

10.5

50.4

19.3

30.3

2013

WIND BIO PCH

Net revenue

4Q13 4Q14

188.7

212.3

12.5%

4Q13 4T14

56.1 67.9

Energy generation costs and general and administrative expenses

7

Costs (R$ million) Expenses (R$ million)

2013 2014

573.5764.3

2013 2014

230.3 252.0

33.3%

21.1%

9.4%

Growth of portfolio in operation

Costs: Lower than the portfolio growth. Main extraordinary items:

2014: effects of GSF; SHPPs outside of MRE; projects with construction schedule revised;claim at Bio Coopcana, and reimbursement from supplier

Expenses: Excluding non-recurring items (write-offs without cash effect and fees due to DESA'smerger), the expenses would remain stable in nominal terms

248.7

175.6

35.2 69.1 55.0 15.6209.3 213.4

EBITDA and net income in 4Q14

EBITDA 4Q13

Net Revenue Extraord. expenses

OperatingExpenses

EBITDA 4Q14

52.5% 56.7%EBITDA Margin 57.8%

OperatingCosts

74.4%

Adjusted EBITDA 4Q14

Adjusted EBITDA 4Q13

Net revenue

Growth of portfolio in operation

Extraordinary expenses

4Q13: Energy purchase to meet the change in the construction schedule (R$73.1 MM)

4Q14: Costs with GSF (R$31.1 million) and SHPPs outside of the MRE (R$1.9 MM) and reimbursement from supplier (+R$29 MM)

Operating costs and expenses

Growth of portfolio in operation (O&M and sector charges)

Write-offs without cash effect in general and administrative expenses (R$ 9.9 MM)

4Q14(R$65.2)

million

4Q13R$27.8million

Net income

Evolution in EBITDA (R$ million)

8

- 14.8%

+ 19.2%

737.8

563.1

229.027.7 136.3

20.0 663.5

810.5

EBITDA and net income 2014

EBITDA 2013

Net Revenue Extraord. expenses

OperatingExpenses

EBITDA 2014

55.3% 53.2%EBITDA Margin

65.0%

OperatingCosts

72.4%

Adjusted EBITDA 2014

Adjusted EBITDA 2013

Net revenue

Growth of portfolio in operation

Extraordinary expenses

2013: GSF (R$ 32.4 MM) and energy purchase to meet the contractual

requirements of energy sale contracts (R$ 142.3 MM)

2014: GSF (R$ 89.4 MM), SHPPs outside of MRE (R$ 48.3 MM), energy purchase

to meet the contractual requirements of energy sale contracts (R$ 26.4 MM),

claims (R$ 11.8 MM) and reimbursement from supplier (R$ 29.0 MM)

Operating costs and expenses

Growth of portfolio in operation (O&M and sector charges)

Write-offs without cash effect in general and administrative expenses (R$ 9.9 MM)

Expenses related to DESA association, which were recognized in 3Q14

2014(R$167.4)

million

2013(R$55.0)

million

Net Income

Evolution in EBITDA (R$ million)

9

+9.6%

+ 17.8%

Debt by index (%)Net debt/EBITDA (R$ million)

Amortization schedule (R$ million)

• Average term: 6.1 years

• Average nominal cost: 8.8%

(75.6% of CDI at December

2014)

Debt profile

1 - Considering the reserve account. 2 - The EBITDA used to calculate covenants in certain of the Company's financial agreements considers the EBITDAfrom companies acquired in the last 12 months, regardless of the acquisition date

Debt profile

10

Caixa 2015 2016 2017 2018 2019+

1,081.9677.6 504.9 485.0 573.1

3,408.9

Cash Loans and Debentures

1

4Q14 Proforma

4,567.7

751.3

1Q14 2Q14 3Q14 4Q14

3,949.0 3,962.5 3,914.4

4,567.7

542.1 560.6 629.8 663.5

Net Debt Ebitda LTM

7.3 7.1

6.2

6.9

Leverage

12.0%

28.0%

1.0%

59.0%

Fixed

CDI

IGPM

TJLP

2

Upcoming projects

1111

1 - Gradual startup as of 2Q16

2 - Startup as of 1H18

3 - Assets merged through the association with DESA on October 1, 2014.

4 - With the anticipation of construction, a bilateral agreement (Free Market) was signed for the period 2016-2018, when LEN 2013 will come into effect.

Startup 20161 20161 20161 20182

Capacity(MW)

231.0 24.0 29.2 51.3

Physical guarantee(MWa)

120.9 13.1 15.3 26.1

PPAFree Market

20 yearsA-5 2013 A-5 2011 A-5 2013

Campo dos Ventos and São Benedito wind complexes

Pedra Cheirosa wind complex

Morro dos Ventos II windfarm3

Mata Velha SHPP 3 4

• Market capitalization of R$ 6.5 billion (R$ 12.99/share)1

• Average trading volume of 103,000 shares/day

• Since the IPO, the shares have depreciated 3.8%2

Capital markets

12(1) Base date 03/24/2015 (2) From 07/19/2013 to 03/24/2015 (3) Base=100 on 03/24/2015

Stock performance3

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135

2013-0

7-1

9

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6

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IBOV IEE CPRE3

8.7%

8.7%

3.8%

Contacts

13

Stock priceon 03/24/2015:R$12.99

Market Capitalization:R$6.5 billionUS$2.5 billion

Andre Dorf

Chief Executive Officer

Carlos Wilson Ribeiro

Chief Financial and Investor Relations Officer

Maria Carolina Gonçalves

Investor Relations Manager

Luciana Silvestre Fonseca

Investor Relations Analyst

Priscila de Oliveira

Investor Relations Analyst

E-mail: ri@cpflrenovaveis.com.br

Tel: +55 11 3157-9312

Media Relations

RP1 Comunicação Empresarial

E-mail: marianacasena@rp1.com.br

Tel: +55 11 5501-4655