Title: Wind power energy in Brazil: public financing and future perspectives

Authors: Viviane Helena Torinelli; Antônio Francisco De Almeida Da Silva Jr.; José Célio Silveira Andrade

Addresses: Department of Business Administration, Postgraduate Centre – NPGA UFBA, Research Group on Global Environmental Governance and Carbon Market – GAGMC, Federal University of Bahia – Universidade Federal da Bahia (UFBA), Av. Reitor Miguel Calmon, s/n – Vale do Canela, Salvador, BA, 40110-903, Brazil ' Department of Business Administration, Postgraduate Centre – NPGA UFBA, Research Group on Global Environmental Governance and Carbon Market – GAGMC, Federal University of Bahia – Universidade Federal da Bahia (UFBA), Av. Reitor Miguel Calmon, s/n – Vale do Canela, Salvador, BA, 40110-903, Brazil ' Department of Business Administration, Postgraduate Centre – NPGA UFBA, Research Group on Global Environmental Governance and Carbon Market – GAGMC, Federal University of Bahia – Universidade Federal da Bahia (UFBA), Av. Reitor Miguel Calmon, s/n – Vale do Canela, Salvador, BA, 40110-903, Brazil

Abstract: This paper focuses on the financial challenges faced by the wind power energy players in Latin America - Brazil. Governmental efforts are already underway to attract and support this industry with enormous growth potential, in order to diversify the energy matrix and reduce greenhouse emissions. However, public financing may not be able to face this challenge alone and solutions among the private sector may be found. This study, based on the debt structure of three key companies of this sector, concludes that the analysed wind energy projects were financed mainly through subsidies from the Brazilian Development Bank (BNDES). Furthermore, the Brazilian market starts considering green bonds as a strategy to fund wind energy projects. So, there is room for strategies to include the private sector in the financing of the wind power energy industry in Latin America - Brazil.

Keywords: climate finance; clean; renewable; wind power energy; Latin America; Brazil; green bonds; public financing; future perspectives.

DOI: 10.1504/LAJMSD.2018.091325

Latin American Journal of Management for Sustainable Development, 2018 Vol.4 No.1, pp.41 - 54

Received: 25 Aug 2017
Accepted: 30 Jan 2018
Published online: 24 Apr 2018 *

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