Just a few years ago, Brazilian renewables investors and OEMs alike would have raced to do the sums following the announcement of cap prices for government tenders – but this year, the news was virtually ignored.

“The cap price used to matter in the past, now it’s only a reference,” said Rosana Santos, GE Renewable Energy’s top executive for onshore wind in Latin America when Brazil capped wind at R$208/MWh ($57.26/MWh)