With nominal double-digit rates of return, Brazil’s new Sustainable Energy Fund could be the first real capital markets financing alternative for renewable power projects, according to BNDES, the national development bank.

Eliane Lustosa, director of capital markets at BNDES, tells Recharge that the fund’s rate of return will need to above those on NTN-Bs, the Brazilian treasury notes that pay at least 6% annually on top of inflation.

“The