The part-state-controlled fund would take over subsidies currently being paid to the heavy power-consuming businesses, using them to spur the development of new renewable sources of supply.
Mines and energy minister Eduardo Braga said final studies for the initiative are currently being completed and he will soon seek the go-ahead from President Dilma Rousseff.
The fund will be managed by BNDESpar – the capital markets arm of the National Development Bank (BNDES) – and will be underpinned by receivables from PPAs between federal power company Chesf and the industrial users.
Chesf
