Government tenders have been the backbone of growth in Brazil’s wind industry over the past decade, with their 20-year power-purchase agreements (PPAs) providing stable, healthy returns on investment. But after two years of economic and political crisis, this is no longer true: PPAs in the non-regulated market are becoming just as — or more — important in maintaining the momentum of the wind industry; it is a new landscape that developers, investors, off-takers and financiers will have to adapt to.