In previous roles, Soares has faced stringent local-content laws similar to those in Brazil, and Vestas is still hiring staff in the country, unlike in the US and Europe, where it has cut thousands of jobs.
“I don’t think the challenges in Brazil are different from elsewhere,” says Soares, who cites China’s 70% local-content requirements as an example.
Brazil is a cut-throat market, with about a dozen turbine manufacturers vying for limited demand, while local-content rules are being made ever more stringent and industry uncertainties abound about virtually everything — from tariffs to electricity rates.
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