Getting the money for the Santo Antônio project started off with a bang, when Brazil’s National Development Bank, the BNDES, announced that it would provide R$6.2bn (US$3.6bn) in debt in December 2008. The loan made the hydro plant the largest recipient of project finance loans worldwide in the first quarter.

The BNDES financing confirmed the typically Brazilian characteristics of the deal. Generous development bank money is indispensable, as long-term private sector funding is both very scarce and expensive.