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Brazil’s National Bank for Economic and Social Development (BNDES) offers significantly lower interest rates than local commercial banks, making it the leading source of financing for project developers. However, BNDES financing generally carries a 60 percent local-content requirement and other restrictions.74 To get the financing, some firms import equipment and parts and assemble them in Brazil. The project can start with 40 percent local content, but must have a plan to reach 60 percent. From 2003 to June 2008, BNDES contributed about $10.5 billion to 142 power generation projects, of which $6.7 billion went to hydroelectricity. In addition to BNDES financing, there are some federal tax benefits associated with wind and small hydropower related to the value- added tax (VAT) and income taxes, and some income tax incentives for small hydropower projects offered by the northern Brazilian states.75 Asia Asia is expected to experience continuing growth in hydropower capacity through at least 2030, which will also lead to growth in the hydro-related services market. Countries with growing markets include Burma, Laos, Vietnam, Indonesia, and the Philippines.76 In India, hydropower provided the majority of renewable electricity in 2012 and will continue to grow, with hydropower capacity expected to add 25 GW by 2030.77 An Indian program to privatize small hydropower sites to encourage development has provided rare opportunities for small U.S. engineering services companies that do not have the resources to handle large hydropower projects. Such opportunities for small firms can be difficult to find in the United States.78 China has become a major market for hydro-related services. In 2011, its total installed hydropower capacity (large and small) was about 230 GW, with another 50 GW under construction.79 The total was expected to grow to at least 300 GW by 2020, including 41 GW of pumped hydro, and possibly to 400 GW by 2030,80 ensuring a growing market for hydropower-related services. Chinese companies are also actively involved in exporting equipment and services for both small and large hydropower projects. Most Chinese firms active in hydropower globally have focused on providing EPC services, but a few are also providing O&M services. In general, management teams are sent from China to the foreign locations, but the companies tend to hire mostly local employees, consistent with the practices of large firms based in the United States and elsewhere when operating outside their home markets. Chinese firms have been particularly active in Asia and Africa, notably Pakistan, Vietnam, and Nigeria. Foreign firms active in China’s hydropower market include Alstom and Shanghai Fuji. Alstom Hydro China Co. is investing in the second phase of its hydropower technology center in Tianjin, which is expected to be the company’s largest hydropower equipment 74 BNDES likely considers the services component of hydropower construction costs to count toward the local-content requirements, as construction costs are a large majority of total hydropower project development costs. Industry representative, interview with USITC staff, Rio de Janeiro, May 7, 2013. 75 Industry representatives, interviews with USITC staff, Rio de Janeiro, May 7, 2013, and Santiago, Chile, May 14, 2013; Lobo, “Global Renewable Energy Developments,” January 16, 2013; IEA, 2012 Hydropower Roadmap, 2012, 44. 76 Industry representative, interview with USITC staff, Tokyo, March 10, 2013. 77 REN21, Renewables 2013, 2013, 48. 78 Industry representative, telephone interview with USITC staff, February 6, 2013. 79 Reuters, “China Urges Hydropower Developers to Heed Environment,” January 17, 2012. 80 REN21, Renewables 2013, 2013, 47. 5-22PDF Image | Renewable Energy and Related Services: Recent Developments
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