Abstract

This article analyses the policy capacity of the Brazilian Development Bank,
BNDES, to develop and implement finance innovations to foster the local wind industry and
their suppliers in the 2010s and which exogenous and endogenous factors conditioned its
actions and the related outcomes. It demonstrates that technology, market, and policy drivers
constituted exogenous windows of opportunities while, from an endogenous perspective,
BNDES timely mobilised internal competencies to implement successive finance innovations
resulting in a significant development of such sustainable industry. It is hoped that this
article may be a source of inspiration for those engaged in researching and promoting policy
innovations.

JEL Classification: O13; O16; O25; Q01; Q48.