Brazil could establish renewable energy company

A technician works near solar panels in southern France.</p>

A technician works near solar panels in southern France.

Brazil may establish its own state-owned renewable energy company focusing on solar power and ethanol.

Representative Joao Carlos Siqueira said the company would help develop projects that have deterred investors because of their high costs in a phone interview with Bloomberg.

Siqueira said renewable energy is popular in Brazil, Latin America's largest economy, but that investors haven't moved forward with more expensive projects.

“Some renewable energies in Brazil aren’t viable without government supports and subsidies,” he said.

His sub-committee could propose the company in the first half of next year, reported Bloomberg, it would then need broader approval.

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