Similarly, Brazil’s national development bank (BNDES) has played a key role in financing renewable energy.30 By contrast, in Chile and the Republic of Korea, capital markets are the main sources of finance. India lies somewhere in the middle, as not only bank lending but also access to capital markets play an important role in infrastructure financing (Walsh et al., This is especially the case where clean energy is concerned, as projects tend to be upfront capital-intensive with low operating costs thereafter.