The appeal of receivables investment funds (FIDCs) has galvanized one of Brazil's monster power companies into action, according to sources. Executives at hydroelectric producer Furnas Centrais Eletricas have been talking to local media and sidling up to structured finance bankers about a deal for potentially R$400 million (US$139 million). "They want to use the vehicle because of the tax incentives," said one banker who was approached. "And they can't pull this together on their own."

Furnas has yet to formally send out RFPs, a source said. As a state company, it is obligated to bid out contracts. An official at Furnas did not return a call for comment.

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