This chapter uncovers the development of the Itaipú debt. It begins with the historical development of the debt and the transformation wrought on state institutions as Eletrobras metamorphosed into a creditor, uncovering how the multiplex nature of state institutions is connected to renewable energy requirements. A “multiplex” is a channel or circuit along which multiple signals are simultaneously sent, an analogy from telegraphy that applies to the Itaipú debt. After piecing together a biography of the debt, the chapter turns to a more ethnographic exploration of how Itaipú debt origin stories function based on ideas of interest. It also explains how the infrastructure of renewable energy and hydroelectric potential serve as state-owned collateral.
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