Signaling the market’s interest in infrastructure, more than R$80 billion in private investments were raised
The year ended 2024 with 7 road auctions, the best mark since 2007. In total, there were R$81.2 billion of private investments raised. Experts consulted by Poder360 state that the number reinforces the market’s interest in infrastructure.
Despite the performance below the R$ 122.4 billion in 13 competitionsthe year was evaluated positively by both the public and private sectors, with emphasis on diversity and the entry of new participants.
“Of the 7 auctions in 2024, we had 6 different winners, this is a great sign”said the Minister of Transport, .
HIGHLIGHTS
which won the (0.80% discount on the toll fee) and the (11.21% discount), is considered the big winner.
In relation to state projects, the Government of São Paulo held 3 auctions, with different winners:
The auction season was also marked by the participation of investment funds.
“For example, it was present at the BR-381 auction and, although it did not win, it signaled its interest in continuing to compete for new contracts. It is also preparing to actively participate in concessions, reinforcing the appetite of major financial players for the sector”he declared, specialized in infrastructure and partner at the firm.
MODELING
Another highlight was the concession of highways that had previously been offered at auctions, but which, until then, had not aroused the expected market interest.
In August, BR-381/MG – known as “” because of the high number of accidents – was auctioned after 5 failed attempts, 3 of which were put up for auction and all ended with no offers.
The solution given by the Ministry of Transport was to change the bidding contract, so that the State would take over the works on one of the most complicated sections of the highway and reduce the investment obligation.
The consortium, led by , won the auction with an offer for a 0.94% discount on the toll fee. The contract is valid for 30 years and the obligation to invest in the highway is R$9.34 billion.
“These remodels are part of the game. These are adjustments so that in the next moment there is competition and things work out. In this case, it was only viable financially and from a business risk point of view because the section initially planned for the responsibility of carrying out investment in an area that would need to be expropriated was removed.”said the lawyer , partner in the Energy and Infrastructure areas of .
One case that will need to have the remodeling reviewed is that of “”, which did not receive proposals. It includes sections of BR-262 and BR-267 in Mato Grosso do Sul and part of the state highways MS-040, MS-338 and MS-395.
In the governor’s (PSDB) assessment, the contract offered in August established very tight deadlines for the start of some works, which should begin in the second year of the concession.
“Not even 1 km was reduced or increased in any action we took. We have a discussion regarding the ‘timing’, for example, of the construction of viaducts over railway crossings. There are 6, at a cost of R$50 million each […] It is not necessary, therefore, for it to be in the 2nd year of the contract, as expected”these.
DEBENTURES
The year was also marked by the sanction of ().
Debentures are long-term credit securities issued by companies. This is a way of trying to raise money in the market by paying a lower interest rate than that offered by banks. In general, debenture buyers believe in the companies’ potential and the promise of paying interest and the total value of the paper after a certain period.
The model was thought to be more attractive to institutional investors who wish to invest in infrastructure projects. The new application allows the bond issuer to offer more attractive interest rates to buyers because they can deduct 30% of the interest on the debentures from the CSLL (Social Contribution on Net Profit) determination.
PORTS AND AIRPORTS
Throughout 2024, in partnership with the (National Waterway Transport Agency), Infra SA and other entities in the sector, promoted 8 auctions, which secured more than R$3.74 billion in investments. Here are what they are:
- REC08 – vegetable solid bulk terminal at the Port of Recife (Pernambuco);
- REC09 – solid bulk and general cargo terminal at the Port of Recife (Pernambuco);
- REC10 – solid bulk and general cargo terminal at the Port of Recife (Pernambuco);
- RIG10 – general cargo terminal at the Port of Rio Grande (Rio Grande do Sul);
- RDJ10 – non-containerized general cargo and solid bulk terminal at the Port of Rio de Janeiro (Rio de Janeiro);
- MCP03 – vegetable solid bulk terminal at the Port of Santana (Amapá);
- MAC16 – mineral solid bulk terminal at the Port of Maceió (Alagoas);
- ITG02 – mineral solid bulk terminal at the Port of Itaguaí (Rio de Janeiro).
The highlight was the terminal, with massive investment forecast of R$3.5 billion. With 249 thousand m², the terminal to be built will have the capacity to handle 21.4 million tons of iron ore per year.
In the air sector, the main airports were granted in recent years. Of the big ones, there is only Santos Dumont.
Currently, the ministry is working on a simplified competitive process, already by the (Federal Audit Court), so that concessionaires that manage terminals across the country can manage regional airports.
In this 1st stage, still to be carried out, 51 airports are planned to be located in the Northeast and North regions.
