Measure is considered essential for new investments in PIL 2
BRASÍLIA – The National Land Transport Agency (ANTT) updated this Wednesday the Methodology for Calculating the Marginal Cash Flow Rate of Return (WACC), which indicates the remuneration of investments made by concessionaires in highways already auctioned in the past. This definition was fundamental for companies to decide on new investments of R$ 15,3 billion foreseen in the launching of the second phase of the Investment Program in Logistics (PIL 2), launched in the first semester.
According to a resolution approved today by ANTT, after discussion with the market, users and other sectors of society, the rate for new works in old concessions will be between 9,43% and 9,95%, depending on the maturity period of the investment and the share of own capital of the entrepreneurial group and third-party investors. This band is higher than the proposal of 8,59% to 9,92%, made when ANTT launched the public consultation in June, and the average rate of 9,2%, defined by the Ministry of Finance for new concessions by PIL 2. WACC is a reference for projects, without necessarily establishing or limiting the remuneration of entrepreneurs
According to government information, the most favorable result for companies refers to a new methodology, developed by ANTT to set the rate of return on new investments. This new rate entails a greater risk, given the scenario of macroeconomic uncertainties that the country is experiencing. For the agency, the new methodology is “modern, solid, flexible”, allowing the quantification of certain risks and uncertainties that traditional methodologies do not allow.
Among the R$ 15,3 billion in new investments in existing concessions considered in PIL 2, two contracts had already been signed prior to the launch of the program, which are the ascent of the Serra de Petrópolis, on the stretch of the BR-040 from Rio, in an investment of BRL 1,1 billion, and BRL 200 million for the Freeway (BR-290), in Rio Grande do Sul. Among the new investments, the most advanced in negotiations is the BR-163 in Mato Grosso, with a forecast of R$ 800 million in new investments. Other works under negotiation are BRL 2,3 billion in the Serra das Araras section of the NovaDutra highway, and the duplication of BR-101 in Rio, with an estimated value of BRL 1,2 billion.
According to market sources, after defining the concessionaires' rate of return for new investments, the BNDES still needs to make it clear what the condition of the credit offered in these investments will be, whether similar to regular bank financing or other PIL 2 loans.
Source: The Globe
By: Danilo Fariello
