Banca de DEFESA: Alessandro Reichert

Uma banca de DEFESA de MESTRADO foi cadastrada pelo programa.
STUDENT : Alessandro Reichert
DATE: 28/07/2023
TIME: 14:00
LOCAL: Apresentação Híbrida (Sala virtual e sala A1 12/6 - Anexo SG 12)
TITLE:

PPP FINANCING STRUCTURES AND THE CHALLENGES FOR THE BRAZILIAN FEDERAL ROAD CONCESSION PROGRAM

KEY WORDS:

Highway PPPs, highway concessions, financing.

PAGES: 90
BIG AREA: Engenharias
AREA: Engenharia de Transportes
SUMMARY:

Concessions are a type of partnership with the private sector increasingly used by different governments to carry out road infrastructure works. These highly complex projects are characterized by a high concentration of investments in the first few years of cash flow, which requires raising a relevant portion of debt in the financial market. Understanding the importance of capital costs and setting up an adequate financial strategy is a critical success factor to be considered by public entities that act in the structuring of projects of this nature. In this context, an integrative literature review was carried out on the theme of financing road PPP projects, encompassing the main concepts and advantages of this modality, the main related parties and their interests in this process, and the different alternatives for public and private financing applicable. The elements found in the literature were compared with evidence and empirical data extracted from the Brazilian market of highway concessions. In the second part of the research, a questionnaire was applied to a group of specialists who work in banks that finance concession projects in Brazil. Based on the AHP methodology, a model was developed to measure the relative importance of the different aspects that make up the due diligence process of these financial institutions. 17 analysis criteria were compared, divided into 5 different dimensions. The results show that the most relevant factors considered by banks for granting loans are those related to project revenue generation estimates and the associated risk level, followed by the soundness of contractual clauses and the correct pricing of planned investments. These criteria account for more than 65% of the relevance of all aspects analyzed. The research results bring important indications about the main elements of the economic-financial model that must be refined in order to enhance the financeability of road concession projects. In addition, through the integrative literature review, it was possible to list several possibilities for government participation in the financing of PPP projects, with the potential to be used in Brazil.

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