Motiva (formerly CCR) won the auction to renegotiate the Fernão Dias concession contract (BR-381/MG/SP), which connects São Paulo to Belo Horizonte, crossing 33 cities. It was the fourth auction aimed at optimizing road contracts, the first to have competition and the only one so far in which the current manager, Arteris, did not retain the asset. The auction took place at B3, in São Paulo.
- BR-101/RJ: without competitors in the auction, Arteris maintains the Autopista Fluminense concession
Motiva offered the largest discount (17.05%) on the base toll rate, with a maximum value set at R$0.03879 per kilometer. EPR, another competitor, offered an 11.25% discount, while Arteris offered zero discount.
The highway serves around 250,000 vehicles per day and around 16.6 million inhabitants spread across 33 municipalities. The new contract provides for 9.5 billion reais in investments and an additional 5.4 billion reais in operating costs over the 15 years of the concession, which began in 2008.
The contract is subject to renegotiation with the federal government, through the Federal Court of Auditors (TCU). The TCU plans to hold a new auction as the final part of the renegotiation process.
The president of Motiva Infraestrutura de Mobilidade, Eduardo Camargo, considered that the process of renegotiation of road contracts was successful and that Fernão Dias is important for Motiva, which considers the region strategic.
— We were at Belo Horizonte airport, but we are in the process of selling the asset. We now return to Minas via Fernão Dias. We thank Arteris and guarantee that we will take very good care of the highway that you have taken care of so far — Camargo said after the auction.
Since a company other than the current operator won the tender, Arteris will receive compensation of BRL 295 million, an amount stipulated in the notice, but which may be subject to adjustments, depending on the concessionaire’s debt balances and cash flow at the time of payment.
Three other renegotiated concession auctions have already taken place, including MSVia, operated by Motiva, Eco101, managed by Ecorodovias and Autopista Fluminense, also owned by Arteris. These conflicts did not attract new interested parties and the concessionaires who already managed the highways remained in charge of the assets.
Arteris is engaged in a portfolio renegotiation process, during which almost all federal contracts are being renegotiated. About a month ago, the dealership maintained the Autopista Fluminense dealership, in Rio de Janeiro, due to a lack of other interested parties.
Fernando Vernalha, specialist in infrastructure and regulation, partner at Vernalha Pereira, estimated that the auction to renegotiate one of the country’s main highways, with a high volume of traffic, already indicated that there would be competition.
— The result reflects the attractiveness of the project. So far, the three renegotiation contract auctions have not been competitive, given the characteristics of these activities, which may carry greater risks than taking on new operations. With a large supply of new road concession projects, it is natural that renegotiations are not more attractive, he explains.
Infrastructure specialist, lawyer Paulo Dantas, partner at Castro Barros Advogados, explains that despite being one of the most important logistics corridors in the country, the highway has received less investment than necessary. With the renegotiation, investments will be released.
— In this case, the auction attracted large groups and there was a change of operator, with the dealership leaving Arteris and going to Motiva. The result strengthens the role of the TCU in building legal certainty and demonstrates that under appropriate conditions, the renegotiation procedure can generate competition, more competitive tariffs and better investment prospects, he said.
About The Author
