Anhanguera - Bandeirantes Toll Road

active

The project includes the rehabilitation of the road linking the Anhanguera highway with the Bandeirantes highway, as well as a 77 km extension of the Bandeirantes highway (between the cities of Campinas and Limeira). In 1998, the concession was granted to Concessionária do Sistema Anhanguera-Bandeirantes S.A. (Autoban), which was owned by a consortium. The winning consortium was comprised by Camargo Correa (23.2%), Andrade Gutierrez (23.2%), CBPO (23.2%), SVE (20%), and Serveng Civilsan (10.4%). The bidding process was competitive and the award criteria was the highest cannon fee to be paid to the government. There is no provision for contract renewal (assets will be returned to the state government). The estimated daily traffic flow was 100,000 vehicles in 1998. The total project cost has been estimated at US$ 1.86 billion: US$ 919 million as infrastructure investment and US$ 941 million as lease fee to be paid in monthly installments during the concession period (in order to calculate the real value of the lease fee, a discount rate of 12.68% was used; this government has used this rate in other infrastructure sectors). The sponsors also committed to pay US$ 765 million in taxes. Companhia de Concessoes Rodoviarias (CCR) was created in 1998 as a holding for a number of toll-road concessions in Brazil. The total capital of Autoban was transferred to CCR. As of December 2003, CCR was controlled by Brisa (21.27%), Andrade Gutierrez (20.69%), Camargo Correa (21.27%) and Serveng-Civilsan (21.27%). The remaining stake was traded in stock markets. The consortium obtained loans from the IADB and IFC in 1999 and 2001, and from the state-owned bank BNDES in 2000. In 2006, CCR negotiated with Sao Paulo state to extend its 20-year concession agreement by 104 months. The investments undertaken by Autoban, year by year were: 1999 – US$ 75.2 million (R$ 136 million) 2000 – US$ 182.8 million (R$ 356.2 million) 2001 - US$ 155 million (R$ 345 million ) 2002 – US$ 34.7 million (R$ 122.6 million) 2003 - US$ 22.7 million (R$ 68.2 million) http://www1.ifc.org/ar2001/downloads/projectCommitments.pdf For 2005-2006, Autoban planned investments for 168 million reais.