Cabo Frio Airport

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In 2000, the Brazilian company Costa do Sol Operadora Aeroportuaria was awarded in a competitive bidding process the contract to operate and manage the airport located at the city of Cabo Frio (state of Rio de Janeiro). Information on the bidding criteria and on the other participants in the bidding process was not available. Costa do Sol Operadora Aeroportuaria established the special purpose company Aeroporto Internacional de Cabo Frio to lead the project. The 22-year contract was signed with the regulatory agency and the sponsors took over the operations in 2001. The airport was set to have a total capacity of 100 thousand passengers per year. By 2003, the passenger flux was below the expected, and a cargo terminal was constructed to compensate the sponsor for its revenue shortfall. As of 2008, 90% of the concessionaire revenues came from the cargo terminal fees. In 2011, the Brazilian group Libra acquired 60% of Costa do Sol Operadora Aeroportuaria shares; the remaining 40% remained with small investors.