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New York – February, 2013 
Financing of Infrastructure Projects 
Luciano Coutinho 
President
Summary 
1 Electricity and logistics: performance and players 
2 Investment outlook and infrastructure perspectives 
3 Financing of infrastructure 
5 
2
Electricity and logistics: performance and players 
Summary 
1 
3
Source: BNDES 
4 
Steady growth of demand: Electricity 
(GWh)
Source: ANEEL and ONS 
5 
Steady growth of supply: Electricity 
919396100103106112117121808386899297100103114020406080100120020406080100120140200420052006200720082009201020112012 1000 kmGW GenerationTransmission
One of the largest private toll roads network: 
•55 concessionaires 
•15,5 thousand km 
•mature regulatory framework 
501 
419 
230 
Railway freight transport: CAGR 4.6% (2005-2011) 
Steady growth of demand: Roads and Railways 
6 
ROADS: Length (km) and traffic (million of vehicles) 
Source: ABCR 
400 
800 
1,200 
1,600 
4,000 
8,000 
12,000 
1,631 
1,526 
1,363 
1,044 
769 
707 
657 
643 
Traffic 
15,473 km 
RAILWAY: freight transport growth 
100 
200 
300 
290.5 
277.9 
245.3 
267.0 
257.1 
238.1 
221.6 
Measured in billion of ton.kilometers 
Source: ANTT
Steady growth of demand: Ports and Airports 
7 
0 
10 
20 
30 
Guarulhos 
Campinas 
Brasília 
Galeão 
Confins 
CAGR: 11.0% 
CAGR: 40.6% 
CAGR: 7.8% 
CAGR: 10.6% 
CAGR: 20.1% 
Measured in million of passengers 
Source: Infraero 
Largest AIRPORTS 
1.0 
2.0 
3.0 
4.0 
4.3 
3.9 
3.9 
4.4 
4.1 
3.6 
5.0 
5.0 
PORTS: containers handling 
Source: Antaq 
Measured in million of containers 
Airports demand: CAGR > 10% 
(2005-2011) 
Containers handling: CAGR 5.6% 
(2005-2011)
Logistic 
Main operators 
Electricity 
Source: Valor 1000, 2012 8
Main financiers and equity investors 
9 
Infrastructure Funds 
Large Private Banks 
Pension Funds 
Asset Managers
Hydro Power Plant 
Alternative energy 
Distribution 
Transmission Lines 
Railways 
Highways 
Ports, Terminals, and 
Warehouses 
Airports and Air 
Transportation 
US$ Million 
Source: BNDES 10 
BNDES Disbursements in Electricity and Logistics 
1,922 
2006 2007 2008 
4,430 
8,214 
7,836 
1,726 
3,649 
2005 2009 2010 2011 2012 
9,612 
12,584 
Electricity 
Logistics
BNDES Financing in Electricity and Logistics 
Sector # Projects Amount Financed Total Investment 
Hydroeletric Power Plants 13 24.830 39.854 
Wind Power Plants 44 7.096 11.608 
Distribution 45 7.670 14.650 
Transmission Lines 56 6.942 12.138 
Thermal Plants 18 3.624 7.094 
Nuclear 1 3.073 5.244 
Small Hydros 30 963 1.489 
Cogeneration 8 439 575 
Energy Racionalization 14 63 84 
Roadways 37 8.123 15.094 
Ports, Terminals and Warehouses 44 6.425 12.406 
Railways 16 3.899 6.655 
Airports/ Air Transportation 9 3.678 5.253 
Pipeline Transportation 1 2.051 4.345 
Navigation 11 1.007 1.456 
Others 5 32 36 
TOTAL 352 79.914 137.979 
(US$ million) 
Source: BNDES (projects approved or in the pipeline) 11
Investment outlook and infrastructure perspectives 
Summary 
2 
12
2013-2016: BNDES Investment Survey at highest level 
Source: BNDES Investment Survey 
350 
370 
390 
410 
430 
450 
470 
490 
510 
530 
550 
2006 2007 2008 2009 2010 2011 2012 
391,1 
441,1 439,1 
419,8 
512,3 
475,4 
535,9 
Investment Outlook for 4 years ahead 
(Comparable Sectors - US$ billion - 2012) 
Base year of BNDES Survey 
2007-2010 
2008-2011 2009-2012 
2010-2013 
2011-2014 
2012-2015 
2013-2016 
13
Investments will reach at least US$ 1.9 trillion in 
coming 4 years 
Source: BNDES 
(*) Note : The BNDES research on the investment outlook for 2013-2016 covers 66% of the total industrial investments, and 100% of investments in 
infrastructure, totalizing about 58% of the investments in the economy (excluding residential construction). Agriculture and Services investments are 
based on queries to Sectorial entities and/or econometric forecast. 
Sectors 2008-2011 2013-2016 Δ (%) CAGR % 
Industry 434,4 529,7 21,9 4,0 
Infrastructure 184,1 257,1 39,7 6,9 
Housing 305,6 394,9 29,2 5,2 
Agriculture and Services 589,2 776,1 31,7 5,7 
Total 1.513,3 1.957,8 29,4 5,3 
Investment Outlook for Brazil (2013-16) 
(U$ billion - Constant prices) 
14
Investments in logistics will increase 123% in coming 4 years 
Source: BNDES 
(US$ Billion) 
Logística 
80,4 
179,2 
123,0 
* It represents an expansion 44.5 GW of power capacity and 23,600 Km Transmission Lines 
Sectors2008-20112013-2016Δ(%) Infrastructure184.1257.139.7Electricity*82.291.311.0Power Generation52.557.29.0Transmission6.913.697.1Distribution22.820.5-10.0Telecommunications43.552.220.1Sanitation17.421.724.9Highways20.535.271.8Railways14.039.4182.6Ports5.012.5150.1Airports1.74.7170.9Logistics41.291.9123.0
Financing of infrastructure 
3 
Summary 
16
Transmission 
Generation 
26,4 
R$ Billion 
US$ Billion 
111,4 
13.6 
57.2 
50% 
55% 
10 
20 
30 
40 
50 
60 
US$ Billion 
70% 
25% 
80% 
35% 
15% 
30% 
Source: BNDES 
* Figures according to BNDES forecast 
** SPC leverage ≤ 80% 
*** Amount of loans should observe DSCR ≥ 1.2 
Equity 
Debentures (holding or SPC**) 
Credit*** 
Values in US$ billion 
Financing structure: Electricity (2013-2016)* 
15% 
5% 
5% 
15% 
17
Toll roads 
Railways 
Ports 
Airports 
Financing structure: Logistics (PIL) 
23,5 
R$ billion 
US$ billion 
56,0 
54,2 
11,4 
12.1 
28.7 
27.8 
5.8 
Values in US$ billion 
65% 
65% 
60% 
60% 
10 
20 
30 
40 
50 
60 
R$ billion 
80% 
80% 
20% 
15% 
15% 
20% 
20% 
65% 
15% 
5% 
5% 
15% 
20% 
20% 
15% 
70% 
15% 
15% 
20% 
* SPC leverage ≤ 80% 
** Amount of loans should observe DSCR ≥ 1.2 
Source: BNDES 
18 
Equity 
Debentures (Holding or SPC*) 
Credit**
Credit Lines for electricity and PIL government guidelines 
Sectors 
Amortization Schedule (up to – in yrs) 
Grace Period 
(up to – in yrs) 
BNDES Credit (% - up to) 
Financial Cost 
Spread (% p.y.) 
Power Generation 
Hydropower 
20 
5 
70 
5 % * 
0.9 + Risk rate 
Alternative Energy 
16 
5 
80 
Thermal (Coal &1 Oil) 
14 
4 
50 
1.8 + Risk rate 
Transmission 
14 
3 
70 
1.3 + Risk rate 
Railways 
30 
5 
65 - 80 
5 % * 
1.0 
Toll roads 
25 
5 
65 - 80 
1.5 
Airports 
20 
3 
70 
0.9 + Risk rate 
Ports 
20 
3 
65 
2.5 
Source: BNDES * TJLP - Long Term Interest Rate 
19
Project Finance – typical toll road model 
Auction 
3 Months 
Contracts Signed 
/Bridge Loan 
Approved 
LT Loan 
Approved 
6 Months 
30 Months to 60 Months 
Completion 
End of Concession 
... 30 years total 
Equity (20-35%) 
Bridge Loan 
Long Term Loan (65-80%) 
Infrastructure Bonds (10-15%) 
Strategic & Financial Investors, Local & Foreign 
Financial Investors 
Local & Foreign 
Timing of Events 
Banks & 
Source: BNDES 
20
Infrastructure Financing Holdings and SPC’s 
Holding 
Government Banks/Funds may co-invest with strategic and financial investors, either directly in the SPC’s or through the holding company’s equity, taking minority equity stake 
SPC 1 
SPC 2 
SPC N 
Bond 
Equity 
Bond 
Equity 
Source: BNDES 
21 
Brazilian Infrastructure Bonds and infrastructure investment funds – benefits for non-resident investors: 
(i)zero Income Tax rate 
(ii)zero IOF (Financial Operation Tax)
Each 1% increase in supply of infrastructure can add up to 0.5 percentage points to Potential GDP Induces economic integration of production clusters and increases efficiency of supply chains Increases competitiveness by reducing production costs... Therefore: generates systemic productivity gains... ... and contributes to improve life standards 
The relevance of efficient eletricity, logistics and other infrastructures 
22
Concluding remarks 
•Brazilian growth will be led mainly by infrastructure investments 
•Infrastructure pipeline: many opportunities of low risk and attractive yields 
•Government financial institutions, like BNDES, will retain a role in financing Brazilian development, but… 
•Investment financing in larger scale requires new private players and investors, 
•making use of project finance and capital market instruments, led by private financial institutions 
23
New York – February, 2013 
Financing of Infrastructure Projects 
Luciano Coutinho 
President

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Financing of infrastructure projects - Luciano Coutinho

  • 1. New York – February, 2013 Financing of Infrastructure Projects Luciano Coutinho President
  • 2. Summary 1 Electricity and logistics: performance and players 2 Investment outlook and infrastructure perspectives 3 Financing of infrastructure 5 2
  • 3. Electricity and logistics: performance and players Summary 1 3
  • 4. Source: BNDES 4 Steady growth of demand: Electricity (GWh)
  • 5. Source: ANEEL and ONS 5 Steady growth of supply: Electricity 919396100103106112117121808386899297100103114020406080100120020406080100120140200420052006200720082009201020112012 1000 kmGW GenerationTransmission
  • 6. One of the largest private toll roads network: •55 concessionaires •15,5 thousand km •mature regulatory framework 501 419 230 Railway freight transport: CAGR 4.6% (2005-2011) Steady growth of demand: Roads and Railways 6 ROADS: Length (km) and traffic (million of vehicles) Source: ABCR 400 800 1,200 1,600 4,000 8,000 12,000 1,631 1,526 1,363 1,044 769 707 657 643 Traffic 15,473 km RAILWAY: freight transport growth 100 200 300 290.5 277.9 245.3 267.0 257.1 238.1 221.6 Measured in billion of ton.kilometers Source: ANTT
  • 7. Steady growth of demand: Ports and Airports 7 0 10 20 30 Guarulhos Campinas Brasília Galeão Confins CAGR: 11.0% CAGR: 40.6% CAGR: 7.8% CAGR: 10.6% CAGR: 20.1% Measured in million of passengers Source: Infraero Largest AIRPORTS 1.0 2.0 3.0 4.0 4.3 3.9 3.9 4.4 4.1 3.6 5.0 5.0 PORTS: containers handling Source: Antaq Measured in million of containers Airports demand: CAGR > 10% (2005-2011) Containers handling: CAGR 5.6% (2005-2011)
  • 8. Logistic Main operators Electricity Source: Valor 1000, 2012 8
  • 9. Main financiers and equity investors 9 Infrastructure Funds Large Private Banks Pension Funds Asset Managers
  • 10. Hydro Power Plant Alternative energy Distribution Transmission Lines Railways Highways Ports, Terminals, and Warehouses Airports and Air Transportation US$ Million Source: BNDES 10 BNDES Disbursements in Electricity and Logistics 1,922 2006 2007 2008 4,430 8,214 7,836 1,726 3,649 2005 2009 2010 2011 2012 9,612 12,584 Electricity Logistics
  • 11. BNDES Financing in Electricity and Logistics Sector # Projects Amount Financed Total Investment Hydroeletric Power Plants 13 24.830 39.854 Wind Power Plants 44 7.096 11.608 Distribution 45 7.670 14.650 Transmission Lines 56 6.942 12.138 Thermal Plants 18 3.624 7.094 Nuclear 1 3.073 5.244 Small Hydros 30 963 1.489 Cogeneration 8 439 575 Energy Racionalization 14 63 84 Roadways 37 8.123 15.094 Ports, Terminals and Warehouses 44 6.425 12.406 Railways 16 3.899 6.655 Airports/ Air Transportation 9 3.678 5.253 Pipeline Transportation 1 2.051 4.345 Navigation 11 1.007 1.456 Others 5 32 36 TOTAL 352 79.914 137.979 (US$ million) Source: BNDES (projects approved or in the pipeline) 11
  • 12. Investment outlook and infrastructure perspectives Summary 2 12
  • 13. 2013-2016: BNDES Investment Survey at highest level Source: BNDES Investment Survey 350 370 390 410 430 450 470 490 510 530 550 2006 2007 2008 2009 2010 2011 2012 391,1 441,1 439,1 419,8 512,3 475,4 535,9 Investment Outlook for 4 years ahead (Comparable Sectors - US$ billion - 2012) Base year of BNDES Survey 2007-2010 2008-2011 2009-2012 2010-2013 2011-2014 2012-2015 2013-2016 13
  • 14. Investments will reach at least US$ 1.9 trillion in coming 4 years Source: BNDES (*) Note : The BNDES research on the investment outlook for 2013-2016 covers 66% of the total industrial investments, and 100% of investments in infrastructure, totalizing about 58% of the investments in the economy (excluding residential construction). Agriculture and Services investments are based on queries to Sectorial entities and/or econometric forecast. Sectors 2008-2011 2013-2016 Δ (%) CAGR % Industry 434,4 529,7 21,9 4,0 Infrastructure 184,1 257,1 39,7 6,9 Housing 305,6 394,9 29,2 5,2 Agriculture and Services 589,2 776,1 31,7 5,7 Total 1.513,3 1.957,8 29,4 5,3 Investment Outlook for Brazil (2013-16) (U$ billion - Constant prices) 14
  • 15. Investments in logistics will increase 123% in coming 4 years Source: BNDES (US$ Billion) Logística 80,4 179,2 123,0 * It represents an expansion 44.5 GW of power capacity and 23,600 Km Transmission Lines Sectors2008-20112013-2016Δ(%) Infrastructure184.1257.139.7Electricity*82.291.311.0Power Generation52.557.29.0Transmission6.913.697.1Distribution22.820.5-10.0Telecommunications43.552.220.1Sanitation17.421.724.9Highways20.535.271.8Railways14.039.4182.6Ports5.012.5150.1Airports1.74.7170.9Logistics41.291.9123.0
  • 17. Transmission Generation 26,4 R$ Billion US$ Billion 111,4 13.6 57.2 50% 55% 10 20 30 40 50 60 US$ Billion 70% 25% 80% 35% 15% 30% Source: BNDES * Figures according to BNDES forecast ** SPC leverage ≤ 80% *** Amount of loans should observe DSCR ≥ 1.2 Equity Debentures (holding or SPC**) Credit*** Values in US$ billion Financing structure: Electricity (2013-2016)* 15% 5% 5% 15% 17
  • 18. Toll roads Railways Ports Airports Financing structure: Logistics (PIL) 23,5 R$ billion US$ billion 56,0 54,2 11,4 12.1 28.7 27.8 5.8 Values in US$ billion 65% 65% 60% 60% 10 20 30 40 50 60 R$ billion 80% 80% 20% 15% 15% 20% 20% 65% 15% 5% 5% 15% 20% 20% 15% 70% 15% 15% 20% * SPC leverage ≤ 80% ** Amount of loans should observe DSCR ≥ 1.2 Source: BNDES 18 Equity Debentures (Holding or SPC*) Credit**
  • 19. Credit Lines for electricity and PIL government guidelines Sectors Amortization Schedule (up to – in yrs) Grace Period (up to – in yrs) BNDES Credit (% - up to) Financial Cost Spread (% p.y.) Power Generation Hydropower 20 5 70 5 % * 0.9 + Risk rate Alternative Energy 16 5 80 Thermal (Coal &1 Oil) 14 4 50 1.8 + Risk rate Transmission 14 3 70 1.3 + Risk rate Railways 30 5 65 - 80 5 % * 1.0 Toll roads 25 5 65 - 80 1.5 Airports 20 3 70 0.9 + Risk rate Ports 20 3 65 2.5 Source: BNDES * TJLP - Long Term Interest Rate 19
  • 20. Project Finance – typical toll road model Auction 3 Months Contracts Signed /Bridge Loan Approved LT Loan Approved 6 Months 30 Months to 60 Months Completion End of Concession ... 30 years total Equity (20-35%) Bridge Loan Long Term Loan (65-80%) Infrastructure Bonds (10-15%) Strategic & Financial Investors, Local & Foreign Financial Investors Local & Foreign Timing of Events Banks & Source: BNDES 20
  • 21. Infrastructure Financing Holdings and SPC’s Holding Government Banks/Funds may co-invest with strategic and financial investors, either directly in the SPC’s or through the holding company’s equity, taking minority equity stake SPC 1 SPC 2 SPC N Bond Equity Bond Equity Source: BNDES 21 Brazilian Infrastructure Bonds and infrastructure investment funds – benefits for non-resident investors: (i)zero Income Tax rate (ii)zero IOF (Financial Operation Tax)
  • 22. Each 1% increase in supply of infrastructure can add up to 0.5 percentage points to Potential GDP Induces economic integration of production clusters and increases efficiency of supply chains Increases competitiveness by reducing production costs... Therefore: generates systemic productivity gains... ... and contributes to improve life standards The relevance of efficient eletricity, logistics and other infrastructures 22
  • 23. Concluding remarks •Brazilian growth will be led mainly by infrastructure investments •Infrastructure pipeline: many opportunities of low risk and attractive yields •Government financial institutions, like BNDES, will retain a role in financing Brazilian development, but… •Investment financing in larger scale requires new private players and investors, •making use of project finance and capital market instruments, led by private financial institutions 23
  • 24. New York – February, 2013 Financing of Infrastructure Projects Luciano Coutinho President