O Financiamento privado de projetos em infraestrutura no setor de saneamento: uma análise com foco nas debentures incentivadas

Abstract

Objective: This study aims to analyze the evolution of private financing in Brazil’s sanitation sector, based on publicly traded companies, following the introduction of incentivized debentures, comparing their participation to public financing provided by BNDES, in light of the requirements imposed by the new sanitation regulatory framework (Law No. 14,026/2020).

Method: The methodology adopted is exploratory and conducted through descriptive analysis, using official data from 2020 to 2024. Originality: The study uses recent data to examine the substitution of public credit by incentivized debentures in sanitation financing after the new regulatory framework. Results: The findings indicate an increase in the share of incentivized debentures in companies’ financing structures, along with longer maturities and greater concentration among private operators and large concessionaires. Public financing via BNDES remains relevant, particularly in projects associated with large concessions and regulatory events, highlighting the complementarity between funding sources. Contributions: This research contributes to the infrastructure financing literature by documenting, in the sanitation sector, the reconfiguration of the relative roles of capital markets and public credit following regulatory changes, providing insights for public managers, concessionaires, and policymakers in structuring long-term financing strategies.