Financiamento de projetos de infraestrutura de energia elétrica

Abstract

Brazilian energy companies have suffered in recent years a series of setbacks with serious consequences for their financial structure, especially regarding the increase of their level of indebtedness. The National Bank for Economic and Social Development (BNDES) has always played a key role in financing infrastructure in Brazil. For the electric sector, it has granted more than R $ 200 billion in loans in the last ten years representing approximately 30% of the total financing of the infrastructure sector. However, with the strong deterioration of the macroeconomic conditions and the great fiscal fragility of the State, it became necessary to rethink the investment financing model, with greater participation from private sources. The increase in the share of debentures in the composition of long-term indebtedness and the decrease in BNDES participation in the composition of the debt of companies in the sector. This situation is more striking for state-owned enterprises because of the difficulty of obtaining financing due to the Central Bank's contingency rules. Initiatives to diversify financing are being evaluated and suggested by various agents to give more options to companies in the electricity sector for investments in infrastructure.