Investor of the HSR will have more guarantees

The government is considering include a mechanism for protecting investors of the bullet train in case of lack of customers. This kind of insurance against a low demand for the train that will connect Campinas, São Paulo and Rio de Janeiro was one of the main issues raised by those interested in the project.

The final notice to bid of the High Speed Rail (HSR) should be published by Tuesday (October 30), according to the schedule. In the period when the first version of the notice to bid (draft) was sent to public consultation, more than 1,200 contributions were made to the project.

About ten of these questions are being considered by President Dilma Rousseff, the high command of the Civil House and the ministries of Transport, Finance and Planning, as well as representatives of Empresa de Planejamento e Logística (EPL) and the National Land Transport Agency (ANTT – Agência Nacional de Transportes Terrestres).

Investors have always questioned the demand projections of the government. Therefore, the inclusion of some protection against eventual frustration of expectation has always been defended by the companies.

In the notice to bid made for the failed auction of 2011, the government included an insurance. If the passenger demand was less than the demand projected by the government in some periods, it would be a cut in the interest rate of the financing of the Brazilian Development Bank (Banco Nacional de Desenvolvimento Econômico e Social – BNDES). Now, one possibility assessed is to share the risk of demand between the winner of the Auction and the Federal Government, if demand does not continue.

In this scenario, the fixed grant, based on each kilometer of travel (the minimum is $32.52 per kilometer commercially traveled by 200-meter reference train), would be replaced by a percentage of the revenue of the operator. If demand is lower than expected, the consortium may pay a smaller grant amount. If demand is higher, the revenue will be split between the two parties.

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