Financial risks relating to variations in exchange rates and cost of capital, including changes in interest rates, will be the sole responsibility of the concessionaire that takes over the high-speed rail project. The decision is part of the answers given by the National Land Transport Agency (ANTT – Agência Nacional de Transportes Terrestres), after completion of the phase of public hearings of the bullet train, which should connect the cities of Rio de Janeiro, São Paulo and Campinas.
To reduce risks and improve business return, entrepreneurs interested in the project asked the agency that these variations are not applied until the entry into full operation of the concession, scheduled for 2020.
The final notice to bid of the bullet train should be released in the coming days, after review of the Brazilian Court of Audit. Altogether, the draft of the notice to bid prepared by ANTT received 144 expressions during public hearings.
According to the agency, shareholders will be allowed to participate in the project in both phases of the project concession: operation phase, which will take place next year; and the building phase, which will happen in 2014. Under the rules of ANTT, the partnership interested in disputing the first auction will have to contribute with $36.10 million in capital composition of the group.
ANTT rejected proposals that requested to make the supply of seats for the bullet train more flexible. The agency determined that it will be maintained the requirement that at least 60% of seats – per train composition – are intended for coach class passengers, who will pay a ceiling value of up to $96.29 (at 2008 prices) in travel between Rio de Janeiro and São Paulo and vice versa, with or without stops at intermediate stations.
Consistent with this requirement, ANTT guaranteed, the concessionaire will be free to establish other types of class in the remaining seats, with pricing freedom in any of the services provided. The government also denied requests from entrepreneurs as to the power supply, the main input used during the train operation. Under the rules, the contracting and acquisition of electric power needed to ensure the operation of the high speed train will be the sole responsibility of its concessionaire. The agency was asked to adopt mitigation mechanisms in order to reduce risks in cases of failure or increase of the cost of energy. The government assured, however, that obtaining environmental permits for operation related to the construction of transmission and distribution lines will be its responsibility, as well as the development of the executive project of the train, which will be the responsibility of the Empresa de Planejamento e Logística (EPL), a partner that will represent the government within both consortia of the project.
About technology transfer from the concessionaire to the government, a process that raised a number of questions from interested parties, ANTT determined that this flow can not generate any kind of action that leads to the need for economic and financial rebalancing of the project. According to the agency, the concessionaire shall undertake to conduct a full and complete transfer of technology, as conditions specified in the contract. The auction of the first phase of the project is expected to occur between July and August 2013.
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