By Brazil Stock Guide – Brazil’s federal government announced Wednesday (11) a new airport expansion and modernization investment plan totaling R$5.7 billion for 11 airports operated by Spain’s Aena SME SA (AENA), including São Paulo’s Congonhas airport.
The initiative, tied to the government’s Novo PAC infrastructure program, includes R$4.64 billion in support from Brazil’s development bank BNDES and is expected to leverage additional investments, bringing the total package to R$9.2 billion, according to officials.
The plan was launched in Brasília during a ceremony attended by President Luiz Inácio Lula da Silva, Ports and Airports Minister Silvio Costa Filho, and BNDES President Aloizio Mercadante.
The financing will cover upgrades at airports in São Paulo, Mato Grosso do Sul, Pará and Minas Gerais, including Congonhas (SP), Campo Grande (MS), Ponta Porã (MS), Corumbá (MS), Santarém (PA), Marabá (PA), Carajás (PA), Altamira (PA), Uberlândia (MG), Uberaba (MG) and Montes Claros (MG).
Mercadante said the modernization program will benefit 29 million passengers, with the airports’ combined operational capacity expected to exceed 40 million passengers per year after the upgrades.
Congonhas will receive the largest share of resources, with around R$3.8 billion earmarked for the first phase. The project includes construction of a new passenger terminal that will more than double the airport’s current area, expanding from 40,000 square meters to 105,000 square meters. Plans also call for a larger aircraft apron, an increase in boarding bridges from 12 to 19, and expansion of the commercial area to more than 20,000 square meters.
“This is the largest financing operation for airport infrastructure ever carried out in Brazil,” Aena Brasil Chief Executive Officer Santiago Yus said during the event. “For beyond the significant volume, this investment demonstrates confidence in the country’s growth.”
Aena operates 46 airports and two heliports in Spain and holds a 51% stake in London Luton Airport, while also managing airports in Mexico and Jamaica. In Brazil, the company also operates airports including Recife, Maceió, Aracaju, João Pessoa, Juazeiro do Norte and Campina Grande, which previously received R$1.04 billion in BNDES support.
The financing structure includes a public debenture issuance coordinated by BNDES in a syndicate with Banco Santander Brasil SA (SANB11). The development bank’s support includes R$4.24 billion in debenture subscriptions and an additional R$400 million loan through its Finem credit line.