Step-in rights no financiamento de projetos de infraestruturaestudo a partir das concessões rodoviárias brasileiras

Resumo

This paper seeks to discuss the purpose and applicability of lenders' intervention rights (the step-in rights) in the control and administration of special purpose vehicles within infrastructure projects developed through highway concessions in Brazil. The objective is to present a diagnostic analysis based on the factual findings of the research, providing commentary on the feasibility of exercise and the appetite of creditors regarding the eventual enforcement of this security interest. Furthermore, it addresses the inherent challenges and identifies the most efficient legal framework for its structuring. To this end, the study reviewed the applicable legislation, tender protocols in bids, and the relevant concession agreements actually executed. The findings indicate that a viable path for the effectiveness of step-in rights lies in the negotiated route, through the execution of direct agreements between the granting authority, the concessionaire, lenders, and guarantors. Such instruments should provide lenders with legal certainty and economic incentives to assume control of the concession, even if on a temporary basis. However, due to the uncertainties surrounding the matter, the recommended course of action is to refrain from exercising such rights.

Ficha do documento

Tipo

Dissertação

Ano

2026

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Não informado

Identificador

oai:repositorio.fgv.br:10438/39154

Temas

EconomiaConcessõesInfraestrutura

Palavras-chave

Step-in rightsProject financeTemporary managementAssumption of controlFinanciamento de projetosAdministração temporáriaAssunção de controleDireitoContratos administrativosClausulas (Direito)Infraestrutura (Economia) - FinanciamentoConcessões administrativas