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BNDES approved BRL 9.2 billion in project financing for EPR Iguaçu S.A., the special-purpose concessionaire that won the December 2024 federal auction for Lote 6 of the Rodovias Integradas do Paraná program and began operating the 30-year concession in May 2025. The package funds duplication of 462.4km and general improvement works across 662km of highway (BR-163, BR-277, PR-158, PR-180, PR-182, PR-280, PR-483) in the Oeste and Sudoeste regions of Paraná — including two new urban bypasses at Lindoeste and Marmeleiro, the Tancredo Neves and da Amizade bridges, and a new Brazil-Paraguay bridge — plus additional lanes, marginal roads, pedestrian crossings, noise barriers, wildlife crossings, and route-safety works.
Financing was structured as project finance limited recourse: BRL 8.6 billion from a BNDES-coordinated incentivized-debenture issuance (the single largest such issuance in 2025) and BRL 605 million from the Finem line. Two PEFI (Pacote de Estabilização e de Garantia de Funding para Infraestrutura) mechanisms were used for the first time in this structuring — BRL 500 million with flexible-cost terms allowing an interest-rate reset at drawdown, and BRL 3.715 billion pre-authorized for refinancing under improved terms — intended to let the project benefit from any future rate declines and to widen the lender base. Total EPR Iguaçu project investment is BRL 12.7 billion through 2034, with BNDES estimating 25,000+ direct and indirect jobs during implementation.
BNDES President Aloizio Mercadante announced the financing at a public infrastructure-investment seminar, calling it the bank's second-largest highway financing nationally after the Rodovia Presidente Dutra, and linked the project to improved freight access to the Port of Paranaguá for Paraná and southern Mato Grosso do Sul agricultural exports — the explicit export-corridor rationale that distinguishes this from purely domestic utility financings (e.g. the BRL 2.015bn Corsan water/sewage package, severity 1, no export-competitiveness channel).
Note on sourcing: the BNDES News Agency (agenciadenoticias.bndes.gov.br) has suppressed archived article content site-wide during Brazil's 2026 electoral blackout period (2026-07-04 to 2026-10-25), so the live URL currently 404s; the primary source above is a Wayback Machine capture from 2026-03-16, well before the blackout took effect, and its content was verified directly against the original BNDES article text.
Set at 2, above the single-project BNDES-loan baseline (BRL 848m Tecon Salvador, BRL 2bn Rumo Ferrovia de Mato Grosso, both severity 2) given BRL 9.2 billion is roughly 4-11x those quanta and BNDES's own characterization as its second-largest national highway financing ever. Held below severity 3 (reserved in this register for economy-wide, multi-company credit lines like the BRL 12bn Indústria 4.0 program) because this remains a single-concessionaire, single-lot financing rather than a nationwide sectoral program.
concession pipeline (Rodovias Integradas do Paraná), following the December 2024 Lote 6 auction, and signals continued willingness to coordinate large incentivized-debenture issuances for infrastructure concessionaires alongside direct Finem lending.
export corridor to the Port of Paranaguá, a competitiveness channel distinct from purely domestic utility or urban-transit financings in the register.
mechanisms in this structuring is a template BNDES is likely to reuse in subsequent large concession financings — worth tracking in future Lote auctions under the same program.
primary source beyond its SPE (special-purpose entity) status; worth confirming if a parent concessionaire group recurs across other Rodovias Integradas do Paraná lots.
specific domestic-sourcing condition attached to the Finem tranche was not confirmed in the primary source and is not asserted here.