Minas Gerais fines road concessionaire
Brazillian state of Minas Gerais, through the Secretary of State for Transport and Public Works (SETOP), has fined concessionaire of the MG-050 PPP road project.
The fine amounts R$19.8 million (US$6.3 million). SETOP has fined the concessionaire due to delays for mandatory interventions included in the concession contract, which was the first PPP road contract signed in Brazil (21 July 2007). Previous road private projects were executed under the concession tool.
In the last contract amendment, the sixth, the concessionaire was responsible for new investments of R$255 million (US$81.3 million).
The concessionaire 'Concessionária Nascentes das Gerais' is a subsidiary of AB Concessões S/A, a joint venture between Atlantia and Bertin Gorup.
AB Concessões also owns Triângulo do Sol (100%), Rodovias das Colinas (100%) and Rodovias do Tiête (50%), all in São Paulo state. AB Concessões is the fourth biggest road concessionaire in Brazil.
In July 2013 we reported that SETOP signed an addendum to the PPP contract of the MG-050. The concessionaire and the administration agreed on new investments valued at R$524 million (US$167.1 million) to improve road conditions in several points of the road. The works were scheduled to begin in 2013-2014.
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