Emerging builders redefine the game in Brazil's infrastructure concessions

The vacuum left by major contractors opened space for a new competitive ecosystem

Brazil's infrastructure concession cycle is undergoing a structural inflection. The retreat of large traditional contractors, many weakened by reputational and financial crises over the past decade, created an operational vacuum now being filled by mid-sized builders with distinct growth strategies. According to analysis by the GRI Institute, companies such as Conata Engenharia and OCC Construções e Participações S/A are assuming leading roles in PPP and concession consortia, competing for contracts previously restricted to a handful of conglomerates.

This reconfiguration of the heavy engineering and construction ecosystem has profound implications for investors, regulators, and operators. The central question is no longer whether these emerging companies can compete, but how they are structuring their technical, financial, and governance capabilities to sustain long-term trajectories in complex contracts.

The federal government plans to offer 11 new highway concession contracts between 2025 and 2026, according to data compiled by the Ministry of Transport and published by BNamericas. In parallel, investments are planned across 15 highway auctions covering approximately 8,400 kilometers, according to a survey by Investor. This substantial project pipeline serves as a catalyst for the entry and consolidation of new players.

The diversification of the infrastructure concept also broadens the field of activity. Companies like Mundo Planalto demonstrate that the concessions market extends beyond heavy logistics, reaching tourism and real estate infrastructure with innovative business models.

Who are Conata Engenharia, OCC Construções, and Mundo Planalto, and how do they compete for major contracts?

Mapping the strategic profile of these emerging companies is essential to understanding the sector's new competitive dynamics.

Conata Engenharia: hospital PPPs and long-term concessions

Conata Engenharia consolidated its presence in the concessions market through a deliberate strategy of participation in multisectoral consortia. The company is part of the Consórcio Saúde Guarulhos, winner of the PPP for the new Children and Adolescent Hospital of Guarulhos, as recorded by the Federal Government's Investment Partnerships Program (PPI). This is a contract involving not only the construction of the hospital facility but the management of all associated infrastructure, requiring engineering capabilities combined with long-term operational competencies.

Beyond the healthcare sector, Conata is part of the consortium responsible for managing the Pernambuco Convention Center for a 35-year period, with planned investments for facility modernization, according to a report by Jornal do Comércio. This sectoral diversification — from hospitals to event centers — reveals a growth strategy based on versatility across different PPP categories.

The ability to form competitive consortia is Conata's most relevant strategic asset. In a market where individual financial scale can be limiting, building partnerships allows mid-sized builders to access contracts previously reserved for large groups.

OCC Construções e Participações S/A: highways and capital markets

OCC Construções e Participações S/A represents another growth vector in the emerging ecosystem, focused on highway infrastructure. The company holds a stake in Rota do Pará S.A., a highway infrastructure project approved as a priority for the issuance of incentivized debentures, as published by the Ministry of Transport in July 2024.

This data point is revealing. The classification as a priority project under Law No. 12,431/2011, which governs incentivized debentures for infrastructure financing, indicates that OCC managed to structure an investment vehicle with direct access to capital markets. Decree No. 11,964/2024, which regulates the criteria for priority project classification, underscores the regulatory sophistication required for this type of fundraising.

The use of incentivized debentures as a financing instrument marks a qualitative difference from the traditional model of exclusive reliance on bank credit. For emerging builders, access to capital markets serves as a mechanism for legitimation and expansion of investment capacity.

Mundo Planalto: the frontier of tourism infrastructure

Mundo Planalto (Mundo Planalto Parques e Resorts) occupies a distinct niche within the infrastructure ecosystem. The company operates in the development of tourism and real estate infrastructure, with structured investments in Goiás and Rio Grande do Sul, according to a report by Folha de S.Paulo.

The company's most emblematic project is the construction of a castle-shaped resort in Garibaldi, in the Serra Gaúcha region, operating under the fractional ownership model, as reported by Jornal do Comércio in January 2025. Fractional ownership, regulated in Brazil, allows the division of a single property among multiple owners with fractionated usage rights, enabling large-scale developments with risk diversification.

Mundo Planalto's presence in this mapping demonstrates that the definition of infrastructure is expanding. Resorts and theme parks require complex civil works, rigorous environmental licensing, and sophisticated financing structures, operationally approaching traditional concession projects.

How do these companies finance themselves and what strategic partnerships sustain their growth?

Financing is the critical bottleneck for any emerging builder aspiring to compete for long-term contracts. Without the robust balance sheets of major contractors, mid-sized companies must resort to alternative instruments.

Incentivized debentures, provided for under Law No. 12,431/2011, have become the primary fundraising vehicle for infrastructure projects. The case of OCC Construções, through Rota do Pará S.A., exemplifies how proper regulatory classification enables access to funds with tax benefits for investors, reducing the cost of capital for projects.

Financing for these operations has also relied on partnerships with private equity funds, which contribute capital and governance in exchange for participation in the special purpose vehicles (SPVs) that execute the concessions. This dynamic creates a financial ecosystem parallel to traditional bank credit, more agile and better aligned with the logic of project finance.

Consortium formation is another pillar of support. By combining complementary competencies — such as engineering, operational management, and financial capacity — consortia allow smaller companies to submit competitive proposals without concentrating all risks on a single balance sheet.

What is the impact of the rise of these new players on the concessions market?

The entry of emerging builders into the concessions market produces effects that go beyond simple replacement of incumbents.

First, it increases competition in auctions. With more qualified participants, the trend is toward more aggressive proposals in terms of discounts and investment commitments, benefiting the granting authority and, ultimately, the taxpayer.

Second, it diversifies systemic risk. The historical concentration of contracts among a few large contractors generated vulnerabilities that materialized over the past decade. A more distributed ecosystem better spreads execution risks.

Third, it stimulates innovation in business models. Companies like Mundo Planalto, operating with fractional ownership in tourism infrastructure, and OCC, accessing incentivized debentures for highways, demonstrate that the pathways to making major projects viable are multiplying.

The challenge, however, is sustainability. Concession contracts of 20, 30, or 35 years require financial solidity and managerial capacity that must be tested over time. The corporate governance of these emerging companies will be the determining factor in separating those that will consolidate their positions from those that will face difficulties.

The role of the GRI Institute in articulating this ecosystem

The GRI Institute closely monitors the reconfiguration of Brazil's infrastructure market. Through exclusive gatherings and discussion forums that bring together investors, builders, operators, and regulators, the GRI community serves as a privileged space for these new players to establish strategic connections and access qualified market intelligence.

GRI Institute infrastructure events have seen growing participation from emerging companies seeking visibility with investment funds and consortium partners. This dynamic reflects the ecosystem's maturation and the demand for platforms that connect capital, technical expertise, and regulatory opportunities.

The rise of Conata Engenharia, OCC Construções, and Mundo Planalto is a symptom of a broader transformation. Brazil's concessions market is becoming more open, more diversified, and more reliant on sophisticated financing instruments. Understanding who these new players are, how they operate, and what risks they carry is an indispensable condition for any investment decision in the sector.