Today, at CEO Conference 2025, promoted by BTG Pactual, we had an interesting perspective from our Minister Rui Costa on the investment opportunities in Brazil, especially for foreign companies. Watching the event with our team and our partners at BDM Engenharia e Meio Ambiente brought us to a few relevant considerations.

In recent years, Brazil has established itself as one of the most dynamic markets for infrastructure and energy investments through Public-Private Partnerships (PPPs). With a robust pipeline of new projects and incentives for foreign capital, the country offers attractive opportunities for international investors. However, navigating this landscape requires specialized knowledge of the local market, an understanding of regulations, and mitigation of economic, political, and socio-environmental risks.

According to the Brazilian National Development Bank (BNDES), infrastructure investments in Brazil are projected to reach $372 billion between 2025 and 2029, with PPPs playing a central role. Currently, 76% of infrastructure funding in Brazil comes from private investment, highlighting the growing importance of PPPs in financing essential services. The new regulatory framework and government incentives aim to further attract international capital.

In this article, we explore the key opportunities and challenges of PPPs in Brazil and how Nob Hill Family Office and BDM Engenharia e Meio Ambiente can help foreign investors structure secure and profitable operations in the country.

Investment Opportunities in PPPs in Brazil

Brazil has one of the most active PPP markets in Latin America, covering strategic sectors such as:

• Renewable energy and energy efficiency: Solar and wind generation projects, as well as smart public lighting. The Brazilian energy sector is expected to attract $45 billion in PPP investments between 2024 and 2028.

• Transportation infrastructure: Highways, railways, and urban mobility. Brazil’s road network alone requires $116.2 billion in investments over the next five years.

• Basic sanitation: With the new regulatory framework, the sector is expected to attract more than $143.5 billion in investments by 2029.

• Social infrastructure: Hospitals, schools, and public housing through PPPs. These projects are estimated to require at least $30 billion in new investments over the next decade.

With over 1,000 active contracts and a growing pipeline of new projects, the Brazilian government increasingly seeks private capital to enable major works and essential services, creating a favorable environment for international investors.

Key Risks and Challenges

Despite the high return potential, investing in PPPs in Brazil requires a rigorous analysis of the following factors:

• Regulation and legal security: Regulatory changes can impact contracts and investment predictability.

• Currency risk: The volatility of the Brazilian real against the dollar can affect investment profitability. The BRL depreciated 12% against the USD in 2023, highlighting the need for proper hedging strategies.

• Environmental and land issues: Licensing, environmental impact, and land regularization are critical challenges.

• Political and macroeconomic risk: Inflation, interest rates, and political stability affect project costs and performance. As of 2024, Brazil’s inflation rate is 4.8%, with expectations to decline gradually, while the central bank’s Selic rate remains at 12.25%.

Mitigating these risks requires local expertise and a structured approach to due diligence and strategic planning.

How Nob Hill and BDM Engenharia Support Foreign Investors

Nob Hill Family Office and BDM Engenharia e Meio Ambiente act as strategic partners for international investors, offering:

Nob Hill Family Office: Investment Analysis and Risk Mitigation

• Financial and strategic due diligence to assess project viability.

• Cash flow analysis, return projections, and macroeconomic impact assessment.

• In-depth knowledge of market players and mitigation of operational risks.

• Advisory on structuring investments to maximize security and profitability.

BDM Engenharia e Meio Ambiente: Environmental, Land, and Government Relations Management

• Environmental licensing and land regularization to ensure regulatory compliance.

• Technical due diligence to identify socio-environmental risks before investment.

• Institutional relationships to facilitate negotiations with public entities and regulators.

• Support during project design and implementation to avoid delays and extra costs.

By combining expertise in strategic investments and environmental and regulatory management, we offer an integrated approach that allows foreign investors to access Brazil’s PPP market with security and predictability.

Conclusion

Brazil remains one of the most promising markets for infrastructure and energy investments through PPPs. However, regulatory complexity, macroeconomic challenges, and socio-environmental issues require careful planning and specialized support.

Through Nob Hill Family Office and BDM Engenharia e Meio Ambiente, international investors can rely on strategic insights, detailed market analysis, and the expertise needed to mitigate risks and maximize returns.

If you are looking to explore investment opportunities in Brazil with security and efficiency, contact us for a personalized consultation.

Sources:

• Brazilian National Development Bank (BNDES)

• Ministry of Infrastructure Reports (2024)

• Central Bank of Brazil – Economic Indicators (2024)