For 2026, Brazil\u2019s federal power regulator has lined up two competitive tenders in auction format to grant long\u2011term concessions for public electricity transmission services. These \u201cTransmission Auctions\u201d are designed to allocate private capital and operating expertise to the construction, operation, and maintenance of new transmission lines and substations, with the explicit goal of expanding and reinforcing the Basic Grid of the National Interconnected System (SIN).<\/p>\n\n\n\n
Auction No. 1\/2026 (\u201cLT01\/2026\u201d) is the first of these tenders.<\/p>\n\n\n\n
Scope of LT01\/2026<\/strong><\/p>\n\n\n\n LT01\/2026 will award concessions for public electricity transmission service associated with new facilities located across a broad geographic footprint. According to the Bid Notice (Edital), the lots include projects in up to 12 Brazilian states, including, among others:<\/p>\n\n\n\n In aggregate, the auction covers:<\/p>\n\n\n\n with estimated capital expenditures on the order of BRL 5.11 billion. The concessions will be granted for a 30\u2011year term.<\/p>\n\n\n\n The portfolio is organized into nine lots of installations and associated works. While the detailed technical configuration of each lot is set out in the Edital and its annexes, the package includes, for example, the 345 kV Norte\u2013S\u00e3o Miguel lines (C1 and C2, 8.2 km each, underground) and S\u00e3o Miguel\u2013Ramon Reberte Filho (C1 and C2, 9.2 km each, underground), plus the 345\/88 kV S\u00e3o Miguel substation, with a 60 month delivery window to reinforce supply to the S\u00e3o Paulo Metropolitan Region.<\/p>\n\n\n\n Procedural framework and timeline<\/strong><\/p>\n\n\n\n The Brazilian Electricity Regulatory Agency (Ag\u00eancia Nacional de Energia El\u00e9trica \u2013 ANEEL) has scheduled Auction LT01\/2026 for March 27, 2026. The auction will be run at the headquarters of B3 S.A. \u2013 Brasil, Bolsa, Balc\u00e3o, in S\u00e3o Paulo (SP), and will unfold in two public sessions:<\/p>\n\n\n\n One of the originally contemplated lots was withdrawn from the process prior to publication of the final Bid Notice, as it was not included in the underlying consensual termination instrument governing that asset. As a result, the published Edital consolidates the offering into nine lots.<\/p>\n\n\n\n Bid documentation and information access<\/strong><\/p>\n\n\n\n Bidders and other interested stakeholders can access the full set of official materials directly through ANEEL\u2019s website. The following documents are available electronically:<\/p>\n\n\n\n These can be obtained at the following address: https:\/\/www2.aneel.gov.br\/aplicacoes_liferay\/editais_transmissao\/edital_transmissao.cfm<\/a><\/p>\n\n\n\n Prospective participants are expected to rely on the Edital and its annexes as the binding legal and technical framework for preparing their bids, structuring their project and financing models, and assessing regulatory obligations over the 30\u2011year concession term.<\/p>\n\n\n\n Opportunities for market participants<\/strong><\/p>\n\n\n\n LT01\/2026 offers a significant pipeline of long\u2011duration regulated assets in the Brazilian transmission sector, with diversified geographic exposure and material investment requirements. For sponsors, investors, and lenders, the auction presents an opportunity to:<\/p>\n\n\n\n How we can help<\/strong><\/p>\n\n\n\n The regulatory, contractual, and financial complexity inherent to projects of this magnitude demands specialized, fully integrated legal counsel across every stage of the project lifecycle, from pre-bidding strategy and due diligence<\/em> through to the completion of the fundraising necessary for the project. With a well-established track record in the sector, COSRO is uniquely positioned to advise bidders, concessionaires, and lenders on the full spectrum of legal issues arising from this auction and from future transmission auctions. Our team brings together practitioners across infrastructure, project finance and energy regulatory, enabling us to deliver integrated, cohesive, and commercially grounded counsel through the entire process.<\/p>\n\n\n\n We welcome the opportunity to discuss how we can support your objectives. Please do not hesitate to reach out to our team for further information.<\/p>\n\n\n\n Points of Contact <\/p>\n\n\n\n Alexandre Calmon<\/a><\/p>\n\n\n\n Henrique Rojas<\/a><\/p>\n\n\n\n Marcelo Fraz\u00e3o<\/a><\/p>\n\n\n\n\n
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Date and time: March 27, 2026, starting at 10:00 a.m. (local time)
Scope: lots 1, 2, 3, 4, and 5<\/li>\n\n\n\n
Scope: lots 7, 8, 9, and 10
Date and time: to be subsequently announced in a \u201cRelevant Notice\u201d (Comunicado Relevante) to be issued by ANEEL\u2019s Permanent Auction Committee (Comiss\u00e3o Permanente de Leil\u00f5es \u2013 CPL)<\/li>\n<\/ul>\n\n\n\n\n
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