BRAZIL —Cobra IS, the energy infrastructure subsidiary of VINCI, has secured two public-private partnership (PPP) contracts in Brazil, involving the design, financing, construction and 30-year operation of nearly 140 km of high-voltage electricity transmission lines. The contracts were awarded following auctions organised by the Brazilian Electricity Regulatory Agency (ANEEL), the national authority responsible for regulating the country’s electricity sector. Cobra IS plans to invest approximately €430 million in the two projects.
The first contract covers the construction of a 22.3 km transmission line and an associated substation in São Paulo state. The construction period is expected to extend up to 48 months. The second contract, located in Paraná state, includes a 116.5 km transmission line, a new substation and extensions to two existing substations. These works are scheduled to take up to 60 months. Both contracts also include the subsequent operation of the infrastructure for 30 years.
The awards strengthen Cobra IS’s presence in Brazil’s electricity transmission market, where demand for reliable grid infrastructure remains important to the expansion and efficient distribution of power. The additional transmission capacity and substation infrastructure are expected to support the electricity network in the two states, while the long-term concession structure gives the contractor responsibility across the infrastructure lifecycle, from development and construction through operations.
The contracts also expand an established portfolio of high-voltage transmission PPPs held by Cobra IS. Following these awards, its portfolio comprises eight contracts covering close to 3,000 km of power lines, including seven projects in Brazil and one in Australia. The company also operates and maintains approximately 45,000 km of power lines in Brazil, reflecting its technical and operational presence in the market.
Cobra IS has continued to manage its infrastructure portfolio through asset optimisation, having sold 50% stakes in four Brazilian PPP projects since 2023 for proceeds exceeding €300 million. The latest disclosed divestment involved its stake in the Pampa PPP in July 2026. The new awards, alongside its existing operating and development portfolio, reinforce its position in long-term electricity infrastructure concessions and provide further exposure to Brazil’s power transmission investment market.
VINCI is a global group active in concessions, energy services and construction, with operations across more than 120 countries. Cobra IS is its subsidiary focused on energy infrastructure, including the development, construction, operation and maintenance of electricity transmission assets. ANEEL is Brazil’s electricity regulator and the authority responsible for organising the auctions through which the two PPP contracts were awarded.
