Tunnel between Santos and Guarujá has more than R$ 5 billion in deposited funds, authorities say

The immersed tunnel will be 1.5 kilometers long, with 870 meters beneath the navigation channel of Porto de Santos. Construction is expected to begin in 2027, with completion in 2031 (Alexsander Ferraz/Arquivo AT)

The State Government says that it deposited R\$ 2.64 billion on Tuesday, corresponding to half of the public contribution for the construction of the Santos-Guarujá immersed tunnel, whose total cost is R\$ 5.2 billion. The information was provided by the Secretaria Estadual de Parcerias em Investimentos (SPI).

In a statement, the secretariat says the project “is proceeding according to the schedule set out in the concession contract, signed on January 28, 2026. The obligations related to the public contribution are following the schedule and conditions established in the concession contract.”

The SPI adds that “the opening of supplementary credit published in the Diário Oficial ensures the budgetary availability of the resources and is part of the regular financial execution flow of the project.” The publication took place on March 20. “Regarding financing, the Estado de São Paulo has already had compliance with technical requirements recognized by the Secretaria do Tesouro Nacional of the Ministério da Fazenda, advancing to the final stage of formalizing the operation”, it adds.

The other 50% is the responsibility of the Governo Federal, through Autoridade Portuária de Santos (APS). In a statement, the manager of Port reports that the funds “are already duly available in a specific current account, ensuring the financial security necessary for the execution of the project.”

The money is held in a kind of “escrow account”, separate from APS’s general cash. The president of the Autoridade Portuária, Anderson Pomini, and the former minister of Portos e Aeroportos, Silvio Costa Filho, signed a letterhead document confirming the amount deposited and showed it to guests and the press. The event took place on March 19, when the cornerstone of the Federal Police building — which will be built in Ponta da Praia — was laid. “The amount is being updated and, as soon as the Tribunal de Contas da União (TCU) authorizes it, approving governance, it will be transferred to another account and may be used starting in March next year, by the company (Mota-Engil, through TSG Concessionária) that will carry out the construction”, Pomini explained at the time.

In progress

On March 18, the TCU determined that APS may not make any federal funding contributions within the public-private partnership (PPP) for the tunnel until there is an improvement in governance over resource management. The Court of Accounts requires proof of the regularity of governance of the federal contribution to the project. A formal legal instrument addressing this issue must also be presented within 30 days — already underway — and must be signed by the involved parties (State Government and APS, at a minimum), according to the ruling.

Pomini explained on the 19th that the State Government would share the draft contract with APS. If there is agreement with its terms, the federal public company will sign it. Otherwise, modifications will be made so that APS signs jointly as consenting and intervening party, allowing the funds to be released.

The agreement, signed on January 28, had excluded the Autoridade Portuária and the Ministério de Portos e Aeroportos. “Since we did not sign the contract — and this has been our request from the beginning — it has no validity for us. Now, with this recommendation and guidance from the Tribunal de Contas, it does”, Pomini said.

On the matter, APS states that “in parallel, the governance model proposed by the Port of Santos to the TCU is progressing consistently, through constructive discussions with the Governo do Estado”, adding that “in this context, it should be noted that the project schedule remains fully unchanged, with no impact on the planned implementation stages.”

SPI, in turn, explains that “discussions with APS are ongoing, in compliance with the determinations of oversight bodies.”

What the contract says

Clause 12 of the contract for the “sponsored concession of public services for the construction, operation, maintenance, and execution of the investments necessary for the exploitation of the Santos-Guarujá immersed tunnel” provides that, within 60 days from the signing of the agreement, the Governo Federal will deposit “into the federal funding account” the amount of R\$ 2.64 billion. It also provides that, in the event that the federal portion has not been deposited, the State may carry out the deposit or financing of the corresponding amount, having 40 days, counted from the end of the 60-day period, “to take the necessary measures.”