Tunnel between Santos and Guarujá will have 84% of its funding coming from São Paulo, says Tarcísio

Construction of the first immersed tunnel in Latin America has an estimated project cost of R\$ 6.8 billion (Alexsander Ferraz/AT/21/8/25)

Governor Tarcísio de Freitas (Republicanos) stated that the Santos-Guarujá immersed tunnel is a project of the State Government. According to him, São Paulo will account for 84% of the funding, considering both the construction investment and the payments to be made to the concessionaire, while the Federal Government will be responsible for 16% of the total. The statement was made during the delivery of housing units under the Parque Palafitas project, in Vila Gilda, in Santos.

“It is said that the tunnel is 50-50, but that is not true. When we add investment and concession payments, the State accounts for 84% of the funding. The project is ours”, said the governor.

The construction of the first immersed tunnel in Latin America is estimated to cost R\$ 6.8 billion. Of this total, R\$ 5.2 billion are public funds, divided between the State and the Federal Government, with R\$ 2.64 billion allocated by each. The remainder will be invested by the private concessionaire Mota-Engil, winner of the bidding process.

The State of São Paulo is the granting authority and conducted the bidding process through a public-private partnership (PPP), under the sponsored concession model. The 30-year contract provides for annual payments of R\$ 438 million to the concessionaire, in addition to estimated operating expenses of R\$ 1.78 billion and projected tariff revenue of R\$ 2.34 billion starting from the sixth year.

The Autoridade Portuária de Santos (APS) will be responsible for transferring the federal share but is awaiting authorization from the Tribunal de Contas da União (TCU) to make the deposit. The body is reviewing adjustments to the financial governance model submitted by APS.

Meanwhile, the State Government secured financing from Banco do Brasil in the amount of R\$ 2.57 billion to cover its portion of the investment.

As this is a PPP, Mota-Engil established a Special Purpose Entity (SPE), with an escrow account for managing the project’s funds. The contract between the company and the State was signed on January 28.

The tunnel will connect Santos and Guarujá through a submerged structure beneath the Port channel. With a total length of 1.5 km — 870 meters of which will be underwater — it will be built using prefabricated concrete modules installed on the channel bed. The structure will include three traffic lanes in each direction, as well as space for VLT, a bicycle path, and pedestrian access.