For many years now, air transport has been an essential driver of the connectivity, tourism and economic development. In order to sustain their growth, airports require modern, efficient, safe and secure infrastructures adapted to the logical evolution of the sector. However, the financing and management of these strategic assets involves a challenge for public administrationsespecially in contexts of budgetary restrictions or accelerated expansion needs. In this scenario, the Public-Private Partnership model is consolidated as an effective way to boost investment and operational efficiency in the airport sector.
A Public-Private Partnership (PPP) is a long-term agreement between a public entity and a private company, whereby the latter assumes responsibilities related to the design, construction, financing, operation and/or maintenance of public infrastructure. In return, the private partner earns revenue over the course of the contract, either through fees, royalties or payments from the state, which will ultimately depend on the type of PPP.
The PPP model has established itself as an effective and flexible instrument to meet the challenges of airport development.
In the airport sector, this model makes it possible to mobilise private investment to develop or modernise key infrastructure without the State having to bear the full initial cost. In addition, allows for the incorporation of the technical expertise and management capacity of specialised operators.The aim is to improve service quality, increase efficiency and speed up project implementation. At the end of the contract, which is always subject to a specific timeframe, the infrastructure returns to public hands, but with a higher added value and a history of professionalised operation.
In recent decades, many countries have chosen the PPP model to modernise their airport network. From large international terminals to regional airports, PPPs have proven to be a versatile tool, capable of adapting to different contexts and needs.
Possibly one of the areas of the world where this model has had most relevance in recent years has been Latin Americawhere demand for air connectivity has been growing steadily in recent years. As an example, in BrazilAfter recently completing an ambitious process of airport concessions, more than 90% of the country's air traffic is managed under private participation schemes. In the most recent rounds, international operators such as Aena (Spain), Vinci (France) or Zurich Airport have taken over the management of key terminals such as Congonhas (São Paulo), Salvador de Bahia or Curitiba. This has consolidated a modern network, with committed investments in excess of $10 billion.
At PeruThe government has stated that any future airport expansion or construction will be carried out under the PPP model. In fact, it already has three major active concessions: Lima international airport, the northern and southern regional groups, and is currently structuring the concession of a third group that will include the future operation of the new airport at Chinchero (Cusco). This strategy allows taking advantage of the experience of the private sector to ensure that the new airports operate with high standards from their inauguration.
The Agencia Nacional de Infraestructura (ANI), in ColombiaIt has renewed concessions such as the Cartagena airport and is preparing new contracts for terminals in San Andrés, Popayán and the future El Dorado II in Bogotá. These projects combine investment in infrastructure with modernisation of airport operations.
At Chilea pioneer in airport concessions, the PPP model is in force in practically all of its main network. The new international terminal at Santiago airport, built by the concession operator, came into operation in 2022, and new concessions have been awarded at airports such as Concepción and Puerto Natales. The country continues to refine its contracts to ensure economic-financial balance and long-term sustainability.
At MexicoThe three large private groups (ASUR, GAP and OMA) continue to successfully manage an extensive network of terminals. Airports such as Cancun, Guadalajara and Monterrey have exceeded pre-pandemic traffic levels by 2023, demonstrating the robustness of the model. Although the government has opted for public management of the new Mexico City airport, PPPs are being studied for other regional terminals operated by Aeropuertos y Servicios Auxiliares (ASA).
In the case of SpainAena has proven to be a global operator of reference, with extensive experience in airport management that has allowed it to export the PPP model to other countries. An outstanding example is the award in 2022 of 11 airports in Brazil, including the strategic Congonhas airport in São Paulo, for a period of 30 years, which consolidated it as the largest airport operator in the South American country. The combination of public capital and private efficiency that characterises Aena has become an exportable success story.
Key factors for a successful airport PPP
For an airport PPP project to be effective and sustainable, it is essential that it is built on solid foundations:
- Rigorous technical diagnosis: The success of a PPP depends on the project being well dimensioned, with realistic studies of demand, investment and expected revenues.
- Balanced risk sharing: Contracts should clearly define what risks are assumed by each party (construction, operation, demand, exchange rate, etc.), avoiding overburdening the private partner or overcommitting the state.
- Clear and stable regulatory frameworks: Transparency, legal certainty and the existence of specialised structuring and supervisory agencies are key factors in attracting and retaining qualified investors.
- Commitments to quality and sustainability: Contracts should incorporate performance indicators that measure passenger satisfaction, operational efficiency and compliance with environmental standards.
- Selection of experienced operators: Airport PPPs require not only capital, but also technical expertise. For this reason, the participation of specialised groups brings strategic value beyond investment.
The PPP model has evolved over time. In addition to traditional long-term concessions, more flexible PPPs are now being implementedThese include short-term operating contracts, partnerships for specific services (such as air cargo or parking management) or even hybrid models where the state builds and the private sector operates. This adaptability allows the model to remain useful in different contexts.
In addition, sustainability has gained weight so that more and more concessions include commitments to emissions reduction, use of renewable energy or urban integration, in line with the Sustainable Development Goals and the transition towards decarbonisation of the aviation sector.
Against a backdrop of air transport transformation and the the need for resilient, safe and sustainable infrastructurePPPs will continue to play a leading role. Recent cases in Latin America and the international projection of operators such as Aena confirm that this model is not only valid, but also represents a commitment to the future to improve global connectivity and territorial development.
