What COPASA does

COPASA (Companhia de Saneamento de Minas Gerais) is a Brazilian water and sanitation utility operating under regulated concessions across more than 300 municipalities in the state of Minas Gerais. Founded in 1963, the company serves more than 12 million people with water supply (99% coverage in served municipalities) and 79% sewage collection and treatment coverage, with a stated target of 90% sewage coverage by 2033 under Brazil's Marco Legal de Saneamento. COPASA completed its privatization (desestatização) on June 16, 2026, and trades on B3's Novo Mercado governance segment under ticker CSMG3, positioning it for capital-markets-funded expansion following decades as a state-owned enterprise.

The company operates physical water and wastewater infrastructure including Estações de Tratamento de Água (ETA), Estações de Tratamento de Esgoto (ETE), and Estações de Tratamento de Águas Fluviais (ETAF), supported by water-quality monitoring systems spanning source reservoirs to consumer taps. COPASA runs a set of digital platforms: the Agência Virtual customer portal for self-service (bill payment, leak reporting, consumption history, connection requests), the mobile app, and INTERLIGA, a web system that lets real-estate developers manage interconnections to public water and sewage systems. Adjacent programs include PRECEND for non-domestic effluent compliance, Pró-Mananciais for watershed protection, Programa Chuá for environmental education, three Environmental Education Centers (CEAMs in Barreiro/BH, Curvelo, and Teófilo Otoni), and the newly launched Conta + Justa social-pricing program offering up to 65% bill discounts to qualifying customers.

COPASA's revenue model is subscription/recurring, generated through ARSAE-regulated monthly tariffs on water consumption and sewage services across residential, commercial, and industrial segments. Distribution follows a B2G2C structure: service agreements with 300+ municipal governments sit on top of a direct end-customer engagement layer that includes physical agencies, the Agência Virtual portal, and a call center (115). The company is executing an R$8.1 billion investment plan over 2023-2027 to expand coverage, modernize infrastructure, and extend services to underserved populations via the Programa Universaliza Minas, while pursuing ESG positioning through UN Global Compact membership (since 2020) and inclusion in B3's ISE, ICO2, and IDVR sustainability indices.

Name

COPASA

Legal name

Companhia de Saneamento de Minas Gerais

Website

https://copasa.com.br

Company type

Public

Founded year

1963

Operating status

Operating

Headcount range

11–50 employees

Short description

COPASA is a Brazilian water and sanitation utility serving 12+ million people across 300+ municipalities in Minas Gerais via regulated water supply and sewage treatment services, listed on B3 (CSMG3) and recently privatized in June 2026.

Ownership category

akta.pro rank

Headquarters

HQ city

Belo Horizonte

HQ country

Brazil

HQ region

Latin America

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Water Supply Services: Water production and distribution services to residential, commercial, and industrial customers across 300+ municipalities in Minas Gerais. Revenue is generated through water tariffs based on consumption volume.
2. Sewage Collection and Treatment: Sewage collection network operation and wastewater treatment services. Currently reaching 79% sewage collection and treatment coverage, with plans to reach 90% by 2033 per the Marco Legal de Saneamento.
3. Infrastructure Investment Services: Capital investment program of R$8.1 billion between 2023-2027 for expansion, modernization, and maintenance of sanitation infrastructure, including the Universaliza Minas program for underserved communities.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

COPASA provides potable water supply and sewage collection and treatment services to residential, commercial, and industrial customers across 300+ municipalities in the Brazilian state of Minas Gerais. Water is produced at treatment plants (ETAs) drawing on river and reservoir sources, while sewage is collected and treated at dedicated stations (ETEs). The utility serves more than 12 million people, holds 79% sewage coverage (targeting 90% by 2033), and operates three Environmental Education Centers (CEAMs) for community outreach.

Product overview

COPASA (Companhia de Saneamento de Minas Gerais) is a water and sanitation utility company offering two core services: water supply (transforming river water into potable water for over 12 million people in hundreds of municipalities) and sewage collection and treatment (currently at 79% coverage, targeting 90% by 2033 under Brazil's Marco Legal de Saneamento). The company operates digital platforms including the Agência Virtual (online customer portal) for account management and service requests, and INTERLIGA (a web system for real estate developers to manage connections to utility infrastructure). COPASA also runs environmental and educational programs — most notably Programa Chuá (environmental education for schools and communities), Programa Pró-Mananciais (water source protection), and Programa CaçaGotas (water conservation) — as well as three Environmental Education Centers (CEAMs). The company completed a major rebranding in 2025 reflecting a 5-year transformation toward digital customer service, sustainability, and expanded sanitation infrastructure investment of 8.1 billion BRL (2023–2027).

Differentiator

Problem solved

Functional benefit

Brands

• Programa Chuá: Environmental education program focused on water conservation, sanitation awareness, and sustainable practices targeting children, adolescents, and general population
• Copanor
• CEAM
• Conta + Justa

Quantifiable outcome

• 79% sewage collection and treatment coverage (targeting 90% by 2033 per Marco Legal de Saneamento)
• +2 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered core.

• United Nations Global CompactcoreStrategic or Co-development Partner · 1 January 2020COPASA joined the UN Global Compact in 2020, formalizing its commitment to sustainability principles in environmental protection, labor practices, human rights, and anti-corruption. This alignment guides the company's ESG agenda and sustainable development goals.
• Municipalities of Minas GeraiscoreStrategic or Co-development PartnerService agreements with 300+ municipalities for water supply and sewage treatment services. The 'Programa Universaliza Minas' represents a key partnership initiative to extend services to rural and vulnerable communities.
• ARSAE (Agência Reguladora de Serviços de Abastecimento de Água e de Esgotamento Sanitário de Minas Gerais)coreOthersState regulatory agency that approves tariffs and oversees service quality standards for COPASA operations across Minas Gerais municipalities.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Cedae: Companhia Estadual de Águas e Esgotos do Rio de Janeiro is Rio de Janeiro's state water and sewage utility. Comparable to COPASA in business model (state-level water/sewage operations) and regulatory framework, with ongoing privatization discussions.
• Iguá Saneamento: Brazilian private water and sewage utility backed by private equity, operating concessions in multiple Brazilian states. Comparable to COPASA as a competing private operator targeting Marco Legal-driven municipal concession opportunities.
• Sabesp: Companhia de Saneamento Básico do Estado de São Paulo is the largest state water and sewage utility in Brazil, recently privatized in 2024. It serves São Paulo state with the same full water/sewage concession model, B2G2C distribution, regulated tariffs, and Marco Legal compliance framework as COPASA.
• Águas do Brasil: Brazilian private water and sewage operator holding municipal concessions across multiple Brazilian states. Comparable to COPASA as a private-sector competitor for Marco Legal-driven concession expansion opportunities in Brazil.
• Sanepar: Companhia de Saneamento do Paraná is a publicly listed Brazilian state water and sewage utility serving Paraná state. Closely comparable to COPASA in business model (state-level concession, water + sewage operations), regulatory framework, and ESG profile.
• Cagece: Companhia de Água e Esgoto do Ceará is Ceará's state water and sewage utility. Comparable to COPASA as a regional Brazilian state utility operating under the same Marco Legal regulatory framework with water and sewage service mandates.
• BRK Ambiental: Brazilian private water and sewage utility operating municipal concessions across multiple states. Comparable to COPASA's post-privatization positioning as a privately operated water utility competing for concession growth under the Marco Legal framework.
• Corsan: Companhia Riograndense de Saneamento is Rio Grande do Sul's state water and sewage utility, also recently privatized. Directly comparable to COPASA in geography (state-level Brazilian utility), regulatory exposure (Marco Legal), and transition from state-owned to private-sector operation.
• Embasa: Empresa Baiana de Águas e Saneamento is Bahia's state-owned water and sewage utility. Comparable to COPASA in scale, full water/sewage service offering, and regulatory exposure under Marco Legal do Saneamento.
• Aegea Saneamento: One of Brazil's largest private water and sewage operators, owned by Itaúsa, operating concessions across multiple states. Aegea is a direct competitor for municipal concessions under the Marco Legal framework and represents the private-sector benchmark against which COPASA's post-privatization performance will be measured.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@copasa
• Instagraminstagram.com/copasaoficial
• Xx.com/copasamg
• Facebookfacebook.com/copasaoficial
• LinkedInlinkedin.com/company/copasamg

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about COPASA