Despite of the complex and thus more costly structure, the private sector has resorted increasingly to a Project Finance model as finance alternative for large projects, especially for infrastructure projects that have longer periods of execution and require larger amounts of capital. In Brazil, this has been no different. Since the late nineties, when institutional reforms in the telecommunications and energy were launched, the demand for investment resources in infrastructure has increased significantly. In ten year period from 1999 to 2009, the volume of investments more than doubled, surpassing R$ 120 billion in 2009. For the next several years, these numbers will be even greater. With the completion of the Football World Cup in 2014, the Olympic Games in Rio de Janeiro in 2016, the pre-salt layer oil exploration by Petrobrás, and the continuation of the government s programs for accelerating growth (PAC), approximately R$ 160 billion will be required annually to meet these demands. The government, however, as the largest provider of current funds from BNDES, will struggle to meet this demand. This study analyzes the Brazilian experience in using this Project Finance funding model during the period of 1999 to 2009, presenting the most common features, as well as the limitations that the model is confronted with in Brazil. It also describes the ten largest Project Finance projects in Brazil extracted from a database of 206 projects registered and closed during this same period. To illustrate the progress in the use of the Project Finance funding model in Brazil, the case of the Rota das Bandeiras Concession, the first Project Bond issued by a highway concession in Brazil, is discussed in detail.