The article aims to analyze the participation of BNDES, Eletrobras and foreign investors in infrastructure megaprojects in Brazil after the 2008 international financial crisis. The research adopts a heterodox, Keynesian and institutionalist perspective, to conduct an empirical analysis, using the World Bank’s database on private participation in infrastructure. The results show that the ten largest projects carried out in the Brazilian electricity sector after 2008 had the participation of foreign capital, of which eight had the participation of BNDES and six with the participation of Eletrobras.