Difficult infrastructure and real estate sectors are largely to blame for the contraction.
The state-owned firm's energy distributors could come up for sale next year.
The contract includes the civil works for the project, aiming to double the potable water supply for the city of San Juan.
Governors call on federal government to consider the project in Brazil's 2018 investment program.
The Brazilian regulator found deficiencies in majority of projects audited.
Sabesp received authorization from the government and will use the proceeds to invest in projects to reduce loss and theft of water.
Operators who win blocks in the 2.5GHz band should have to comply with universal access and coverage objectives just as the wholesale network, said Altán Redes.