Overview

• Decree 564/2025 was published on August 8, transferring ENARSA’s stakes in Alicurá, El Chocón-Arroyito, Cerros Colorados and Piedra del Águila to the Secretariat of Energy and opening a national and international tender.
• Bidders have 60 days to compete under rules set by the Ministry of Economy, which will define remuneration schemes and relevant annexes for the sale of majority or controlling shares.
• Current operators must submit letters of adhesion within five days to continue managing the plants until December 31, 2025 or until the tender concludes, while non-adhering firms are required to generate electricity for at least 90 business days.
• Participating companies must provide performance guarantees of at least US$4.5 million, pay royalties to Río Negro and Neuquén provinces, maintain detailed inventories and allow site visits by interested bidders.
• Economy Minister Luis Caputo estimates the privatization will raise about US$500 million in foreign currency to reinforce central bank reserves without counting as primary fiscal revenue, in line with IMF commitments.