Sale of “Parque Ceremonial” Private Cemetery
Legal counsel to Funarg S.A. in the sale to Montes de la Paz S.A. of the real estate and business operations of "Parque Ceremonial” Private Cemetery in the Province of Buenos Aires. (2015)
Generación Mediterránea’s AR$ 130,000,000 Series IV Notes Issuance
Legal counsel to Generación Mediterránea S.A, as issuer of its AR$ 130,000,000 Series IV Notes under the USD 100,000,000 Global Notes Programme. Banco Macro S.A. and Macro Securities S.A., respectively, acted as arranger and placement agent. (2015)
News in Argentina’s wholesale electricity market
Increase in compensation for power generation companies. Rates introduced for renewable energy sources. Trust fund (FONINVEMEM) 2015-2018
On July 17th, 2015, Resolution No. 482/15 by the Secretary of Energy was published. Pursuant to this resolution:
- New compensation rates for power generation companies effective as from February 2015 were approved. These rates comprise several items, including fixed costs, variable non-fuel costs, additional compensation, non-recurrent maintenance, fixed costs according to capacity availability. Compensation for wind, PV, biomass, biogas and urban solid waste powered facilities were set out for the first time.
- A new compensation item referred to as Investment Resources is introduced as from February 2015 and until December 2018. Such resources will be allocated to generation companies taking part in projects approved by the Secretary of Energy.
- CAMMESA will transfer the Investment Resources to power generation companies with approved projects once supply and constructions contracts are executed.
- A specific compensation item is introduced to be paid to power generation companies undertaking projects using the Investment Resources. This compensation will be paid as from the start of commercial operation of the projects and through a maximum period of ten years.
- Incentives for an increase in productivity and efficiency targeted at thermal generation companies is introduced.