River Plate makes AR$ 12.000.000.000 Initial Notes Offering Due 2027
On February 25, Club Atlético River Plate Asociación Civil carried out its first issuance of Notes under the special regime for social impact issuances, becoming the first football club in the country to issue corporate debt in the capital market.
The Notes Series I, maturing on February 27, 2027, were issued for amount of AR$12,000,000,000,000 (Pesos twelve billion) and will accrue interest at a variable rate equivalent to the TAMAR Rate plus a margin of 3.89%.
Additionally, these Notes are aligned with the Social Bond Principles (SBP) of the International Capital Market Association (ICMA). The “Universidad Nacional de Tres de Febrero” (UNTREF), in its role as external reviewer, rated the issue as a “BS2+” social bond, concluding that it complies with the four main components of the ICMA Principles and generates a positive social impact.
Banco Supervielle S.A., Banco BBVA Argentina S.A., Banco CMF S.A., Banco de Valores S.A. and Banco Comafi S.A. participated as arrangers, placement agents and guarantee agents, while Latin Securities S.A., Invertir Online S.A. and Allaria S.A. acted as placement agents.
Legal Advice in the Issuance of 360 Energy Solar S.A. Series 5 Notes for US$15.000.000 which Qualify as Green Bonds
Counsel to Banco de Servicios y Transacciones S.A., Banco de Galicia y Buenos Aires S.A.U., Banco BBVA Argentina S.A., Banco de Valores S.A., Industrial Valores S.A., Allaria S.A., Balanz Capital Valores S.A.U., Invertir en Bolsa S.A., Banco Comafi S.A., PP Inversiones S.A., BACS Banco de Crédito y Securitización S.A., Banco Patagonia S.A., Adcap Securities Argentina S.A., Deal S.A., Banco CMF S.A. and Banco de la Provincia de Buenos Aires in the issuance of 360 Energy Solar S.A. 8.75% Series 5 Notes for US$15.000.000 due September 5, 2027 (indistinctively, the “Series 5 Notes” or the “Notes”), issued under the Global Notes Program for an amount of up to U$S200,000,000 (or its equivalent in other currencies or other unit value).
Series 5 Notes qualify as Green Bonds.
The proceeds from the placement will be used to (i)finance the construction, installation, commissioning, operation, and maintenance of photovoltaic solar parks and storage systems related to the Eligible Green Project Portfolio. (ii) integration of working capital; and (iii) integration of capital contributions in controlled or related companies. The Notes are denominated and payable in U.S. dollars in Argentina.
Banco de Servicios y Transacciones S.A., Banco de Galicia y Buenos Aires S.A.U., Banco BBVA Argentina S.A., Banco de Valores S.A., Industrial Valores S.A., Allaria S.A., Balanz Capital Valores S.A.U., Invertir en Bolsa S.A., Banco Comafi S.A., PP Inversiones S.A., BACS Banco de Crédito y Securitización S.A., Banco Patagonia S.A., Adcap Securities Argentina S.A., Deal S.A., Banco CMF S.A. and Banco de la Provincia de Buenos Aires acted as placement agents of the Notes. Banco de Galicia y Buenos Aires S.A.U., Banco BBVA Argentina S.A., Banco de Valores S.A. and Banco de Servicios y Transacciones S.A. acted as arrangers and, Banco de Servicios y Transacciones S.A., also acted as settlement agent.
Grupo Albanesi Successfully Completed the Offering of US$9,364,764 Notes
Counsel to Grupo Albanesi in the public offering of US$ 3,686,873Class XXXII Additional Notes due May 30, 2026, AR$ 6.024.952.347 Class XLII Notes due Feb 26, 2026 co-issued by Generación Mediterránea S.A. and Central Térmica Roca S.A. under their US$ 1,000,000,000 Global Notes Program, and guaranteed by Albanesi Energía S.A.
The Notes were co-issued on February 26, 2025.
SBS Trading S.A., Banco de Servicios y Transacciones S.A., Invertironline S.A.U., Balanz Capital Valores S.A.U., Bull Market Brokers S.A., Banco de la Provincia de Buenos Aires,., Facimex Valores S.A., Puente Hnos S.A., Banco Hipotecario S.A., BACS Banco de Crédito y Securitización S.A., Banco Supervielle S.A., , Banco Santander Argentina S.A., Allaria S.A., Becerra Bursátil S.A., Global Valores S.A. Adcap Securities Argentina S.A., Neix S.A., ACA Valores S.A., Banco de Galicia y Buenos Aires S.A.U., PP Inversiones S.A., Leiva Hermanos S.A., GMA Capital S.A., Deal S.A., S&C Inversiones S.A. and GMC Valores S.A. acted as placement agents of Class XXXII Notes, Class XLII Notes. Banco de Servicios y Transacciones S.A. acted as Settlement Agent of the issuance.
Government moves forward with the privatization of Corredores Viales S.A.
On February 17, 2025, the Government took a significant step towards the privatization of Corredores Viales S.A., a state-owned company which currently manages a network of over 6,000 kilometers of roads, with the publication of Decree No. 97/2025 (“Decree 97”). This decree authorizes the complete privatization of Corredores Viales S.A. through the award of public works concession agreements, according to the provisions of the Foundations Law and the Public Works Concession Law.
Key highlights of Decree 97 include:
- Termination of the existing concession contracts for certain sectors under Corredores Viales S.A.;
- The initiation of selection procedures for the award of new public works concession agreements for road corridors, in accordance with the provisions of the Public Works Concession Law; and
- The dissolution and liquidation of Corredores Viales S.A., which will take place once the concession contracts have been awarded and executed with the preferred bids.
Furthermore, Decree 97 grants the Ministry of Economy the authority to oversee the bidding process, modify the road section configurations, and even exclude or include specific road segments as neccesary.
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For further details please reach out to: Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Milagros Piñeiro, Florencia Martínez Trobbiani, Macarena Becerra, Victoria Barrueco, or Giuliana Manzolido.
Open Call for BESS and power generation “AlmaGBA”
On February 17, 2025, the Secretary of Energy published Resolution 67/2025 (“Resolution 67”), initiating the national and international open tender “Almacenamiento AlmaGBA” (the “Call for Bids”).
The Call for Bids is designed to incorporate new Battery Energy Storage System (“BESS”) generation power plants within the concession areas of the distribution companies Edenor and Edesur. The goal is to achieve a combined capacity of 500 MW, with an execution period of 12 to 18 months.
Preferred bidders will enter into a power storage and generation agreement (the “Storage-Generation PPA”) with Edenor and Edesur, with CAMMESA acting as a last-resort guarantor.
While the full details of the Storage-Generation Agreement are yet to be released, the main aspects of the Call for Bids are outlined below:
1. Scope of the Call for Bids
The Call for Bids seeks to enhance the reliability and supply conditions, within the Buenos Aires metropolitan area and the Wholesale Electricity Market (“WEM”), focusing on specific connection nodes (“CNs”), which are specified in the Call for Bids.
Bidders selected under the Call for Bids will enter into a Storage-Generation PPA, committing to energy supply and power availability for a minimum of four (4) consecutive hours per full discharge cycle. The term of the Storage-Generation PPA will be 15 years.
2. Minimum and maximum power capacity per project
The power capacity for each bid must range from a minimum of 10 MW to a maximum capacity, determined by the lesser of 150 MW or the capacity assigned to each CNs.
3. Storage-Generation PPA
Under the Storage-Generation PPA, Edenor or Edesur will be the principal obligors, whereas CAMMESA will serve as a last-resort guarantor. Should a payment default occur for two or more periods, CAMMESA may be required to pay the outstanding amonuts in lieu of Edenor or Edesur, as applicable.
CAMMESA’s guarantee will be capped at a maximum of twelve (12) consecutive months, equivalent to the remuneration under the Storage-Generation PPA.
The full terms of the Storage-Generation PPA will be published no later than March 31, 2025.
4. Call for Bids Schedule
- Consultation period: February 19 - May 4, 2025.
- Publication of the Storage-Generation PPA: March 31, 2025.
- Publication of responses to consultations: February 24 - May 11, 2025.
- Bids Submission deadline: May 19, 2025.
- Award date: June 27, 2025.
- Storage-Generation PPA signing date: June 30, 2025.
5. Bidders and offers requirements
Among the various requirements set forth in the Call for Bids, bidders are required to provide a bank guarantee of US$10,000 per MW as a bid bond.
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For additional information, please contact Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Victoria Barrueco and/or Manuel Crespi.
Privatization of Belgrano Cargas y Logística S.A.
On February 10th, 2025, the National Government published Decree 67/2025 (“Decree 67”), authorizing the total privatization of Belgrano Cargas y Logística S.A. (“Belgrano Cargas”), according to the provisions of the Foundations Law.
Decree 67 orders the vertical disintegration and separation of the activities and assets of each business unit of Belgrano Cargas through the celebration of public works concession contracts for the railroad tracks and workshops, together with their adjacent properties, and the sale of the rolling stock through a public auction.
The Ministry of Economy, in cooperation with the Transformation of Public Enterprises Agency, is empowered to provide all the necessary regulations to carry out the procedure. It is also in charge of carrying out the biddings for the railways and workshops concession contracts celebration, the public auction for the sale of the rolling stock, and the dissolution of Belgrano Cargas.
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For additional information, please contact Nicolás Eliaschev, Javier Constanzó, Juan Pablo Bove, Paula Cerizola, Florencia Martinez Trobbiani, Macarena Becerra, Rocío Valdez, Victoria Barrueco, and/or Manuel Crespi.
Legal Counsel to Banco CMF S.A. in the Issuance of Class 17 and Class 18 Notes for US$ 29,101,826
Legal counsel to Banco CMF S.A. in the issuance of Class 17 Notes, denominated, subscribed, and payable in U.S. Dollars in Argentina, at an interest rate of 4.50% maturing on August 6, 2025, for a total amount of US$ 19,376,200, and Class 18 Notes, denominated, subscribed, and payable in Argentine Pesos, at a variable interest rate (“TAMAR Privada”) plus a margin of 3.25% maturing on February 6, 2026, for a total nominal value of AR$ 10,250,000,000, under the Global Notes Program for an amount of up to US$100,000,000 (or its equivalent in other currencies or units of measure or value).
Grupo Albanesi Secures a US$ 80,000,000 Loan for the Refinancing of Certain short-term Liabilities due 2025
Counsel to Grupo Albanesi (Generación Mediterránea S.A., Central Térmica Roca S.A. y Albanesi Energía S.A.) in the granting of a syndicated loan for a committed amount of US$ 59,000,000 and a máximum amount of US$ 80,000,000 (the “Loan”) by Banco Hipotecario S.A., Banco de Galicia y Buenos Aires S.A.U. (the “Arrangers”), Banco Supervielle S.A., Banco Santander Argentina S.A., Banco de la Provincia de Córdoba S.A., Banco de la Ciudad de Buenos Aires, Banco de Servicios y Transacciones S.A., and Banco de la Provincia de Buenos Aires (collectively with the Arrangers, the “Lenders”), for the refinancing of certain short-term liabilities due 2025.
The Loan, entered into on January 21, 2024, was partially disbursed by the Lenders on the such date, and the funds were successfully applied to the repayment of the certain short-term liabilities due 2025.
The Loan has a grace period of 24 months, matures in 2028, and is secured by a fiduciary assignment of its collection rights under certain PPAs (Power Purchase Agreements) of Generación Mediterránea S.A. and Central Térmica Roca S.A.
Consequently, Grupo Albanesi secured the necessary funding to refinance certain short-term liabilities and continues its process of improving its long-term debt profile and strengthening its financial position.
Legal Advice in Petrolera Aconcagua Energía S.A.’s Notes Issuance
Counsel in the issuance of Petrolera Aconcagua Energía S.A.’s Class XVII simple notes for a total amount of USD 29,244,801 (twenty-nine million two hundred forty-four thousand eight hundred one U.S. Dollars) denominated and payable in U.S. Dollars, at a fixed interest rate of 9.00% nominal annual rate, maturing on January 30, 2028, under its Global Notes Program (not convertible into shares), for up to a maximum amount of U.S. Dollars 500,000,000 (or its equivalent in other currencies or units of value)
Banco de Servicios y Transacciones S.A., acted as arranger, settlement agent and placement agent of the Notes, Banco Santander Argentina S.A. and Puente Hnos S.A. acted as arrangers and placement agents of the Notes; and Banco de Galicia y Buenos Aires S.A.U., Banco Mariva S.A., Allaria S.A., SBS Trading S.A., Banco de la Provincia de Buenos Aires, Banco Supervielle S.A., Invertironline S.A.U., BACS Banco de Crédito y Securitización, Cohen S.A., Industrial Valores S.A., Mills Capital Markets S.A., NEIX S.A., PP Inversiones S.A., Latin Securities S.A, Option Securities S.A. and Banco Patagonia S.A. acted as placement agents of the Notes.
Normalization of the Wholesale Electricity Market
On January 29, 2025, CAMMESA published on its website complementary information to Resolution 21/2025 of the Secretary of Energy (“SE”) (the “Resolution 21”) (Available comments on this regulation here).
Among the published documentation, there is a note sent by the SE to CAMMESA (the “SE Note”) outlining the need for gradual normalization to encourage investment and reliability of the Wholesale Electricity Market (“WEM”).
Attached to the SE Note are the Guidelines for the Normalization of the WEM and its Progressive Adaptation (the “Guidelines”) prepared by the SE, which detail the modifications in fuel management, demand in the WEM, determination of prices and operation of both the Corporate PPA Market (“MAT”) and the Spot Market.
Additionally, the SE enclosed a Technical Report on the WEM situation (the “Technical Report”). This Technical Report analyzes regulatory and operational aspects to meet regulatory objectives, focusing on system transparency and efficiency, decentralization of CAMMESA, energy prices, fuel management review, Spot Market and MAT mechanisms adaptation, and infrastructure planning.
Associations represented in CAMMESA have thirty (30) days from January 30, 2025, to provide non-binding opinions on these documents for the WEM normalization process. At the same time, CAMMESA will have forty-five (45) days to prepare: a) a detailed report with a dispatch and transactional management plan; b) an analysis of the impact of the measures on the supply and demand of the WEM, and c) a report on the considerations of the WEM Associations.
Finally, the SE announced the issuance of new regulations for the normalization of the WEM to be effective as of November 1, 2025, regardless of the possible anticipated measures to eliminate restrictions.
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For additional information, please contact Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Victoria Barrueco and/or Manuel Crespi.