Privatization of Hydropower facilities
On April 10, 2025, the Government of Argentina published Decree 263/2025 (“Decree 263”), which advances the sale process of the following companies: (i) Alicurá Hidroeléctrica Argentina S.A., (ii) Chocón Hidroeléctrica Argentina S.A., (iii) Cerros Colorados Hidroeléctrica Argentina S.A., (iv) Piedra Del Águila Hidroeléctrica Argentina S.A., (v) Cerros Colorados Hidroeléctrica Argentina S.A. and (vi) Piedra Del Águila Hidroeléctrica Argentina S.A. (the “Companies”). These Companies are currently owned by Energía Argentina S.A. (“EA”) (98%) and Nucleoeléctrica Argentina S.A. (“NASA”) (2%). Both EA and NASA have been subject to privatization pursuant to Article 7 and Annex I of Foundations Law.
Decree 263 establishes a period of fifteen (15) days since its publication to launch a National and International Public Bidding process for the sale of the controlling shareholding in the Companies (the “Call for Bids”), currently held by EA and NASA.
The Call for Bids will be carried out by both the Agency for the Transformation of State-Owned Companies (Agencia de Transformación de Empresas Públicas) and the Secretary of Energy.
Decree 263 builds upon Decrees 718/2024 and 895/2024, which had initiated the privatization process of the Companies.
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For additional information, please contact Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Milagros Piñeiro, Macarena Becerra, Victoria Barrueco and/or Manuel Crespi.
“CFA CRÉDITOS V” Financial Trust for AR$11,500,000,000
Deal counsel in the issuance and placement in Argentina of trust securities for AR$11,500,000,000 issued under the “CFA CRÉDITOS V” Financial Trust, in which Compañía Financiera Argentina S.A. (Efectivo Sí) acted as trustor, arranger, collection agent and placement agent; TMF Trust Company (Argentina) S.A. acted as financial trustee; Banco Patagonia S.A. acted as arranger and placement agent; and Banco Comafi S.A., Adacap Securities Argentina S.A and Facimex Valores S.A. acted as placement agents.
Approval of LNG Export Procedure
On April 4, 2025, the Secretary of Energy published Resolution 145/2025, which approved the Liquefied Natural Gas Export Procedure (the “Procedure” and “LNG,” respectively). This measure was implemented in the framework of article 2 of Annex II of Decree 1057/2024 (see our comments on the decree here), which established that the Secretary of Energy would regulate the applicable procedure for LNG exports.
1. LNG export notification
According to the Procedure, companies interested in exporting LNG must submit an application, providing information regarding projected availability, reserves and production capacity for at least five (5) years as of the submission, maximum export LNG volumes, proof of filing with the Large Investments Incentive Regime (“RIGI”, for its acronym in Spanish) -if applicable-, and technical feasibility of the project. The Liquid Fuels Undersecretary shall analyze the information and issued observations or request additional information within ten (10) business days as of the date of submission. The Secretary of Energy may issue observations on the application -within one hundred and twenty (120) business days-, based on insufficient natural gas availability for the country or inaccuracies in the filing. The applicant shall have thirty (30) business days to rectify its application and once the observations are resolved, the Secretary of Energy will issue the certificate of “LNG Free Export Authorization”.
2. LNG export authorization
This authorization shall indicate the term of the exports, the LNG volumes and the frequency of reports to be required by the authority. The authorized company shall report, no less than ninety (90) days prior the first export, the volumes and prices, the registration as a storage operator with the Natural Gas Storage Registry of the Republic of Argentina (“RAGNar”) and submit proof of authorization with the Customs Registry System.
LNG exports will be authorized on a firm basis -non-interruptible- for a period of thirty (30) years as of the commissioning date of the liquefaction plant (including expansions or later stages). Provided that the required availability is periodically confirmed, the exporter shall have the right to export LNG on a continuous basis, without interruptions, restrictions or reductions, and shall have access to production, transport, processing and storage of natural gas to carry out LNG exports.
3. Exporter's duties
LNG exporters must ensure ongoing gas availability and prove within six (6) months prior to the current availability accreditation expires, that they have sufficient gas to cover the following five (5) years. Exporters must also report any changes regarding the information submitted in the application.
4. Term and assignment of authorization
Lastly, according to the Procedure, the export authorization expires automatically on the date established therein, though it can be revoked for exporter’s non-compliance with its obligations. The export authorization may be transferred to another party with prior approval of the Liquid Fuels Undersecretary, provided the assignee meets all the requirements of the Procedure.
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For additional information, please contact Nicolás Eliaschev, Javier Constanzó, Milagros Piñeiro, Victoria Barrueco, or Manuel Crespi.
Counsel to Edison Group in the acquisition of the controlling stake in Cartellone Energía y Concesiones S.A. and Consorcio Empresas Mendoza para Potrerillos S.A.
Edison Holding S.A. and Edison Energía S.A. (the “Edison Group”) have agreed to acquire the controlling stake in Cartellone Energía y Concesiones S.A. and Consorcio Empresas Mendoza para Potrerillos S.A. from BAF Latam Credit Fund B.V.
As a result of the transaction, the Edison Group also acquired stakes in Empresa de Distribución Eléctrica de Tucumán S.A., Empresa Jujeña de Energía S.A., and Líneas de Transmisión del Litoral S.A. This transaction aims to strengthen the group’s regional presence, optimize operational management, and ensure an efficient and sustainable power supply in key provinces such as Jujuy, Tucumán, and Mendoza.
Woden Holding S.A. (“Woden”), Inverlat S.A. (“Inverlat”), and Perseo Holding Group LTD (“Perseo”) established the Edison Group to carry out this transaction.
Woden is a company owned by the Neuss brothers, which partnered with Inverlat, a private investment firm led by partners Carlos Giovanelli, Damián Pozzoli, and Guillermo Stanley, and Perseo, a company headed by Rubén Cherñajovsky and Luis Galli.
Woden was advised by our Firm, through the team formed by Partners Federico Salim, Julián Razumny, and Nicolás Eliaschev, and Associates Paula Cerizola, Marcos Quiroga, Daiana Perrone, Paloma Ganuza, Sofía Elhorriburu, and Leila Zatjaichuk.
Municipality of Cordoba’s Series I Bonds 2025 Issuance for AR$ 50,551,640,000
Legal counsel to the Municipality of Cordoba, as issuer, Banco de la Provincia de Córdoba S.A., as arranger and placement, and Banco Hipotecario S.A., Banco de Galicia y Buenos Aires S.A.U., Balanz Capital Valores S.A.U., Banco Santander Argentina S.A., Banco de Servicios y Transacciones S.A., Puente Hnos. S.A., SBS Trading S.A., Facimex Valores S.A., Banco Patagonia S.A., S&C Inversiones S.A., Petrini Valores S.A. y Becerra Bursátil S.A. as placement agents, in the issuance of Municipality of Cordoba’s Series I Secured Bonds 2025 (the “Series I Bonds 2025”), under the Municipality of Cordoba’s Bonds Issuance Program. The payments due under the Series I Bonds 2025 are secured by certain rights of the Municipality to collect certain contribution charges over the commercial, industrial and services activity. The Series I Bonds 2025 were issued on March 26, 2025, for AR$ 50,551,640,000 at an annual floating interest rate equivalent to TAMAR plus 5.50% per annum, due on March 26, 2027.
Municipality of Cordoba’s Series LII Treasury Notes Issuance for AR$ 32,159,267,000
Legal counsel to the Municipality of Cordoba, as issuer, Banco de la Provincia de Córdoba S.A., as arranger and placement agent, and to Banco Hipotecario S.A., Banco de Galicia y Buenos Aires S.A.U., Balanz Capital Valores S.A.U., Banco Santander Argentina S.A., Banco de Servicios y Transacciones S.A., Puente Hnos. S.A., SBS Trading S.A., Facimex Valores S.A., Banco Patagonia S.A., S&C Inversiones S.A., Petrini Valores S.A. and Becerra Bursátil S.A. as placement agents, in the issuance of Municipality of Cordoba’s Series LII Treasury Notes (the “Treasury Notes Series LII”), under the Municipality of Cordoba’s Treasury Notes Issuance Program. The payments due under the Treasury Notes Series LII are secured by certain rights of the Municipality to collect certain contribution charges over the commercial, industrial and services activity. The Treasury Notes Series LII were issued on March 26, 2025, for AR$ 32,159,267,000 at an annual floating interest rate equivalent to Tamar plus 4.50%, due on November 28, 2025.
Legal Advice on the Mandatory Tender Offer of IEB Construcciones (formerly DYCASA)
We advised Inversora Mercedes S.A., in its capacity as the bidder (the “Bidder”), in connection with the Mandatory Public Tender Offer (“OPA”) that took place as a result of the acquisition of control of IEB Construcciones S.A. (formerly known as DYCASA S.A.) (the “Affected Company”).
On October 31, 2024, the Bidder acquired 15,367,532 Class A shares and 4,463,094 Class B shares, representing 66.10% of the share capital and 88.88% of the voting rights of the Affected Company, thereby gaining control of the company.
As a result, in accordance with the Argentine Capital Markets Law, on February 28 of this year, the Bidder launched an OPA directed at all holders of ordinary Class B shares of the Affected Company, at a price of ARS 473.6680 per share, resulting in the acquisition of a total of 768 shares.
The formal aspects of the OPA were approved by the CNV (Argentine Securities and Exchange Commission) through a Board resolution dated February 19, 2025.
Invertir en Bolsa S.A. and Macro Securities S.A.U. acted as OPA Agents.
Our Firm acted as legal advisor for the transaction through a team led by our partner Francisco Molina Portela, with the participation of associate Juan Cruz Carenzo.
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.