Second Stage of ENARSA's Privatization: Three (3) Thermal Power Generation Companies
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On September 28th, through Decree No. 1107/2026 (the “Decree”), the National Government authorized the second stage of the privatization of Energía Argentina S.A. (“ENARSA”), which had previously been declared subject to privatization under the Act N° 27.742 (“Ley de Bases y Puntos de Partida para la Libertad de los Argentinos”).
The Decree provides for the sale of ENARSA’s entire shareholdings in three (3) thermal power generation companies: Termoeléctrica Manuel Belgrano S.A. (65.01%), Termoeléctrica José de San Martín S.A. (68.83%), and once ENARSA formally acquires the relevant shares, Central Termoeléctrica Guillermo Brown S.A.
Together, the three (3) power plants have an aggregate installed capacity of approximately 2,200 MW. The Manuel Belgrano plant, located in Campana, Province of Buenos Aires, and the José de San Martín plant, located in Timbúes, Province of Santa Fe, are combined-cycle facilities of approximately 800 MW each. The Guillermo Brown plant, located in General Daniel Cerri, Province of Buenos Aires, has an installed capacity of approximately 580 MW and currently operates in open cycle.
The shares in Termoeléctrica Manuel Belgrano S.A. and Termoeléctrica José de San Martín S.A. will be sold through national and international public tenders. The sale of ENARSA’s future shareholding in Central Termoeléctrica Guillermo Brown S.A. will follow the same procedure once the relevant trust is liquidated and ENARSA is incorporated as a shareholder. The bidding documents must preserve the pre-emption rights granted to the existing shareholders under the respective companies’ bylaws.
The Ministry of Economy, with the assistance of the Agency for the Transformation of Public Companies, will be responsible for implementing the tender procedures and issuing the necessary complementary regulations.
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The Province of Neuquén has announced an upcoming public tender for Vaca Muerta's Gas Window
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The Province of Neuquén has announced the upcoming launch of Round 2/2026, a national and international tender designed to select national and international companies for the exploration and eventual exploitation of new areas in Vaca Muerta’s gas window.
The specific areas subject to Round 2/2026 are currently being selected by the provincial executive through state-owned energy company Gas y Petróleo del Neuquén S.A. as part of the “Neuquén's Exploratory Plan”.
The new bidding process would officially open in November 2026, with bids scheduled to be opened and evaluated in April 2027.
The tender is specifically designed to attract independent operators and expand the productive surface area of the basin's gas window.
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The Executive Branch of the City of Buenos Aires has regulated the local Incentive Regime for Medium Investments
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On September 2, 2026, the City of Buenos Aires published Executive Order No. 305/26 (the "Order"), which regulates Act No. 6,950 and sets out how the Incentive Regime for Medium Investments of the City of Buenos Aires (the "RIMICABA", for its Spanish acronym) will operate. We covered the regime in our WNA´s July 26 edition.
Applications must be filed through the City's TAD platform, together with the documentation required by the Ministry of Economic Development, which acts as the Enforcement Authority.
The Order establishes that applications to join the RIMICABA must be submitted through the Government of the City of Buenos Aires TAD Platform, together with the documentation required by the Ministry of Economic Development, designated as the Enforcement Authority.
The Order also sets out how each tax benefit works:
- Stamp Tax: agreements linked to approved investments are exempt, based on a sworn statement.
- Property Tax and ABL fee: newly built properties are exempt for up to 2 years after accreditation.
- Turnover Tax: once the investments are certified, beneficiaries receive tax credits processed through AGIP.
The annual fiscal quota is AR$150 billion, and no single beneficiary may receive more than 10% of it. The quota will be allocated using objective criteria such as location, sector, economic impact, job creation and investment size. Unused credits remain valid until December 31, 2028.
For further information, please refer to news@pagbam.com, call (54-11) 4114-3000 or get in touch with us via WhatsApp.
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