Hydroelectric Tender in Neuquén and Río Negro
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First privatizations are coming
The Argentine government announced that it is preparing to tender the sale of the majority or controlling shareholding of companies that will have the concession for the generation of electricity through the hydroelectric complexes in the Comahue region, which collectively generate around 10% of the country's electricity. The tender documents must be published before January 2025.
The Companies subject to privatization and hydroelectric complex are: (i) Alicurá Hidroeléctrica Argentina S.A. - "Alicurá" (1,050 Mw), currently operated by AES; (ii) Chocón Hidroeléctrica Argentina S.A. - "El Chocón-Arroyito" (1,417 Mw), operated by Enel; (iii) Cerros Colorados Hidroeléctrica Argentina S.A., "Planicie Banderita" (472 Mw), operated by Aconcagua Energía; and (iv) Piedra del Águila Hidroeléctrica Argentina S.A., "Piedra del Águila" (1,440 Mw), operated by Central Puerto.
For further information please refer to our Legal News Alert dated August 16, 2024.
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Some provinces have already adhered to RIGI, while others are still debating
As anticipated in our previous edition of What's New in Argentina, the Investments Incentive Regime (“RIGI”) represents the most significant initiative proposed by the National Executive Branch for the purpose of encouraging and promoting foreign and local direct investment in Argentina.
By means of Decree 749/2024, RIGI was regulated by the Executive Branch, bringing some clarity to this investment incentive regime regarding the industries involved and the actual minimum amount of the investment for each industry and each phase of the investment projects.
Up to date the following provinces have officially adhered to the Rigi: (i) Río Negro, (ii) Jujuy, (iii) Mendoza, (iv) San Juan and (v) Chubut(*).
Additionally, Salta, Catamarca, Neuquén and Santa Fe have also made significant progress in discussions regarding RIGI adherence. We expect news in the following weeks.
(*) Chubut adhered but excluded mining activities from RIGI's scope
For further information regarding RIGI please refer to our Legal News Alert dated August 8, 2024 and our latest talk about RIGI.
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Corporations land on the soccer field and more…
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On August 14 Decree No. 730/2024, amending the regulation of Law No. 20.655 on Sports, was published in the Official Gazette.
This allows the civil sports associations (Nonprofit Organizations), that are members of the Institutional System of Sports and Physical Activity (Sistema Institucional del Deporte y la Actividad Física), to organize themselves as private corporations (For-profit Organizations).
Sports associations, federations and confederations shall have one year from the entry into force of this decree to amend their bylaws in order to comply with the terms set forth herein, which shall be applied without prejudice to compliance with pre-existing mandates.
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Tender in Mar del Plata City to come…
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The Regional Port Consortium (Consorcio Portuario Regional Mar del Plata) made official the call for international bids to dredge the port of Mar del Plata, with an investment of almost USD 6,000,000.
The opening of envelopes will take place on September 20, 2024 and the work is expected to begin in December 2024.
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The wholesale distributor Makro is looking for a buyer for its supermarkets
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Makro, which is controlled by the Dutch group SHV Holding, started negotiations with possible buyers. Makro is one of the main wholesale supermarket chains operating in Argentina. It was announced that its operations in the country are quoted at around US$ 200 million.
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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