Start of the Privatization Process of the Comahue Dams: Alicurá, El Chocón, Cerros Colorados and Piedra del Águila

By means of Ministry of Economy Resolution No. 1200/2025, published on 20 August 2025, the National Government initiated the process for the sale of the entire shareholding package of the hydroelectric generation companies Alicurá Hidroeléctrica Argentina SA, El Chocón Hidroeléctrica Argentina SA, Cerros Colorados Hidroeléctrica Argentina SA and Piedra del Águila Hidroeléctrica Argentina SA:

1. The sale will be carried out through a National and International Public Tender, without a base price and in multiple stages, and must be completed before December 31, 2025.
2. The bidding terms and conditions are already available here.
3. Key milestones of the process:
   • Deadline to submit questions and request for clarification regarding the Bidding Terms: October 13, 2025, at 5:00 p.m. (BA Time).
   • Deadline to submit bids: October 23, 2025, at 4:00 p.m. (BA Time).
   • Bid-opening event: October 23, 2025, at 5:00 p.m. (BA Time).
   • Bids must be submitted through the CONTRAT.AR platform.
4. The appraisal of the shareholding package will be conducted by a banking entity belonging to the National Public Sector, which must be contracted for this purpose prior to the bid-opening event.

The text of the resolution and the bidding terms and conditions can be consulted here.

For any questions or queries, please contact:

• Nicolás Dulce
• Mariano Luchetti
• Ignacio Minorini Lima
• Juan Zocca

This is a general comment and in no way presupposes legal advice or opinion. If required, please contact our professionals.