We advised MSU Green Energy in the international issuance of green notes for US$400,000,000

Bruchou & Funes de Rioja advised MSU Green Energy S.A., which successfully completed the issuance of its Class 4 Senior Secured Notes, denominated and payable in U.S. dollars abroad, bearing interest at a fixed rate of 9.750% per annum, maturing on June 16, 2036, for an aggregate principal amount of US$400,000,000 (the “Notes”). Tavarone Rovelli Salim Miani advised J.P. Morgan Securities LLC, Santander US Capital Markets LLC and BBVA Securities Inc. in their capacity as international initial purchasers (the “International Initial Purchasers”) and Balanz Capital Valores S.A.U., Bull Market Brokers S.A., Banco de Galicia y Buenos Aires S.A., Banco Santander Argentina S.A., Cucchiara y Cía. S.A. and Industrial and Commercial Bank of China (Argentina) S.A.U., in their capacity as local placement agents (the “Local Placement Agents”).

The transaction consisted of an international offering directed to qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act of 1933 and to investors outside the United States pursuant to Regulation S, complemented by a public offering in Argentina under the regime of the Comisión Nacional de Valores. The principal will be amortized in three annual installments equal to 33%, 33% and 34% of the original amount issued, payable in 2034, 2035 and 2036, respectively.

The placement of the Notes was carried out through the book-building process, conducted by the International Initial Purchasers, as provided in the offering documentation. The pricing of the Notes took place on June 8, 2026, and the issue and settlement date was June 16, 2026.

The Notes are secured by an Argentine security trust assignment in favor of TMF Trust Company (Argentina) S.A. as trustee, over certain collection rights and revenues arising from power purchase agreements of the Issuer. In addition, the structure contemplates the incorporation of additional assets and rights, including certain collection rights of Chocón Hidroeléctrica Argentina S.A. and of future restricted subsidiaries, in accordance with the terms of the offering documentation.

It is worth noting that the Notes qualify as Green Bonds and were issued under MSU Green Energy’s Green Financing Framework, which is aligned with the Green Bond Principles of the International Capital Market Association (ICMA), the guidelines of the CNV and the guidelines of Bolsas y Mercados Argentinos S.A. (BYMA). In this context, Sustainable Fitch issued a Second-Party Opinion in which it concluded that such framework presents “Excellent” alignment with the applicable international standards, supporting the eligibility of the Notes as Green Bonds.

In the transaction, J.P. Morgan Securities LLC, Santander US Capital Markets LLC and BBVA Securities Inc. acted as international initial purchasers, while Balanz Capital Valores S.A.U., Bull Market Brokers S.A., Banco de Galicia y Buenos Aires S.A., Banco Santander Argentina S.A., Cucchiara y Cía. S.A. and Industrial and Commercial Bank of China (Argentina) S.A.U. acted as local placement agents.

Citibank, N.A. acted as trustee, registrar, paying agent and transfer agent for the Notes; TMF Trust Company (Argentina) S.A. acted as collateral trustee; and the Branch of Citibank, N.A. established in the Republic of Argentina acted as co-registrar, paying agent in Argentina, transfer agent in Argentina and representative of the trustee in Argentina.

The transaction reaffirms MSU Green Energy’s access to the international capital markets and represents a new milestone for the financing of Argentine energy projects through instruments aligned with sustainability criteria.

Legal Advisors to MSU Green Energy:

Bruchou & Funes de Rioja acted as local legal counsel to the Issuer, through the team formed by its partners José María Bazán and Leandro Exequiel Belusci, and associates Manuel Etchevehere, Milagros Marini, Victoria Negro and Delfina Amaya Toustau.

Simpson Thacher & Bartlett LLP acted as New York legal counsel to the Issuer through the team formed by its partner Juan M. Naveira, and associates Marcelo B. Lorenzen and Sani Taisa.

MSU Green Energy was also advised by its Legal Manager, Ezequiel M. Abal.

Legal Advisors to the International Initial Purchasers, Organizers and Local Placement Agents:

Tavarone Rovelli Salim Miani acted as local legal counsel to the international initial purchasers, organizers and local placement agents, through the team formed by partner Francisco Molina Portela, and associates Juan Carenzo, Juan Pablo Reinoso and Melina Dirakis.

Clifford Chance LLP acted as New York legal counsel to the Organizers and International Placement Agents through the team formed by associates Cristian Ragucci, Hugo Triaca, Joyce Moore, Natalie Janad and Juan Andrés Bosch.

Legal Advisors to the International Trustee and the Local Collateral Agent:

Nixon Peabody LLP acted as New York legal counsel to the International Trustee with advice through the team formed by its partners Michael Tentindo and Jonathan R. Winnick.

Tavarone Rovelli Salim Miani acted as local legal counsel to the Local Collateral Agent through the team formed by partner Julieta De Ruggiero and her associates Azul Namesny Marquez and Agustina Culetto.