We advised on the granting of a syndicated loan to BML Energía (MSU Group) for the acquisition of Chocón Hidroeléctrica Argentina S.A.

Bruchou & Funes de Rioja advised BML Energía S.A. (“BML Energía”), and Martínez de Hoz & Rueda advised Banco BBVA Argentina S.A., Banco de Galicia y Buenos Aires S.A., and Industrial and Commercial Bank of China (Argentina) S.A.U. (the “Banks”), in connection with the granting of a syndicated loan to BML Energía in the amount of US$155,907,716, governed by Argentine law (the “Syndicated Loan”).

The proceeds of the Syndicated Loan were used to pay the purchase price for all of the shares of Chocón Hidroeléctrica Argentina S.A., within the framework of the national and international multi-stage public tender process called by the Ministry of Economy for the sale of 100% of the share capital of the concessionaire companies Alicurá Hidroeléctrica Argentina S.A., Chocón Hidroeléctrica Argentina S.A., Cerros Colorados Hidroeléctrica Argentina S.A. and Piedra del Águila Hidroeléctrica Argentina S.A.

Banco de Galicia y Buenos Aires S.A. acted as administrative agent.

The disbursement of the Syndicated Loan took place on January 6, 2026.

Legal advisors to BML Energía:
Bruchou & Funes de Rioja‘s Banking & Capital Markets Department, through a team led by partner José Bazán and associates Manuel Etchevehere and Facundo Suárez Loñ, along with the Companies Law & Corporate Governance Department, through a team led by partner Florencia Angélico and associates Youssef El Chaer and Milagros Marini.

In-house legal team – Ezequiel Abal.

Legal advisors to the Banks:
Martínez de Hoz & Rueda – Partners José Martínez de Hoz (Nieto) and Martín Lepiane, and associates Sofía Gallo and Luisina Luchini.
BBVA Argentina in-house legal team – Santiago Mateo Zárate and Sofía Solange Macías.
Banco Galicia in-house legal team – Fiorella Paola Ascenso Sanabria.
ICBC Argentina in-house legal team – Tomás Eduardo Koch, Sonia Lannutti and Juan Cruz González Groppo.