On 27 November 2025, Resolution No. 1910/2025 was published in the Official Gazette, whereby the Ministry of Economy approved the actions taken in the first stage of the National and International Multi-Stage Public Tender No. 504/2-0001-CPU25.
The purpose of said tender is the sale of one hundred percent (100%) of the share capital composed of Class “A” Shares (51%), Class “B” Shares (47%), and Class “C” Shares (2%) of the following companies: (i) Alicurá Hidroeléctrica Argentina Sociedad Anónima; (ii) Chocón Hidroeléctrica Argentina Sociedad Anónima; (iii) Cerros Colorados Hidroeléctrica Argentina Sociedad Anónima; and (iv) Piedra Del Águila Hidroeléctrica Argentina Sociedad Anónima. The process is conducted pursuant to Law No. 27,742 and Decrees No. 286/2025, No. 590/2025, and No. 695/2024.
The measure provides for the pre-qualification of the bids that meet the requirements set forth in the Bidding Terms and Conditions, thereby authorizing them to participate in the second stage of the procedure, corresponding to the opening of the economic offers (Envelope No. 2).
The pre-qualified bidders are as follows:
i. Alicurá Hidroeléctrica Argentina Sociedad Anónima:
i) EDISON INVERSIONES S.A.U., ENERGÉTICA DEL NORTE S.A.U., CONSORCIO DE EMPRESAS MENDOCINAS PARA POTRERILLOS S.A., and EDISON HOLDING S.A.;
ii) HIDROELÉCTRICA FUTALEUFÚ S.A., GENNEIA S.A., and ALUAR ALUMINIO ARGENTINO S.A.I.C.;
iii) BML INVERSORA S.A.U., ENERGRAIN S.A., ORAZUL ENERGY GENERATING S.A., ORAZUL ENERGY CERROS COLORADOS S.A., LIMABAZ S.A.U., BML GENERADORA S.A., MSU ENERGY GREEN S.A., and BML ENERGIA S.A.;
iv) CENTRAL COSTANERA S.A. and CENTRAL PUERTO S.A.;
v) PAMPA ENERGÍA S.A.;
vi) ENEL ARGENTINA S.A. and ENEL GENERACIÓN EL CHOCÓN S.A.; and
viii) AES ARGENTINA GENERACIÓN S.A.
ii. Chocón Hidroeléctrica Argentina Sociedad Anónima:
i) EDISON INVERSIONES S.A.U., ENERGÉTICA DEL NORTE S.A.U., CONSORCIO DE EMPRESAS MENDOCINAS PARA POTRERILLOS S.A., and EDISON HOLDING S.A.;
ii) HIDROELÉCTRICA FUTALEUFÚ S.A., GENNEIA S.A., and ALUAR ALUMINIO ARGENTINO S.A.I.C.;
iii) BML INVERSORA S.A.U., ENERGRAIN S.A., ORAZUL ENERGY GENERATING S.A., ORAZUL ENERGY CERROS COLORADOS S.A., LIMABAZ S.A.U., BML GENERADORA S.A., MSU ENERGY GREEN S.A., and BML ENERGIA S.A.;
iv) CENTRAL COSTANERA S.A. and CENTRAL PUERTO S.A.;
v) PAMPA ENERGÍA S.A.; and
vi) ENEL ARGENTINA S.A. and ENEL GENERACIÓN EL CHOCÓN S.A.
iii. Cerros Colorados Hidroeléctrica Argentina Sociedad Anónima:
i) EDISON INVERSIONES S.A.U., ENERGÉTICA DEL NORTE S.A.U., CONSORCIO DE EMPRESAS MENDOCINAS PARA POTRERILLOS S.A., and EDISON HOLDING S.A.;
ii) HIDROELÉCTRICA FUTALEUFÚ S.A. (Tax ID No. 33-68247580-9), GENNEIA S.A., and ALUAR ALUMINIO ARGENTINO S.A.I.C.;
iii) BML INVERSORA S.A.U., ENERGRAIN S.A., ORAZUL ENERGY GENERATING S.A., ORAZUL ENERGY CERROS COLORADOS S.A., LIMABAZ S.A.U., BML GENERADORA S.A., MSU ENERGY GREEN S.A., and BML ENERGIA S.A.;
iv) ENEL ARGENTINA S.A. and ENEL GENERACIÓN EL CHOCÓN S.A.
iv. Piedra Del Águila Hidroeléctrica Argentina Sociedad Anónima:
i) EDISON INVERSIONES S.A.U., ENERGÉTICA DEL NORTE S.A.U., CONSORCIO DE EMPRESAS MENDOCINAS PARA POTRERILLOS S.A., and EDISON HOLDING S.A.;
ii) HIDROELÉCTRICA FUTALEUFÚ S.A., GENNEIA S.A., and ALUAR ALUMINIO ARGENTINO S.A.I.C.;
iii) CENTRAL PUERTO S.A.;
iv) PAMPA ENERGÍA S.A.; and
v) ENEL ARGENTINA S.A. and ENEL GENERACIÓN EL CHOCÓN S.A.
Furthermore, the bid submitted by IPS Renewal S.A. is rejected for all items of the tender, in accordance with the recommendation issued by the intervening ad hoc Evaluation Committee in its Pre-Qualification Opinion.
The opening of Envelope No. 2 took place on 28 November 2025 at 10:00 a.m. through the CONTRAT.AR System platform.
Finally, this measure shall enter into force as of its issuance.
You may access the complete regulation through the following link: https://www.boletinoficial.gob.ar/detalleAviso/primera/335047/20251127