On August 12th, 2026, the Secretary of Energy (the “Tender Authority”) published Resolution No. 202/2026 (“Resolution 202”), launching National and International Multi-Stage Public Tender No. 34-0003-LPU26 (the “Tender”) for the execution of “AMBA I” high-voltage transmission expansion work (the “Work”) under the “Expansions through Public Works Concessions (Law No. 17,520)” regulatory framework. The Work had previously been declared a priority expansion by Resolution No. 715/2025 of the Ministry of Economy, ratified by Decree No. 921/2025 (see our comments here, here and here).
Resolution 202 also approves the General Bidding Terms, the Specific Bidding Terms, the Technical Specifications, the Public Works Concession Agreement template (the “Concession Agreement”) and their annexes (“Tender Documents”). It also creates the Bid Evaluation Committee and provides that the Tender will be conducted through the CONTRAT.AR platform.
Resolution 202 is a milestone for the Argentine Interconnection System (“SADI“, for its acronym in Spanish) and for the Argentine electricity market as a whole, launching the process to carry out the transmission works considered essential to significantly improve the conditions for supplying demand in Greater Buenos Aires, as well as the security and reliability of the area and of the SADI in general, while promoting private investment in the electricity sector under conditions of legal robustness strongly oriented towards bankability.
The main terms of the Tender Documents are summarized below:
1. Main Tender Terms
(i) Scope and Schedule
The Tender covers the construction, operation and maintenance of the Works, divided into two (2) concurrent stages. Bids are due on December 8, 2026, at 11:00 a.m., with opening at 12:00 p.m.; questions to the Tender Documents may be submitted until November 8, 2026.
(ii) Eligibility
Bidders must meet the legal, technical and financial requirements and submit a US$40 million bid guarantee valid for at least one hundred and eighty (180) days.
(iii) Economic offer and RIGI
Bidders must submit an economic offer, which comprises: (i) the total remuneration sought for the entire remuneration period (the “Total Remuneration”); (ii) the investment reference value; (iii) economic and financial indicators to be provided by the Tender Authority.
The selected bidder may apply to adhere to the Large Investments Incentive Regime (“RIGI”, for its acronym in Spanish). If rejected or withdrawn, it may still execute the Concession Agreement on the same terms, or decline, allowing the next-ranked bidder to be called. Bidders must consider the impact of RIGI on the economic offer.
(iv) IDB Guarantee
The Tender Authority also informs that the Inter-American Development Bank (“IDB”) is considering a potential guarantee for the Concession Agreement, covering up to six (6) months of remuneration for up to twenty-five (25) years, subject to its internal approvals (see the IDB report, here).
2. Main Terms of the Concession Agreement
The Concession Agreement must be entered into by the Ministry of Economy, represented by the Secretary of Energy, and the selected bidder (the “Concessionaire”). The Concession Agreement comprises two (2) periods: (i) Construction; and (ii) Operation and Maintenance. The Concessionaire will receive a monthly remuneration based on the Total Remuneration for the construction activities, to be paid through a rate charged to the beneficiary users (the “Concession Rate”). Following commercial operation, the Concessionaire will act as an Independent Transmission Carrier under the Technical License and Connection Agreement with the transmission carriers TRANSENER and TRANSBA to operate and maintain the Work, receiving a rate regulated by the regulatory body (the “ITC Rate”).
The main terms of the Concession Agreement are summarized below:
- Works Structure: The Works comprise two (2) stages that may be executed in parallel, which, in turn, are composed of lots. Completing each lot triggers Total Remuneration for the relevant stage, while delays may reduce the remuneration period and the Total Remuneration.
- Total Remuneration: CAMMESA (Argentina’s ISO) will pay the Concessionaire for up to seven (7) years for each stage, with transmission-service payment priority. Total Remuneration will be adjusted based on the U.S. PPI.
- Financial Contribution: The Concessionaire may receive up to US$55 million from the Wholesale Electricity Market Stabilization Fund through CAMMESA, subject to contractual milestones and a guarantee.
- Equipment: CAMMESA may provide equipment and related services to the Concessionaire for the Works.
- Guarantees: The Concessionaire must post (i) an execution guarantee equal to 10% of the Total Remuneration, which may be reduced by 65% upon completion of Stage 1, and (ii) an O&M guarantee equal to 2.5% of the Total Remuneration upon expiry of the execution guarantee.
- Financial Equilibrium: Adverse changes entitle the Concessionaire to renegotiation to restore the Concession Agreement’s financial equilibrium, including remuneration adjustments, term extensions or changes to the Works.
- Dispute Resolution: Unresolved disputes may be referred to a Technical Panel and, subsequently, to an international arbitration under the ICC Rules.
- Secured Creditors: Certain actions require the secured creditors’ prior consent. Upon termination due to the Concessionaire’s default, they may exercise step-in rights and appoint a qualified successor meeting the same legal, technical and financial requirements as the Concessionaire.
***
For additional information, please contact Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Milagros Piñeiro, Macarena Becerra Martínez, María Paz Albar Díaz, Victoria Barrueco, Manuel Crespi, Sol Villegas Leiva, Nair Ivanoff Ravnensky, María Emilia Río, Fermín Bartos, and/or Felicitas Orb.