IEB Construcciones S.A. Executes its Second Follow-on
Legal advisors in the offering of 12,302,724 new Class B shares of IEB Construcciones S.A., under the Automatic Authorization Regime for Public Offering of Shares due to its Medium Impact of the Comisión Nacional de Valores.
Invertir en Bolsa S.A. acted as Organizer and Placement Agent, while Bull Market Brokers S.A. and Macro Securities S.A.U. acted as Placement Agents for the New Shares.
Public Tender for the Power Transmission System Expansions
On December 29th, 2025, the National Executive Branch published Decree No. 921/2025 (“Decree 921”), which provides that the expansion works of the power transmission system (the “Expansion Works”) characterized as a priority by Resolution No. 715/2025 of the Ministry of Economy (see our comments here), will be carried through the procedure of National and International Public Tender under the terms of the Public Works Concession Law No. 17,520.
This process is framed within the Resolution No. 311/2025 of the Secretary of Energy (see our comments here) and recently incorporated Article 31 bis of Law No. 24,065 (through the amendments made by Decree No. 450/25) which introduced within the power transmission system expansion modalities for the Argentine Interconnection System (“SADI”), the modality established by Law No. 17,520, as amended (see our comments here).
In that regard, Decree 921 designates the Ministry of Economy as Enforcement Authority of the concession agreements and empowers the Secretary of Energy to, among other faculties, approve tender specifications, launch the open call for bids and execute the awarded concession agreements.
Prior to the open call, the Secretary of Energy shall update the power regulation to include transmission expansions via public works concession and prepare the tender documents of the following Expansion Works: (i) AMBA I, (ii) 500 kV Río Diamante – Charlone – O’Higgins Line; and (iii) 500 kV Puerto Madryn – Choele Choel – Bahía Blanca Line.
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For additional information, please contact Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Macarena Becerra Martínez, Victoria Barrueco, or Manuel Crespi.
Public Tender for the Sale of Energía Argentina S.A.’s 50% stake in CITELEC S.A.
On December 23, 2025, the Argentine Ministry of Economy issued Resolution 2090/2025, launching a national and international multi-stage Public tender No. 504/2-0002-CPU25 (the “Tender”) for the sale of 50% of the share capital in Compañía Inversora en Transmisión Eléctrica CITELEC S.A. (“CITELEC”) held by Energía Argentina S.A. (“EA” and such shares, the “EA Shares”). The resolution also approved the terms and conditions (the “Terms”) and the model share purchase agreement (the “SPA”).
1. Background
Article 7 and Annex I of Law 27,742 declared EA subject to privatization. In this context, Decree 286/2025 authorized the full privatization of EA, to be implemented in stages through the separation of activities and assets by business unit, while ensuring the continuity of service and completion of ongoing works. The decree expressly authorized the sale of EA Shares (see our comments here).
Subsequently, Resolution 1050/2025 initiated the process and ordered the preparation of the tender documents and the call for a national and international multi-stage public tender for the sale of the EA Shares (see our comments here).
2. Key Terms of the Tender
2.1. Tender Schedule
- Deadline for submitting questions regarding the Terms: March 13, 2026, 4:00 p.m.
- Deadline for submitting bids: March 23, 2026, 9:30 a.m.
- Opening of Envelope 1: March 23, 2026, 10:00 a.m.
2.2. Scope of the Tender and minimum eligible price for offers
CITELEC’s share capital is currently equally held by EA and Pampa Energía S.A., each owning 277,756,431 shares, representing 50% of the company’s capital stock.
Under the Tender, EA will sell all of its shares in CITELEC, consisting of 38,771 class A shares, 236,054,194 class B shares, and 41,663,466 class C shares.
CITELEC is the controlling company of Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A. (“TRANSENER”), the sole concessionaire of Argentina’s high-voltage electricity transmission infrastructure, holding 52.65% of its share capital. CITELEC also indirectly controls Empresa de Transporte de Energía Eléctrica por Distribución Troncal de la Provincia de Buenos Aires S.A. (“TRANSBA”), the concessionaire responsible for the bulk electricity transmission network serving the Province of Buenos Aires.
Accordingly, the Tender implements the legal mandate to privatize certain state-controlled enterprises under Law 27,742 through the sale of shares in a company that co-controls strategic assets in the Argentine electricity sector.
The base price for EA’s Shares has been set at US$ 206,200,000, which is the minimum eligible price for any offer.
2.3. Eligibility Requirements
Bids may be submitted by domestic and by foreign entities.
If awarded, a foreign bidder must incorporate a local company in Argentina prior to executing the SPA.
If the bid is submitted by a consortium, all members must meet the legal and financial requirements and incorporate company in Argentina, in accordance with the ownership percentages indicated in the bid.
Entities disqualified from contracting with the Argentine National Public Administration, entities controlled by foreign sovereign states, parties engaged in corrupt practices, or other parties subject to the restrictions set forth in the Terms may not participate in the Tender.
2.4. Financial requirements
To be prequalified and advance to the second stage of the Tender, bidders must demonstrate, based on their most recent annual financial statements:
- Net worth equal to or greater than the base price; and
- Solvency ratio of at least 1.
Bidders must also submit financial statements for the last three fiscal years, or, if unavailable, an accounting certification, evidencing their financial position.
2.5. Tender Procedure
The tender will be conducted through the Contrat.Ar platform in a multi-stage process. Bids must be submitted in two envelopes:
- Envelope 1: containing the legal and financial documentation proving the bidder's legal and financial capacity required under the Terms.
- Envelope 2: containing the financial offer, which may not be lower than the base price. The bid must be expressed in U.S. dollars and will be payable in Argentine pesos, at the selling exchange rate reported by the Banco de la Nación Argentina on the business day prior to closing.
2.6. Bid Bond
Bidders must provide a bid bond equal to 10% of the base price, in favor and satisfaction of the Ministry of Economy, valid for 180 days from the date of submission, and automatically renewable for the same period.
The bid bond may be provided by bank deposit, an irrevocable and unconditional bank guarantee, or a standby letter of credit.
2.7. Awarding Criteria
The Tender will be awarded to the bidder that, after prequalifying in the evaluation of Envelope 1, offers a greater amount.
2.8. Conditions Precedent and Closing
Closing is subject to the prior fulfillment of customary conditions precedent, including:
- Obtaining authorization from the Ente Nacional Regulador de la Electricidad;
- The representations and warranties of each party shall be true, accurate and complete as of the closing date; and
- Compliance with the obligations set forth in the SPA.
2.9. Shame clause
Pursuant to the SPA, if the original purchaser resells the EA Shares within 24 months following closing, it must pay an amount equal to 50% of the positive difference between the original purchase price and the resale price.
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For further information, please contact Nicolás Eliaschev, Javier Constanzó, Federico Otero, Julián Razumny, Milagros Piñeiro, Macarena Becerra, or Marcos Quiroga Pizzorno.
Call for bids for the concession of the Paraná-Paraguay Waterway
In 2021, Decree 949/2020 empowered the Ministry of Transport to call for and award the tender for the public works concession for the modernization, expansion operation and maintenance of the signaling system and dredging and redredging tasks (the “Tender” and the “Concession”, respectively) of the waterway between kilometer 1238 of the Paraná River and the Natural Deep Water Zone in the outer Río de la Plata (the “Waterway”).
Subsequently, given the imminent expiration of the awarded concession contract, the General Port Administration S.E. took over the Concession for a 12-month period, which was extended until a new concessionaire was awarded. Provision 34/2024 of the Ports and Waterways Subsecretary called for a public tender for the selection of the new concessionaire, but it was cancelled after receiving only one bid.
In this context, after a public hearing and the submission of comments by the interested parties, Resolution 67/2025 (“Resolution 67”) of the Argentinean Ports and Waterways Agency (“ANP” for its Spanish acronym) called for a new Tender and approved its general terms and conditions and technical specifications (the “Tender Documents”).
The most relevant aspects of the call are detailed below:
1. Tender Schedule
- Deadline for submitting questions regarding the Tender Documents: January 28, 2026, at 11:59 p.m.
- Deadline for submitting bids: February 27, 2026, at 1:00 p.m.
- Opening of Envelope No. 1: February 27, 2026, 1:00 p.m.
2. General Conditions of the Tender
The Tender is a multi-stage tender, which requires bidders to submit their bids in three envelopes: the first for documentation proving compliance with the legal requirements, the second for the technical memorandum and a works plan, and the third for the financial bid, which must include the pricing sheet for Stages 0, 1 and 2.
3. Submission of Bids
Bids must be submitted exclusively through the Contrat.Ar platform, for which interested parties must be previously registered in the category “State Co-contractors,” subcategory “Concessionaire Law No. 17.520” in accordance with Provision 84/2024 of the National Contracting Office and Resolution 35/2024 of the Deputy Executive Chief of Staff.
4. Participation and Special Requirements
As a condition to participate, bidders must be legal entities, either domestic or foreign, with the power to enter into legal obligations in Argentina. These entities may participate individually or in associations, but cannot choose both options or participate in more than one.
Legal entities directly or indirectly controlled by sovereign states or state agencies, as well as temporary joint ventures, among others, are excluded from the Tender.
If awarded, bidders must establish a special purpose vehicle with an equal or greater term than the Concession’s maximum. In addition, it must prohibit any change in ownership that affects its control.
5. Economic Requirements
Bidders must prove compliance of the following financial requirements:
- Total net assets greater than US$ 300,000,000;
- Minimum turnover greater than US$ 450,000,000, in all respects;
- Solvency factor greater than 1.40;
- Liquidity factor greater than 0.9;
- Debt ratio less than 2.5; and
- An average annual turnover from dredging activities greater than US$ 300,000,000 and minimum profitability of US$ 30,000,000 for all activities.
6. Experience Requirements
Bidders must have experience in dredging works in ports and channels for the improvement and maintenance of navigation conditions, conducted with their own equipment, which must exceed a volume of 1,000,000 m3 of removed materials. These works must have been made in waterways that allow the navigation of vessels with a depth of more than 8 m.
Only records dating from after 2016 will be taken into account. In the case of associations, only the records of the member with a share of forty percent (40%) or more will be considered.
In particular, bidders are required:
- Total dredging volume of not less than 15,000,000 m3;
- Monthly dredging volume exceeding 500,000 m3, excluding backfilling or filling, with own equipment with a draft of less than 8.5 m;
- Experience in the implementation or maintenance of signaling systems;
- To have six suction dredgers built after 1994, with a maximum draft of 8.5 m and an installed onboard power of no less than 4,000 kW. In addition, the combined hopper capacity of four of the dredgers must not be less than 20,000 m3.
- Emissions rating and ISO 9001, 14001, and 45001 certifications.
Bidders must appoint a technical representative, who will represent the Concessionaire before the National Executive Branch and the ANP (the “Issuing Authority”) and receive service orders. This person must be a civil or port engineer and must demonstrate experience in positions related to the organization, management, inspection, and/or technical representation of dredging works in Argentina.
7. Technical Memorandum
Bidders must submit a technical report and a work plan indicating the tasks to be performed, the volumes to be removed, and the dredgers to be used in each sector and for each task.
The descriptive report of the tasks to be performed must include, among other information, the mobilization and demobilization plans, the delivery plan, minutes and transfer of the concession and equipment, stages, and expected deadlines.
The work plan and program must include the general proposal for dredging, signaling, technification, and spill response.
8. Financial Offer
The financial offer shall consist of the transport tariff for the segments between the Paraná and Río de la Plata rivers, for each of the Concession’s stages.
Furthermore, the bidder must submit:
- The financial plan for the concession, stating the expected income and expenses;
- A financing commitment for a minimum amount equivalent to 50% of the total investments foreseen for the works;
- Estimated price for the dredging service for port access.
9. Bid Bond
As a condition of validity of their bids, bidders must include a bid bond of US$ 20.000.000, for a period equal to the bid validity term, including any possible extensions.
10. Award
The contract will be awarded to the bidder who, after successfully passing envelope 1’s evaluation, obtains the highest scores out of a total of 200 points, taking into account both their technical (envelope 2) and financial (envelope 3) proposals.
11. Main Characteristics of the Contract
The concession contract consists of the modernization, expansion, operation, and maintenance of the signaling system, dredging and redredging tasks, and maintenance of the Waterway. It will have a term of 25 years, which may be extended for an additional period not exceeding 20% of the original term.
The concession is divided into the following three stages:
- Stage 0: it will last for one year from the date of takeover, during which maintenance and improvements to the signaling system must be carried out. In addition, the bidder must submit the necessary documentation for the execution of the dredging works in Stage 1.
- Stage 1: upon approval of the documentation, the concessionaire shall perform the works corresponding to Stage 1, consisting of: (i) widening of the Brown Channel and (ii) deepening and adaptation of the riverbed of the Paraná Bravo and Paraná Guazú rivers. During this stage, the concessionaire must submit the necessary documentation for the execution of the works in Stage 2.
- Stage 2: begins with the submission of the relevant documentation and extends throughout the execution of the Stage 2 dredging works until the end of the Concession.
12. Contractual Guarantees
12.1. Contract Performance Guarantee
A guarantee of US$ 40,000,000 must be provided in favor of the Issuing Authority to secure the contract.
12.2. Special Guarantee
The concessionaire must also provide a guarantee in the amount of US$ 35.000.000 to secure the obligation to settle the outstanding debt with current creditors of the Waterway.
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For more information or inquiries on this matter, please contact Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Macarena Becerra Martínez, or Manuel Crespi.
Normalization of the Wholesale Electricity Market: Additional Provisions on Fuel Management
On December 10, 2025, the Secretary of Energy (the “SE”) published Resolution 501/2025 (“Resolution 501”) which complements Section 3.1 of the “Rules for the Normalization of the Wholesale Electricity Market and its Progressive Adaptation” (the “Rules” and the “WEM”), approved by Resolution SE 400/25 (see our comments on this regulation here), related to the decentralized and competitive fuel management scheme applicable to thermal power generation.
In this regard, Resolution 501 is framed within the transitional period established by Decree 450/2025 (see our comments on said regulation here) and the provisions of the Rules concerning fuel management, setting complementary rules for Plan Gas withdrawals, defining assignment of contracts, dispatch and remuneration of gas, and ensuring decentralization of fuel management in the WEM under clear cost and operational conditions.
Resolution 501 introduces complementary guidelines to the scheme for the withdrawal of volumes under Plan Gas, as detailed below:
- Contract assignment: Producers withdrawing gas may request to Compañía Administradora del Mercado Mayorista Eléctrico S.A (“CAMMESA”) to assign their contractual position to a generator.
- Dispatch using withdrawn gas: Generators that use gas that has been withdrawn from Plan Gas are considered self-managed and are dispatched within the WEM based on declared variable cost of production (“CVP”).
- CVP of generators with WEM contracts: Thermal generators contracting with CAMMESA to secure volumes within Plan Gas may declare a CVP, which shall be limited by capped and floored values (maximum value based on reference prices, and minimum set at seventy-five percent (75%) of those reference prices).
- Dispatch: Gas volumes allocated under Plan Gas shall be dispatched following the same conditions applicable to other centrally administered Plan Gas contracts and may be complemented by volumes from contracts with CAMMESA if needed.
- Remuneration: Payment is proportional to self-consumed volumes; recognition applies if CAMMESA bears costs for unused gas.
- Dispatch Priority: The use of gas volumes under Plan Gas does not grant dispatch priority.
- Irrevocability of Withdrawn Gas: The withdrawal option is irrevocable unless the Rules are amended to the contrary.
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For additional information, please contact Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Milagros Piñeiro, Macarena Becerra, María Paz Albar Díaz, Rocío Valdez, Victoria Barrueco, Sol Villegas Leiva, or Manuel Crespi.
Province of Cordoba’s Class 5 and Class 6 Notes Issuance for AR$ 185,313,339,352 (approximately US$ 128,815,055)
Legal counsel to the Province of Córdoba, as issuer, and Banco de la Provincia de Córdoba S.A., as arranger and placement agent, in the issuance of Province of Córdoba’s class 5 notes (the “Class 5 Notes”) and class 6 notes (the “Class 6 Notes”, and together with the Class 5 Notes, the “Notes”), under the Province of Cordoba’s Treasury Notes Issuance Program for up to US$485,000,000. The payments due under the Notes are secured by a collateral assignment over rights of the Province of Córdoba arising from the Federal Tax Regime (Régimen de Coparticipación Federal).
The Class 5 Notes were issued in an aggregate principal amount of AR$74,873,578,027 (equivalent to approximately US$52,046,864), bearing a floating interest rate equal to the TAMAR rate plus a 5.50% margin. The Class 5 Notes mature on December 5, 2027, and are repaid in two (2) installments of 25% and 75%, due on June 5, 2027, and December 5, 2027, respectively.
The Class 6 Notes were issued in an aggregate principal amount of AR$110,439,761,325 (equivalent to approximately US$76,769,982). Principal under the Class 6 Notes is adjusted by the Reference Stabilization Index (Coeficiente de Estabilización de Referencia) and bears interest at a rate of 9.75% per annum. The Class 6 Notes mature on December 5, 2027, and are repaid in two (2) installments of 25% and 75%, due on June 5, 2027, and December 5, 2027, respectively.
The proceeds of the Notes will be applied by the Province of Córdoba to the financing of the execution of infrastructure projects included in its 2025–2026 investment plan.
Adjustments of Remunerations, Prices and Subsidies of the Energy Market
On November 27th and 28th, 2025, the Secretary of Energy (the “SE”) published Resolutions 483/2025, 484/2025, 487/2025 and 488/2025 (“Resolution 483”, “Resolution 484”, “Resolution 487” and “Resolution 488”).
These measures are framed within the process of adapting the energy regulatory framework, initiated by Foundations Law 27,742, Decree 450/2025, and Resolution 400/2025 of the SE, which approved the “Rules for the Normalization of the Wholesale Electricity Market and its Progressive Adaptation” (the “WEM” and the “Rules”) (see our comments here, here and here).
In this regard, Resolutions 483, 484, 487 and 488 aim to adjust remunerations, prices, and subsidies, in order to allow electricity and natural gas prices to gradually reflect the real costs of production and maintain the economic sustainability of the energy sector.
The main aspects of each resolution are described below:
1. Resolution 483: Adjustments of remunerations for electricity generation in the spot market
For purposes of adapting the remuneration of electricity generators in the spot market to the guidelines set forth in the Rules, and gradually normalizing real production costs with generator remunerations, Resolution 483 establishes:
- Updates on the values to be applied in the determination of the remuneration of thermal generation in the Wholesale Electricity Market of Tierra del Fuego System.
- Updates on the remuneration scheme for those generators that do not have their availability of capacity and generated energy committed under contracts in the WEM, nor are authorized to participate in the spot market according to the Rules. These generators are thermal generation and hydroelectric generation plants.
- The maintenance of remuneration for the Alicurá, El Chocón-Arroyito, Cerros Colorados, and Piedra del Águila hydroelectric plants, in accordance with Resolution 331/2025 of the SE, until their privatization is completed or a specific regulation is published.
- The formula to calculate the amount that CAMMESA must deduct from the settlement of credits applied to generators fully authorized for the execution of major and/or extraordinary maintenance, until the total cancellation of financing for such maintenance is achieved.
- Application of a spot price value for the valuation of royalties and short-term reserve services in the WEM at fourteen thousand ninety-nine pesos per megawatt-hour (14,099 $/MWh), effective as of November 1, 2025.
2. Resolution 484: Call for public consultation regarding energy subsidies
Within the framework provided by Foundations Law, Decree 465/2024 and Decree 70/2023 (see our comments here), –which, among other matters, ordered the redetermination of the subsidy regime for end users–, Resolution 484 ordered a public consultation regarding the new energy subsidies project for all users of electricity services, piped natural gas, piped liquefied gas, and liquefied petroleum gas, until December 22nd, 2025.
3. Resolution 487: Determination of the price of natural gas
In accordance with the national energy sector emergency declared by Decree 55/2023 and extended until July 9th, 2026 and to enable that tariffs of the energy sector reflect the real costs of production, Resolution 487 established the price of natural gas to be paid by end users, effective as December 2025 in line with tariffs schemes to be published by ENARGAS.
4. Resolution 488: Adjustment of energy prices, capacity, and the public service of high-tension electricity transmission system
As provided by the Rules regarding the scheme of seasonal prices –and aiming to improve cost allocation among agents and provide economic predictability to strengthen the sustainability of the electricity market–, Resolution 488 updates the Reference Prices for Capacity, the Stabilized Price of Energy, and the Stabilized Price of Ancillary Services in the WEM and in the Wholesale Electricity Market of Tierra del Fuego System –as applicable.
Furthermore, Resolution 488 also establishes the values corresponding to each distribution agent of the WEM for the public service of high-tension electricity transmission and distribution, from December 1, 2025, to April 30, 2026.
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For additional information, please contact Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Milagros Piñeiro, Macarena Becerra, María Paz Albar Díaz, Rocío Valdez, Victoria Barrueco, Sol Villegas Leiva, or Manuel Crespi.
Call for bids for the concession of the South, Atlantic, South Access, and Pampa sections of the Federal Concession Network – Stage II
The company Corredores Viales S.A. was declared subject to privatization under Article 7th of Law 27.742 on Foundations and Starting Points for the Freedom of Argentineans. The privatization procedure was authorized by Decree 97/2025.
Within this framework, Resolution 29/2025 of the Ministry of Economy called for a multi-stage national and international public tender N° 504-0007-LPU25, corresponding to Stage I, comprising the eastern sections and connection (the “Stage I Tender.” See our comments here).
On November 20, 2025, the Ministry of Economy published Resolution 1843/2025, authorizing the call for the National and International Multi-stage Public Tender 504-0013-LPU25 for the concession of the Southern, Atlantic, Southern Access, and Pampa sections of the “Federal Concession Network - Stage II” (the “Stage II Tender”). The call for tenders includes the approval of the general and specific terms and conditions, technical specifications, and the concession contract model (the “Tender Documents”).
The most relevant aspects of the call are detailed below:
1. Stage II Tender Schedule
- Deadline for submitting questions regarding the Tender Documents: January 21, 2026, at 1:00 p.m.
- Deadline for submitting bids: February 6, 2026, at 12:00 p.m.
- Opening of Envelope No. 1: February 6, 2026, 1:00 p.m.
2. General Conditions of the Stage II Tender
The Stage II Tender is a multi-stage tender, so bidders will submit their bids in two envelopes: the first containing the documentation proving compliance with the legal requirements, while the second will contain the financial bid.
In turn, Stage II of the tender is divided into two lines:
- Line 1: South, Atlantic, and South Access sections; and
- Line 2: Pampa section.
3. Submission of bids
Bids must be submitted exclusively through the Contrat. Ar platform, for which interested parties must be previously registered in the category “State Co-contractors,” subcategory “Concessionaire Law No. 17.520” in accordance with Provisions 84/2024 and 29/2025 of the National Contracting Office (the “ONC”).
4. Participation and special requirements
As a condition for participation, bidders must meet the requirements set forth in Provisions 84/2024 and 29/2025 of the ONC.
If the bidder is composed of two or more persons, all of them shall be jointly and severally liable until the concession contract is signed.
Bidders must designate a member who must hold a minimum 30% stake in the bidder's voting capital, which must, in turn, be a majority of the voting rights (the “Principal Member of the Bidder”).
If awarded the contract, the bidder must form a corporation whose corporate purpose shall be limited to the performance of the concession contract and whose term shall be three years longer than the maximum term of the contract. In addition, the Principal Member of the Bidder must maintain the same shareholding in said corporation as in the bidder.
5. Financial offer
The financial offer shall consist of the amount in pesos (excluding VAT) requested as a toll rate for category 1 with the TelePase system (vehicles with up to 2 axles and up to 2.30 m in height and without dual wheels) for each section, with the option of choosing one of the following modalities:
- Toll lower than the maximum rate, for a concession term of 20 years;
- Toll equal to the maximum rate, for a concession term of between 20 and 30 years.
The maximum rate for line 1 is $3,305.79 for the South and Atlantic sub-sections, and $1,652.89 for the South Access sub-section.
The maximum rate for line 2 (Pampa section) is $3,388.43.
The financial bid must also include the internal rate of return expected by the bidder if awarded the contract, which may not exceed 15%. The IRR will be used as a parameter for restoring financial equilibrium and in cases of early termination of the concession contract.
In addition, bidders may consider a discount in their financial bids if they are awarded both items.
6. Bid bond
As a condition of validity of their bids, bidders must include a bid bond enforceable on first demand, valid for 120 calendar days from the opening of the envelopes corresponding to the first stage, for the following amounts:
- Item 1: $8,700,000,000;
- Item 2: $1,360,000
For the purposes of establishing the guarantees listed above, the following means shall be accepted: (i) bank deposit; (ii) bank guarantee; (iii) standby letter of credit; (vi) surety insurance; (v) bank deposit in Acquisition Value Units (“UVA”).
7. Purpose of the concession
The purpose of the concession contract is:
- The execution of works on the concessioned section;
- The preparation of executive projects for works to be executed in the federal concession network;
- The administration and operation of the concessioned sections through tolls; and
- The execution of complementary operations.
8. Concession Revenue
The concessionaire shall receive revenue from: (i) tolls to be paid by users; (ii) the operation of service areas, complementary services, and remaining properties; and (iii) any other revenue related to the concession.
9. Main characteristics of the contract
The concession contract is entered into between the National Government (Ministry of Economy through the Secretariat of Transportation) and the corporation formed by the successful bidder. The enforcement authority is the National Highway Administration.
- Concession term: between 20 and 30 years, with the possibility of a two-year extension at the option of the grantor.
- Economic and financial balance: In the event of a breach of the economic and financial balance, the parties shall initiate a renegotiation process with the aim of adopting the necessary measures to restore said balance. The measures to restore the balance may include modification of the term or the tariff, deferral of investments, or direct financial compensation through National Treasury funds.
- Dispute resolution mechanism: (i) amicable negotiations; (ii) technical panel; and (iii) federal administrative courts based in the Autonomous City of Buenos Aires.
10. Contractual guarantees
10.1. Works guarantee
For line 1, the guarantee is $56,200,000,000, while for line 2, it is $11,700,000,000. Its value will be adjusted according to the rate update formula provided for in the Bidding Documents and must remain in effect until the completion of the works.
10.2. Contract performance guarantee
For line 1, the guarantee is $29,500,000,000, while for line 2, it is $8,000,000,000. The guarantee must remain in force until all obligations arising from the contract have been fulfilled, and the amount may be updated in accordance with the formula provided for in the Bidding Documents.
10.3. Form of constitution
The following will be accepted as means of constituting the guarantees: (i) bank deposit; (ii) bank guarantee; (iii) standby letter of credit; (vi) surety insurance; (v) bank deposit in UVA.
11. Rights of the concessionaire's creditors
In order to facilitate the obtaining of financing, the concessionaire may, with the prior authorization of the grantor, grant the following rights and guarantees in favor of financing entities:
- Pledge, assignment, or fiduciary assignment of up to 70% of the rights arising from the concession contract; or
- Pledge, assignment, or fiduciary assignment of its shares and/or economic and political rights.
In turn, the concessionaire's creditors may remedy the concessionaire's breaches to avoid termination of the concession agreement.
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For more information or inquiries on this matter, please contact Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Macarena Becerra Martínez, and/or Sol Villegas Leiva.
Initial Appointment of the ANC
Today, the Decree 810/2025 (the “Decree”) was published in the Official Gazette, through which the initial appointment of the members of the National Competition Authority (the “ANC”) was carried out.
In what marks a milestone for competition law in the Argentine Republic, the Decree appoints on a provisional basis the first five members who will serve in the ANC: (i) Eduardo Montamat as President, (ii) Lucas Trevisani Vespa as Legal Member, (iii) Marcelo D’Amore as Economic Member, (iv) Ana Julia Parente as Secretary for Anticompetitive Conduct Investigations, and (v) Germán Augusto Zamorano as Secretary for Economic Concentrations. Additionally, Montamat, Trevisani Vespa, and D’Amore will form the ANC’s Competition Defense Tribunal.
It should be highlighted that, although these appointments were made on a provisional basis and are -therefore- subject to ratification by the Argentine Senate, they represent a fundamental change in the control of economic concentrations in the Argentine Republic: one year after the Decree, economic concentrations with effects in Argentina must be notified to and approved by the ANC before its consummation.
Beyond granting the agency with greater independence, and transforming it into a decentralized and self-governing entity, the implementation of the ANC will contribute to raising the standards of practice and the competition law enforcement in Argentina.
For further information, please contact competencia@tavarone.com.
Municipality of Cordoba’s Series II Bonds 2025 Issuance for AR$ 70,000,000,000
Legal counsel to the Municipality of Cordoba, as issuer, Banco de la Provincia de Córdoba S.A., as arranger and placement, and Banco de la Provincia de Córdoba S.A., Banco Hipotecario S.A., Banco de Galicia y Buenos Aires S.A., Balanz Capital Valores S.A.U., Banco Santander Argentina S.A., Banco de Servicios y Transacciones S.A.U., Puente Hnos. S.A., SBS Trading S.A., Facimex Valores S.A., Banco Patagonia S.A., Banco Comafi S.A., Global Valores S.A., Bull Market S.A., One618 Financial Services S.A.U., Macro Securities S.A.U., and Becerra Bursátil S.A. as placement agents, in the issuance of Municipality of Cordoba’s Series II Secured Bonds 2025 (the “Series II Bonds 2025”), under the Municipality of Cordoba’s Bonds Issuance Program. The payments due under the Series II Bonds 2025 are secured by certain rights of the Municipality to collect certain contribution charges over the commercial, industrial and services activity. The Series II Bonds 2025 were issued on November 13, 2025, for AR$ 70,000,000,000 at an annual floating interest rate equivalent to Private TAMAR plus 5.50% per annum, due on February 13, 2027.