Extrazone Import Duties applicable to Hybrid Vehicles
Decree No. 1128/2026 (hereinafter, “Decree 1128”), published on the Official Gazette on 30/09/2026 and in force as from 10/01/2026, replaces Article 1 to Decree 49/2025 and Annex thereto by adding new NCM tariff codes into the list of hybrid vehicles with a FOB of up to USD 16,000 covered by a 0% Extra-Zone Import Duty (“DIE”, as per its acronym in Spanish) and increasing the maximum FOB of vehicles classified in NCM tariff codes previously levied with a 0% DIE.
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Para consultas sobre el alcance de este fallo, por favor contactar a Gastón Miani o a Andrea Callegari.
New Large Demand Regime: Incorporation of Above Trend Demands related to Data Centers and Industrial Production Processes
On September 25th, 2026, the Secretary of Energy published Resolution No. 264/2026 (the “Resolution 264”) replacing Section 13 of Resolution No. 400/2025 (please, find our comments here) and approving its regulations, thereby introducing a special regime for new Major Large Users (“GUMA”, for its acronym in Spanish) considered Above-Trend Demands (hereinafter, respectively, “GUMA XDEM” and the “XDEM Regime”) seeking to connect to the Argentine Interconnection System (the “SADI”, for its Spanish Acronym).
The XDEM Regime targets new large-scale demands equal or over 0.5% of the Wholesale Electricity Market (“WEM”) average demand, focusing on:
- Demands intended, in whole or in part, for intensive computational processing infrastructure such as data centers, or artificial intelligence training or inference facilities (“GUMA XDEM – Data”); and
- Demands intended, in whole or in part, for productive activities such as industry, mining, liquefied natural gas, hydrogen, or other productive activities with intensive electricity consumption (“GUMA XDEM – Production”).
To access the WEM, GUMA XDEM must submit, together with their application, a Supply Plan with a five (5) year horizon, ensuring: (i) covering at least eighty percent (80%) of their demand with new electricity production; and (ii) physical backing of new firm capacity equivalent to at least one hundred percent (100%) of projected peak demand for GUMA XDEM (Production) and one hundred fifteen percent (115%) for GUMA XDEM (Data). GUMA XDEM shall provide information regarding power purchase agreements and capacity agreements executed under the Corporate PPA Market and, on a monthly basis, demonstrate compliance with the Supply Plan.
Furthermore, Resolution 264 introduces charges in cases of unfulfillment of the energy and capacity consumption obligations. Additionally, in these cases, the XDEM's unbacked energy will not benefit from a supply guarantee, and any capacity coverage shortfall will result in operating restrictions being applied to the XDEM before affecting the remaining MEM demand.
Applications for incorporation into the WEM or for access to transmission capacity related to XDEM that are pending as of the effective date of Resolution 264 must be adjusted to the XDEM Regime within sixty (60) days following such date. This adjustment applies to all applicants, regardless of whether they qualify as WEM agents or not.
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For further 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.
New Regime for the Termination and Amendment of Power Purchase Agreements executed with CAMMESA
On September 25, 2026, the Secretary of Energy of the Ministry of Economy published Resolution No. 257/2026 (the “Resolution 257”) which established a new voluntary regime for the termination and amendments of the Power Purchase Agreements from renewable sources (“PPA”) entered into with Compañía Administradora del Mercado Mayorista Eléctrico S.A. (“CAMMESA”) under the RenovAr Program (Rounds 1, 1.5, 2 and 3), Resolution No. 202/2016 of the former Ministry of Energy and Mining (“Resolution 202”), and RenMDI, as follows:
1. Termination of the PPAs
Subject to compliance of certain requirements and payment of 14% of the total amount of the Performance Bond, Resolution 257 allows companies owning projects awarded under any round of the RenovAr Program, or incorporated into the regime under Resolution 202, whether or not they have reached the Commercial Operation Date (“COD”), to request the termination of the PPA.
2. Amendment of the PPAs
Resolution 257 sets forth several complementary (non-exclusive) scenarios under which companies owning projects with PPAs entered into under Rounds 1, 1.5 and 2, or under Resolution 202, may request to amend the PPA, as applicable:
- Setting aside the committed energy obligations as of June 1, 2026, in exchange for accepting a two (2) year reduction of the Supply Period.
- Allowing the company to cover supply deficiencies during a recovery period equivalent to the following four (4) production years.
- In case of penalties for major and/or minor supply deficiencies, allowing the company to amend the PPA by accepting a reduction of the Supply Period proportional to the committed energy not supplied.
3. Extension of the Commercial Operation Date committed under RenMDI call
Projects awarded under the RenMDI call (items 1 and 2) will have the option to request an additional 365 calendar-day period on top of the Maximum Extension of the Commercial Operation Date already provided by the Bidding Terms, in exchange of a quarterly payment of US$7,000 per MW of contracted capacity and accepting a two (2) calendar-day reduction of the Supply Period for each additional day of extension actually used until COD is reached.
In all cases, the company shall waive any administrative, judicial, extrajudicial or arbitration claim against the National Government, the Secretary of Energy and/or CAMMESA arising from causes prior to the amendment or termination.
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For further 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.
The Antitrust Tribunal regulates the entry into force of the suspensory merger control regime
On September 18, 2026, the Antitrust Tribunal (the “AT”) issued Disposition No. 29/2026 (the “Disposition”) establishing, as a general rule, that the merger control regime applicable to a given transaction will be determined by the date on which the transaction is notified with the National Competition Authority (“NCA”).
The Antitrust Law No. 27,442 (the “Antitrust Law”) establishes, in Section 9, a suspensory (ex ante) merger control regime, pursuant to which transactions subject to notification must be authorized by the NCA prior to their closing. However, Article 84 of the Antitrust Law establishes a transitional regime under which the suspensory (ex ante) regime will enter into force one year after the ANC becomes operational, which occurred on November 17, 2025. Accordingly, the suspensory (ex ante) regime provided for in Article 9 of the Antitrust Law will enter into force on November 17, 2026.
In this context, the Disposition establishes that transactions notified before November 17, 2026, will be subject to the non-suspensory transitional regime—that is, the current ex post regime—provided for in Article 84 of the Antitrust Law, even if they close after that date. The same criterion applies in reverse: transactions for which an agreement was entered into before November 17, 2026, but which are notified after that date, will be subject to the suspensory regime—that is, the ex ante regime—provided for in Article 9 of the Antitrust Law.
To fall within the transitional regime, the Disposition requires that any notification made before November 17, 2026, be supported by a legally binding agreement between the notifying parties, executed by representatives with sufficient authority, from which the parties’ obligation to implement the transaction on the notified terms arises.
Non-binding preliminary instruments—such as letters of intent, memoranda of understanding, or term sheets— as well as any other non-binding offers that do not legally bind the parties to implement the transaction, regardless of their designation, do not satisfy this requirement. It is, however, permissible for closing to be subject to conditions precedent, including regulatory approvals in Argentina or abroad, or the occurrence of events beyond the parties’ discretionary control.
Finally, the Disposition clarified that the application of the non-suspensory (ex post) regime does not constitute a determination regarding the transaction’s effects on competition, nor does it restrict the investigative powers conferred by Section 14 of the Antitrust Law on the Secretary of Economic Concentrations and the AT itself.
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For further information, please refer to Julian Razumny or Ignacio Mora.
Legal Advice in the Issuance by Banco de la Provincia de Buenos Aires of Series VII Bonds for ARS 60,797,817,351 and Series VIII Bonds for US$ 33,593,271
Counsel to Banco de la Provincia de Buenos Aires, Banco de Galicia y Buenos Aires S.A., Banco BBVA Argentina S.A., Balanz Capital Valores S.A.U., Macro Securities S.A.U., Banco Comafi S.A., Banco Patagonia S.A., Puente Hnos S.A., Invertironline S.A.U., SBS Trading S.A., Provincia Bursátil S.A. and Cocos Capital S.A., as placement agents, in connection with the issuance by Banco de la Provincia de Buenos Aires of ARS 60,797,817,351 series VII bonds, denominated and payable in pesos at a variable annual interest rate equivalent to the TAMAR Rate plus a margin of 4.25%, maturing on September 16, 2027 (the "Series VII Bonds"), and US$ 33,593,271 series VIII bonds, denominated and payable in cash in U.S. dollars in Argentina at a fixed interest rate of 5.75%, maturing on September 16, 2028 (the "Series VIII Bonds" and, together with the Series VII Bonds, the "Bonds"). The Bonds were issued on September 16, 2026 under the Global Program for the Issuance of Short-, Medium- and Long-Term Debt Securities for a maximum aggregate outstanding principal amount of US$ 1,500,000,000 (or its equivalent in other currencies and/or units of value or measurement).
Municipality of the City of Córdoba’s Series LIII Treasury Notes Issuance for a total nominal amount of AR$50,000,000,000
Legal counsel to the Municipality of the City of Córdoba (the “Municipality”), as issuer of the Municipality’s Series LIII Treasury Notes (the “Treasury Notes”) for a total nominal amount of AR$50,000,000,000 (fifty billion Argentine pesos), at an annual floating interest rate equal to the Tamar for Private Banks rate plus a margin of 6.90%.
The Treasury Notes were issued under the Municipality’s 2026 Treasury Notes Issuance Programme on September 10, 2026, due on September 3, 2027, and are secured by the Municipality's collection of the tax levied on Commercial, Industrial and Service Activities, corresponding to the Large Taxpayers category.
Legal Advice in the Issuance by Crown Point Energía S.A. of Class X and Class XI Notes for an Aggregate Amount of US$55,039,755
Counsel to Banco de Servicios y Transacciones S.A.U., ST Securities S.A.U., Banco de Galicia y Buenos Aires S.A.U., Macro Securities S.A.U., Nuevo Chaco Bursátil S.A., Invertironline S.A.U., SBS Trading S.A., PP Inversiones S.A., and Zofingen Securities S.A., as placement agents, in connection with the issuance of Crown Point Energía S.A. USD 8,264,901 Class X notes, secured, denominated, subscribed, paid-in and payable in U.S. dollars, at an 8.50% fixed annual nominal interest rate, and USD 46,774,854 Class XI notes, denominated in U.S. dollars, paid-in in Argentine pesos and/or in kind through the delivery of Class VII notes, and payable in Argentine pesos, at a 9.50% fixed annual nominal interest rate (together, the "Notes"). The Notes were issued on September 3, 2026 under the Global Program for the Issuance of Simple Notes for a maximum aggregate outstanding principal amount of USD 300,000,000 (or its equivalent in other currencies and/or units of value or measurement). The Class X Notes are due on September 3, 2029 and the Class XI Notes are due on March 3, 2029.
Legal Advice on the Transfer of Banco Industrial S.A.'s Retail Banking Business to Banco Patagonia S.A.
Legal Counsel to Banco Industrial S.A. on the partial transfer of its retail banking business to Banco Patagonia S.A. The transaction includes branches and certain related assets and liabilities.
Banco Industrial S.A. is an Argentine commercial bank that provides corporate, retail and investment banking services to companies and individuals in Argentina.
Banco Patagonia S.A. is one of Argentina's leading commercial banks, with a strong nationwide presence in retail and corporate banking.
The closing of the transaction is subject to certain precedent conditions and obtaining applicable regulatory approvals.
Advance Procurement Tender Process for “AMBA I” Transmission Expansion Works
On September 1, 2026, the Secretary of Energy published Resolution No. 218/2026 (the “Resolution 218”), instructing CAMMESA (Argentina’s ISO) to launch the advance procurement process for seven (7) single-phase transformers (the “Transformers”), their spare parts, and supervision services for installation and commissioning, for the “AMBA I” high-voltage transmission expansion works (the “Work”).
Resolution 218 is framed within the bidding process initiated by Resolution No. 202/2026 of the Secretary of Energy, which launched the National and International Multi-Stage Public Tender No. 34-0003-LPU26 for the construction, operation and maintenance of the Work under the “Expansions through Public Works Concessions” regulatory framework (the “Tender”) (see our comments here).
In this context, the Specific Bidding Terms and the Public Works Concession Agreement template provide that CAMMESA may acquire equipment in advance to be used by the selected bidder (the “Concessionaire”) in the construction of the Work.
In that regard, Resolution 218 notes that CAMMESA identified Transformers as critical to the Work’s schedule due to long international-market lead times and the resulting risk of delays to commercial operation, proposing their advance procurement.
On this basis, among other measures, Resolution 218 instructs CAMMESA to:
- launch, within thirty (30) days of publication of Resolution 218, i.e. September 30th, a national and international public tender for the procurement of the Transformers, their spare parts and supervision of installation and commissioning;
- enter into contracts with the successful bidders, acting as agent for the National Government; and
- once the Tender has been awarded and the Concession Agreement executed assign to the Concessionaire, at no cost, the relevant equipment supply contracts and CAMMESA’s contractual position thereunder.
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Energy, Infrastructure and Natural Resources Team
First Issuance of Notes by Empresa Provincial de Energía de Córdoba S.A.U. under its Program
Legal counsel to Empresa Provincial de Energía de Córdoba S.A.U. (EPEC) in the issuance of its Class I Notes, in an aggregate principal amount of USD 21,316,695 denominated and payable in U.S. dollars in Argentina, to be paid in cash in U.S. dollars in Argentina, bearing interest at a fixed rate of 5.00% nominal annual, maturing on February 2028, and its Class II Notes, in an aggregate principal amount of UVA 13,458,500 denominated and payable in Argentinean Pesos, bearing interest at a fixed rate of 6.75% nominal annual, maturing on August 2028, representing the Company’s first issuance in the capital markets.
Banco de la Provincia de Córdoba S.A. acted as arranger and placement agent, while Banco Santander Argentina S.A., Banco de Galicia y Buenos Aires S.A., Macro Securities S.A.U., Puente Hnos. S.A., Banco de Servicios y Transacciones S.A.U., Balanz Capital Valores S.A.U., Invertironline S.A.U., S&C Inversiones S.A., Facimex Valores S.A., PP Inversiones S.A., One618 Financial Services S.A.U., and Global Valores S.A. acted as placement angents.