Call for Bids for Energy Storage Services “AlmaSADI”
On March 2nd, 2026, the Secretary of Energy published Resolution 50/2026 (“Resolution 50” ), initiating the national and international open tender for “Abastecimiento de Energía Eléctrica por Centrales de Almacenamiento para reserva y confiabilidad en el MEM (AlmaSADI)” (the “Call for Bids”).
This Call for Bids is intended to procure energy storage services through the execution of power storage agreements to increase operating reserves in the short term in the Wholesale Electricity Market (“WEM”), with CAMMESA (for the Spanish acronym of Compañía Administradora del Mercado Mayorista Eléctrico S.A.) as the off-taker.
The procurement targets the following regions: BAS, Central Region, La Pampa, Litoral, NEA, NOA, and Cuyo. The intended aggregate storage capacity is 700 MW, with the objective of improving system reliability and ensuring short and long-term adequacy of supply for the WEM in an efficient manner.
In this regard, this tender follows the “AlmaGBA” call for bids, under which storage generation facilities for the Greater Buenos Aires area were awarded for a total of 713 MW (see our comments here).
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For additional information, please contact Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Milagros Piñeiro, Macarena Becerra Martínez, María Paz Albar Díaz, Victoria Barrueco, Rocío Valdez, Sol Villegas Leiva, Nair Ivanoff Ravnensky, Manuel Crespi, or Fermín Bartos.
Luz de Tres Picos S.A. US$ 49.624.241 Series 5 Notes Offering
Counsel to Balanz Capital Valores S.A.U., Banco de Galicia y Buenos Aires S.A., Banco Santander Argentina S.A., Option Securities S.A., Allaria S.A., PP Inversiones S.A., Facimex Valores S.A., BACS Banco de Crédito y Securitización S.A., Banco Patagonia S.A., Industrial and Comercial Bank of China (Argentina) S.A.U., Industrial Valores S.A. y Banco Hipotecario S.A., in the issuance by Luz de Tres Picos S.A. of its 8.00% fixed annual nominal rate, Series 5 Notes for US$ 49.624.241 denominated, integrated and payables in U.S. Dollars in Argentina, maturing on February 26, 2029, under its US$ 300,000,000 Global Notes Program.
Balanz Capital Valores S.A.U., Banco de Galicia y Buenos Aires S.A., Banco Santander Argentina S.A., Option Securities S.A., Allaria S.A., PP Inversiones S.A., Facimex Valores S.A., BACS Banco de Crédito y Securitización S.A., Banco Patagonia S.A., Industrial and Comercial Bank of China (Argentina) S.A.U., Industrial Valores S.A. and Banco Hipotecario S.A., acted as placement agents of the Series 5 Notes. Banco de Galicia y Buenos Aires S.A. also acted as settlement agent for the Series 5 Notes.
Luz de Tres Picos S.A., is an Argentine electric power generation company from renewable resources, operating in a responsible and efficient manner and actively contributing to the country’s development. The company will use the net proceeds from the Series 5 Notes issuance for the refinancing of liabilities.
Amendments to the Regulatory Framework of the Large Investments Incentive Regime (RIGI)
On February 19, 2026, the Government of Argentina published Decree No. 105/2026 (“Decree 105”), which amends the regulatory framework of the Large Investments Incentive Regime (“RIGI”) set forth in Decree No. 749/2024 (“Decree 749”) (please see our previous comments on these regulations here, here and here).
The key takeaways of Decree 105 are summarized below:
1. Extension of the opt-in period to RIGI
Decree 105 extends, on a one-time basis, the deadline to adhere to the RIGI until July 8, 2027.
2. Changes in technology and oil & gas
2.1. Technology sector
The list of activities is expanded, defining the sector as activities whose primary purpose is the innovative production of technological goods and services, including biotechnology and nanotechnology; mobility based on new propulsion technologies, fully electric and/or hybrid, and energy-transition technologies; aerospace and satellite; nuclear; software; robotics; artificial intelligence; and armaments and defense.
2.2. Oil and gas sector
Decree 105 broadens the scope of the oil and gas sector by incorporating the development and production of new onshore liquid and gaseous hydrocarbon projects. Additionally, Decree 105 amends the oil and gas minimum investment thresholds, setting US$ 200,000,000 for offshore exploration and production, while establishing US$ 600,000,000 for new onshore developments.
3. Expansions
New provisions are established for the technology sector and any expansions in connection thereof. Pursuant to Decree 105, an expansion for a pre-existing project shall be those by which:
- The new product incorporates technological or functional innovation, differing by at least 50% of its components by economical value;
- the Project’s minimum investment amount is at least US$ 250,000,000; and
- the new product has a market useful life of ten (10) years or less, as evidenced by a Useful Life Cycle Technical Report issued by a competent, independent professional.
4. RIGI suppliers and imports
Decree 105 redefines the scope of goods that RIGI‑enrolled suppliers may import to supply RIGI Projects, expressly including those used to manufacture or produce another finished good required for infrastructure works.
Decree 105 also adds a three-year trade balance and foreign exchange cash flow to the filing requirements for suppliers seeking to register as a RIGI supplier with imported goods. If the filing shows a net foreign exchange demand in the official market, the Enforcement Authority must involve the Central Bank of the Argentine Republic (“BCRA”) to assess potential distortions based on the project’s consolidated foreign exchange flow.
5. Tax and Financial Changes
5.1. Accelerated Depreciation for Investments
Decree 105 keeps the optional structure and the 1.6 coefficient set by Decree 749, but broadens eligibility to certain infrastructure works and processing and treatment plants (including integrated capital goods), subject to professional technical certification of the depreciation method. It also extends the treatment to investments for modifications/expansions of approved projects, and requires the Enforcement Authority to notify ARCA once authorized.
5.2. Dividends and profit distributions
Under Decree 749, the RIGI special rate applied to dividends and profits distributed by the SPV once seven (7) years had elapsed from enrollment, regardless of when the underlying profits were generated, with SPV-sourced amounts deemed distributed first, including for non-computable amounts upon onward distribution to individuals or undivided estates.
Decree 105 keeps the provisions of Decree 749 but introduces several clarifications:
- Confirms a seven percent (7%) rate, unless a more favorable general income tax rate applies;
- Expands the scope to any dividend, dividend-equivalent profit or remittance linked to the Project;
- For non-computable amounts, the rate applies only upon onward distribution to individuals or undivided estates, whether resident or foreign, up to the amount previously distributed by the SPV; and
- It also regulates remittances through the Sole Purpose Branch, requiring withholding only on the portion of profits attributable to the SPV.
5.3. Tax and customs exemptions
Decree 105 maintains the exemption for qualifying capital goods and IT/telecom goods of Decree 749, but tightens the exception: importing non-listed goods now requires the SPV to submit an independent engineer’s certification evidencing that the goods are technically essential and operationally available.
6. Foreign exchange market
For purposes of the foreign exchange market entry requirement under Section 100 (c) of Decree 749, Decree 105 clarifies that, in addition to foreign currency brought in from abroad and sold in the foreign exchange market directly by the SPV, it also includes funds from non-resident contributions and external financial indebtedness, including securities issuances, brought in and sold by members or parties to temporary joint ventures or other associative arrangements acting as a RIGI-enrolled SPV, as well as by the SPV’s shareholders and partners, and the company holding a Sole Purpose Branch, provided are destined to the single-project and comply with the BCRA regulations.
7. Procedural changes
7.1. Suppliers Registry
Decree 105 allows the voluntarily withdrawal from the RIGI Suppliers Registry, provided that the supplier submits a certification confirming that, at such time, it is in full compliance with the obligations arising from completed operations and that no final breaches or sanctions are outstanding.
7.2. Project Evaluation Committee
Registry requests filed by suppliers involving imported goods will be referred to the Secretary of Industry and Commerce, which will act as the competent authority for its review and decision.
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For additional information, please contact Nicolás Eliaschev, Javier Constanzó, Leonel Zanotto, Matías Castrillón, Victoria Barrueco, or Fermín Bartos.
MSU Energy S.A.’s US$ 59,743,617 Series XIII Notes Offering
Counsel to Banco de Galicia y Buenos Aires S.A., Banco Santander Argentina S.A., Puente Hnos. S.A., Global Valores S.A., Banco de la Provincia de Buenos Aires, Balanz Capital Valores S.A.U., Banco Hipotecario S.A., BACS Banco de Crédito y Securitización S.A., One618 Financial Services S.A.U., Banco de Valores S.A., Industrial and Commercial Bank of China (Argentina) S.A.U., Invertironline S.A.U., Banco Supervielle S.A., PP Inversiones S.A., Banco BBVA Argentina S.A., Industrial Valores S.A., Adcap Securities Argentina S.A., and Banco de Servicios y Transacciones S.A.U. in the issuance by MSU Energy S.A. of its 7.50% fixed annual nominal rate, Series XIII Notes for US$ 59,743,617 denominated, integrated and payables in U.S. Dollars in Argentina, maturing on October 30, 2027, under its US$ 900,000,000 Global Notes Program.
The net proceeds from the Series XIII Notes issuance will be used for the refinancing of liabilities, through the prepayment of principal installments under MSU Energy S.A.’s local syndicated loan, in accordance with Central Bank of Argentina Communication “A” 8390.
Banco de Galicia y Buenos Aires S.A., Banco Santander Argentina S.A., Puente Hnos. S.A., Global Valores S.A., Banco de la Provincia de Buenos Aires, Balanz Capital Valores S.A.U., Banco Hipotecario S.A., BACS Banco de Crédito y Securitización S.A., One618 Financial Services S.A.U., Banco de Valores S.A., Industrial and Commercial Bank of China (Argentina) S.A.U., Invertironline S.A.U., Banco Supervielle S.A., PP Inversiones S.A., Banco BBVA Argentina S.A., Industrial Valores S.A., Adcap Securities Argentina S.A. and Banco de Servicios y Transacciones S.A.U. acted as arrangers and placement agents of the Series XIII Notes. Banco de Galicia y Buenos Aires S.A. also acted as settlement agent for the Series XIII Notes.
“San Cristóbal Caja Mutual I” Financial Trust for AR$ 3,545,479,639
Deal counsel in the issuance and placement in Argentina of trust securities for AR$ 3,545,479,639 issued under the “San Cristóbal Caja Mutual I” Financial Trust, in which San Cristóbal Caja Mutual entre Asociados de San Cristobal Sociedad Mutual de Seguros Generales acted as trustor, TMF Trust Company (Argentina) S.A. acted as trustee, Banco Macro S.A. acted as arranger, First Corporate Finance Advisors S.A. acted as financial advisor and Macro Securities S.A.U. and San Cristobal Servicios Financieros S.A. acted as placement agents.
Province of Córdoba’s Debt Issue for US$ 800,000,000
Legal counsel to Province of Córdoba, as the Issuer, and Banco de la Provincia de Córdoba S.A., as financial agent, in the issuance of US$ 800 million worth of sovereign debt in an offering that settled on February 3, 2026. The Notes bear a 8.600% annual coupon and mature on February 3, 2035. The Province of Córdoba used a portion of the notes sale – US$33.937 million – to repurchase US$ 33,533,562 aggregate principal amount of its U.S Dollar Step-Up Notes due 2027.
J.P. Morgan Securities LLC and Santander US Capital Markets LLC acted as global coordinators and joint book-running managers, Balanz Capital UK LLP and Puente Hnos. acted as international selling agents, Banco de la Provincia de Córdoba S.A. acted as Argentine manager and placement agent, and Banco Santander Argentina S.A., Banco de Galicia y Buenos Aires S.A., Puente Hnos S.A., S&C Inversiones S.A., Macro Securities S.A.U., Becerra Bursátil S.A., Balanz Capital Valores S.A.U. y Facimex Valores S.A. acted as Argentine placement agents. Under the indenture, Deutsche Bank Trust Company Americas acted as trustee, registrar, principal paying agent and transfer agent.
Province of Chaco ’s Serie Bonds Issuance for AR$65,050,000,000 (approximately US$ 45,132,239)
Legal counsel to Puente Hnos. S.A. and Nuevo Chaco Bursátil S.A., as co-arrangers and co-placement agents, and Banco de la Nacion Argentina, Global Valores S.A., Banco de Servicios y Transacciones S.A.U., GMC Valores S.A. and Schweber Securities S.A. as sub-placement agents, in the issuance of Province of Chaco’s Serie II Bonds (the “Serie II Bonds”), under the Province of Chaco’s Treasury Bonds Issuance Program for up to US$ 90,000,000. The payments due under the Serie II Bonds are secured by a collateral assignment over rights of the Province of Chaco arising from the Federal Tax Regime (Regimen de Coparticipación Federal). The Serie II Bonds were issued in an aggregate principal amount of AR$65,050,000,000, equivalents to approximately US$ 45,132,239 Principal under the Serie II Bonds is adjusted by the Wholesale Interest Rate (TAMAR) applied to fixed-term deposits denominated in Argentine pesos plus a 7.00% interest rate. The Serie II Bonds are due on January 30, 2027, and will be repaid in full on such date. The proceeds of the Serie II Bonds will be used exclusively to repay the debt service obligations maturing in February and March 2026, corresponding to loans obtained in 2019 and 2021 from the Financial Fund for the Development of the Rio de la Plata (FONPLATA) and the international bond issued in 2016 and restructured in 2021. Any remaining balance will be allocated to cover subsequent maturities.
Legal Advice in the Issuance of Loma Negra Compañía Industrial Argentina S.A.´s Series 6 Notes for US$ 60,000,000
Counsel to Banco de Galicia y Buenos Aires S.A., Balanz Capital Valores S.A.U., Banco Santander Argentina S.A., Industrial and Commercial Bank of China (Argentina) S.A.U., Option Securities S.A., Allaria S.A., Macro Securities S.A.U., Cocos Capital S.A., Invertir en Bolsa S.A., Invertironline S.A.U., Banco Supervielle S.A. and Global Valores S.A. as placement agents, in the issuance of Loma Negra Compañía Industrial S.A.’s Series 6 Notes for U$S 60,000,000 denominated and payable in U$S in Argentina, at an 6.5% annual interest rate, due January 23, 2029. The Series 6 Notes were issued under the company´s global notes program for an amount of up to U$S 500,000,000.
Banco de Galicia y Buenos Aires S.A., Balanz Capital Valores S.A.U., Banco Santander Argentina S.A., Industrial and Commercial Bank of China (Argentina) S.A.U., Option Securities S.A., Allaria S.A., Macro Securities S.A.U., Cocos Capital S.A., Invertir en Bolsa S.A., Invertironline S.A.U., Banco Supervielle S.A. and Global Valores S.A. acted as placement agents of the Series 6 Notes. Banco de Galicia y Buenos Aires S.A. also acted as settlement agent for the Series 6 Notes.
Update on the Mobile Unit Value
On January 16th, 2026 the Official Gazette published Resolution No. 6/2026 issued by the Antitrust Tribunal, which updated the value of the mobile unit for year 2026 to AR$ 1,450.05. This value will remain in effect until the value corresponding to year 2027 is published.
As a result, economic concentration transactions in which the combine turnover in Argentina of both the acquiring group and the target companies exceeds the amount of AR$ 145,005,000,000.00 (approximately US$ 97,976,351.35, considering the exchange rate as of December 30, 2025) must be notified within seven (7) calendar days following the closing of the transaction. As from November 17, 2026, such transactions will be subject to mandatory pre-closing notification.
Certain transactions will remain exempt from the notification requirement. In particular, no filing will be required where both the purchase price and the value of the local assets being acquired or transferred each do not exceed the amount of AR$ 29,001,000,000.00 (approximately US$ 19,728,571.43 at today’s exchange rate), provided that the acquiring group has not engaged in other economic concentrations in the same relevant market during the preceding year, where the aggregate amount of such transactions exceeded the aforementioned threshold, or in the last 3 years, where the aggregate amount exceeded AR$ 87,003,000,000.00 (approximately US$ 59,185,714.29 at today’s exchange rate).
Failure to comply with the notification deadlines may result in fines of up to AR$ 1,087,537,500.00 (approximately US$ 739,821.43 at today’s exchange rate) per day of delay, if other calculation methods are not applicable.
In addition, fines for anticompetitive conduct may reach up to AR$ 290,010,000,000.00 (approximately US$ 197,285,714.29 at today’s exchange rate), if other calculation methods are not applicable.
For further information, please do not hesitate to contact competencia@tavarone.com.
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.