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.
Rules for the Normalization of the Wholesale Electricity Market (WEM)
On October 21, 2025, the Secretary of Energy published the Resolution 400/2025, approving the “Rules for the Normalization of the Wholesale Electricity Market and its Progressive Adaptation” (the “Rules”).
This milestone represents the first comprehensive regulatory update for the electricity market in nearly 25 years, aiming to restore competitive operation, reactivate the Corporate PPA Market (“MAT”), liberalize fuel management for thermal generation, and enable electricity exchanges by private parties with neighboring countries. This regulatory framework is aligned with the purpose of Law 24,065, Decree 450/2025 (see our comments on this regulation here) based on the mandate contained in Article 162 of Law 27,742 “Foundations Law” (see our comments here), considering the Resolution 21/25 of the Secretary of Energy (see our comments here) and the guidelines released by Compañía Administradora del Mercado Mayorista Eléctrico S.A. (“CAMMESA”) on January 29, 2025 (see our comments here).
The Rules aim to ensure the operational continuity and growth of the electricity system, as well as to establish: (i) a price signal system for electricity demand and (ii) a compensation system for electricity supply based on marginal costs, to enable the contracting of energy and capacity in the MAT.
Below, we detail the most relevant aspects of the Rules:
1. Demand Segmentation and Assigned Generation
1.1. Demand Segmentation
The Rules separate demand into three main categories:
- Residential Demand: Receives first priority for Assigned Generation -as defined below- and is covered by regulated seasonal prices.
- Non-Residential Demand: Includes the demand not categorized as Large Users of Distributors (GUDI) or as Residential Demand and it receives second priority for Assigned Generation; if Assigned Generation is insufficient, distributors must procure its supply in the spot market or through MAT contracts.
1.2. Assigned Generation
Assigned Generation includes:
- Thermal and renewable plants under WEM contracts.
- National hydroelectric plants (excluding provincial hydro).
- Binational hydroelectric (Yacyretá, Salto Grande).
- Nuclear plants (NASA).
- Centralized imports managed by CAMMESA.
The compensation for Assigned Generation follows contract terms until expiry or its fixed in accordance with the rules that the Secretary of Energy issues. After expiration of concessions or contracts, generators may commercialize their energy in the spot market and MAT.
Distributors must cover at least 75% of their demand through MAT contracts in the medium and long term, reducing exposure to spot price volatility.
2. Fuel Management
2.1. Transition and Obligations
- Transition until 2029: Full self-management of fuels by generators becomes mandatory from January 2029.
- Natural has Management: During the transition, gas supply is prioritized under the Plan Gas (until 2028), with CAMMESA as last-resort generators. Generators may choose for self-managed gas or use CAMMESA’s agreements.
- Alternative Fuels: Generators are responsible for sourcing and costs, based on CAMMESA’s published reference prices.
2.2. Cost Recovery and Compliance
- Generators with self-management fuel may freely declare their Variable Cost Production (CVP) for each fuel, on a fortnightly basis.
- Generators without self-management of fuel (those relying on CAMMESA for fuel) cannot participate in the MAT and do not receive marginal rents. They will only receive a remuneration for capacity when required for dispatch, and a capacity availability payment when the equipment is available but not dispatched.
3. Marginal Cost and Spot Market
3.1. Marginal Hourly Cost (CMgh)
CMgh is calculated as a mix of the operated marginal cost (CMOh) and the cost of the next MW to be dispatched (CMph), gradually shifting to include more market signals by 2028 (80% operated, 20% next MW). The cost of unsupplied energy (CENS) is also considered and updated based on system restrictions.
3.2. Spot Generation Remuneration
- Thermal: Paid based on declared CVP plus an adapted marginal rent (RMA), with a transition factor (FRA) increasing from 0.15 to 0.35 by 2028. For new plants (commercial operation date as of 2025) the FRA shall be equivalent to 1 and RMA shall be full; and for existing plants (commercial operation date prior to 2025) the RMA shall have minimum values (equivalent to 2 for CVP < 60 and equivalent to 7 for CVP ≥ 60).
- Renewable: Existing plants (commercial operation date prior to 2025) shall receive a minimum RMA of USD 32/MWh; and new plants (commercial operation date as of 2025) shall have no minimum or maximum RMA and a FRA equivalent to 1.
- Hydro: Existing plants (commercial operation date prior to 2025) shall receive a minimum RMA of USD 22/MWh; and new plants (commercial operation date as of 2025) shall have no minimum or maximum RMA and a FRA equivalent to 1.
- Capacity Availability Payments: USD 12/MW with technology-specific multipliers.
Penalties for non-compliance with fuel declarations (Deliver or Pay, DOP) are set at 70% of the declared value for the volume not supplied, with exceptions for justified causes.
3.3. Spot Demand Pricing
Spot prices for energy and capacity are calculated by time bands (peak, off-peak, valley) and must at least cover the average system cost. A Factor of Marginal Adapted Spot (FSA) is introduced to gradually increase the weight of marginal cost signals in spot prices.
3.4. Seasonal Prices
Seasonal prices for residential and non-residential demand are calculated based on assigned generation costs and spot market costs for any shortfall. Large users (GUDI) are assigned with spot market costs and can contract directly or through distributors.
4. MAT
4.1. MAT Energy
A MAT Energy will be implemented to enable the contracting of variable WEM costs associated with the operation and maintenance of fuels and renewable energies through contracts for the supply of energy, both for distributors and large users. Existing thermal and hydro generation (commercial operation date prior to 2025) will be able to contract up to 20% of its production with large users, rest with distributors; as of 2030 they will be able to contract with any demand; new plants have no restrictions.
4.2. MAT Capacity
MAT Capacity allows contracting firm capacity, with coverage evaluated hourly. Hydro generation shall cover its contracts with 70% of the available hourly capacity; renewables cannot offer capacity contracts; nuclear generation can participate under specific conditions set by the Secretary of Energy; and storage facilities shall cover its contracts with the actual hourly storage capacity available when is equal to or greater than 4 hours.
4.3. Contract Terms and Functioning
Contracts are flexible, with priorities and allocation defined by the parties. Generators and demand must report contract coverage and priorities each season. Settlement formulas ensure that contracted energy and capacity on the MAT are properly deducted from spot market settlements.
5. Reliability Services and Market Opening
5.1. Reliability Reserve (Base and Additional)
- Base Reserve: USD 1,000/MW/month for existing thermal generation (prior to 2025). This charge shall be covered by all market demand. Excludes plants under active supply contracts, ENARSA, and certain cycle combined plants.
- Additional Reserve: USD 9,000/MW/month for new hydro/thermal/storage (as of 2025), for up to 10 years, subject to approval and system needs.
5.2. Market Opening
The Rules enable private energy imports/exports and assign local dispatch costs to the relevant district. These agreements shall be subject to the economic operation and minimum cost of the WEM.
6. Additional Provisions
- Currency Reference: All payments and contracts used the official wholesale USD exchange rate.
- Service and Transport Charges: Costs are allocated proportionally to monthly energy demand.
- Short-Term Reserve Services: The system will evaluate and adapt reserve services as needed for operational reliability.
- Jurisdictional Cost Assignment: Costs for local forced dispatch are assigned to the relevant district.
- Expansion and Planning: CAMMESA must evaluate and recommend new energy and capacity additions annually. The Secretary of Energy may organize tenders for medium-term supply, with payment guarantees for distributors under certain conditions.
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For further 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.
IEB Construcciones S.A. Makes Follow-on
Legal advisors in the offering of 10,000,000 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.
Issuance of Public Debt Securities ER 2025 Series II Additional by the Province of Entre Ríos for a total nominal value of ARS 42,959,939,856
Legal advisors to the transaction, assisting the Province of Entre Ríos (the “Province”) and Nuevo Banco de Entre Ríos S.A., in its capacity as organizer and lead placement agent in the issuance of the ER 2025 Series II Additional Public Debt Securities (the “Debt Securities”). The Debt Securities were issued on October 17, 2025, and are secured by resources from the Federal Tax Sharing Regime, assigned to a maximum allocation percentage of 25%. The Debt Securities Series II Additional were issued for a nominal value of ARS 42,959,939,856, at a variable interest rate equivalent to the TAMAR rate plus a 5.50% margin, maturing on January 17, 2027.
Inversora Juramento S.A.’s Series VI Notes for US$ 30,000,000
Legal counsel in the issuance of Inversora Juramento S.A.’s 9.00% Series VI Notes for US$ 30,000,000, due October 3, 2027. The Series VI Notes were issued on October 3, 2025 under the Global Notes Program for an amount of up to US$100,000,000.
Macro Securities S.A.U. acted as arranger, settlement agent and placement agent, and Banco Patagonia S.A., Banco Supervielle S.A., Banco de la Provincia de Buenos Aires, Invertironline S.A.U., Banco CMF S.A., Invertir en Bolsa S.A., Balanz Capital Valores S.A.U. and Banco de Galicia y Buenos Aires S.A. acted as placement agents.
Legal Advice on the Acquisition of Celulosa Argentina S.A.
We advised Esteban Antonio Nofal on the acquisition of Celulosa Argentina S.A. (“Celulosa”), one of Argentina’s leading producers of printing and writing paper, tissue paper, and eucalyptus pulp. Celulosa’s shares have been listed on the Buenos Aires Stock Exchange since 1937.
The transaction involved the acquisition of: (a) 100% of the capital stock and voting rights of Tapebicua LLC, the indirect controlling entity of 41% of Celulosa’s capital stock and voting rights; and (b) all of the direct shares in Celulosa held by the selling shareholders—Douglas Albrecht, Juan Collado, and Juan Manuel Urtubey—representing 4.48% of Celulosa’s capital stock and voting rights.
Closing of the transaction took place on September 19, 2025, the date on which Esteban Antonio Nofal became the indirect controlling shareholder of Celulosa. The acquisition took place just days after Celulosa filed for reorganization proceedings before the courts of San Lorenzo, Province of Santa Fe, as part of a process to restructure approximately US$128 million in outstanding debt.
Our Firm acted as legal counsel to the buyer, with a team led by partners Julian Razumny, Federico Salim, Marcelo Tavarone, and Francisco Molina Portela, along with associates Esteban Bujan, Martín Scapini, Agostina Jordan, Paula Cerizola, Consuelo Ortiz, and Juan Cruz Carenzo.
US$250,000,000 Loan Granted by International Finance Corporation (IFC) to the Province of Córdoba
Legal advisors to the Province of Córdoba in a US$250,000,000 cross-border loan granted by the International Finance Corporation (IFC). The loan is guaranteed by a security trust agreement funded with revenues arising from the Federal Tax Revenue-Sharing Regime (“Régimen de Coparticipación Federal de Impuestos”), under which the Province acts as trustor, Banco Comafi S.A. as trustee, and IFC as beneficiary.
J&F Group debuts in Argentina’s O&G Sector with Pluspetrol Acquisition
Legal Counsel to Flxs OGE S.A. (“Fluxus”), a member of the J&F Group, in the acquisition of two oil and gas concessions in the province of Neuquén from Pluspetrol S.A. The deal closed on August 29, 2025, after receiving approval from the province of Neuquén to transfer concessions “CNQ-12 Centenario – Blocks I and II” and unconventional block “CNQ-12 Centenario – Central Block.”
This transaction marks the formal entry of Fluxus’s activities in the Argentine oil and gas sector, strengthening its operations following recent acquisitions in Bolivia. The J&F Group is the largest business conglomerate in Brazil, parent company of giants such as JBS and Eldorado Brasil, with operations in more than 22 countries and over 290,000 employees worldwide.
Our Firm acted as legal advisor to Fluxus, through the team led by partner Juan Pablo Bove and associates Paula Cerizola, Milagros Piñeiro, Manuela Cané, Rocío Valdez, and Sofía Elhorriburu.