Public tender for “AMBA I” transmission expansion work as a Public Works Concession
On August 12th, 2026, the Secretary of Energy (the “Tender Authority”) published Resolution No. 202/2026 (“Resolution 202”), launching National and International Multi-Stage Public Tender No. 34-0003-LPU26 (the “Tender”) for the execution of “AMBA I” high-voltage transmission expansion work (the “Work”) under the “Expansions through Public Works Concessions (Law No. 17,520)” regulatory framework. The Work had previously been declared a priority expansion by Resolution No. 715/2025 of the Ministry of Economy, ratified by Decree No. 921/2025 (see our comments here, here and here).
Resolution 202 also approves the General Bidding Terms, the Specific Bidding Terms, the Technical Specifications, the Public Works Concession Agreement template (the “Concession Agreement”) and their annexes (“Tender Documents”). It also creates the Bid Evaluation Committee and provides that the Tender will be conducted through the CONTRAT.AR platform.
Resolution 202 is a milestone for the Argentine Interconnection System ("SADI", for its acronym in Spanish) and for the Argentine electricity market as a whole, launching the process to carry out the transmission works considered essential to significantly improve the conditions for supplying demand in Greater Buenos Aires, as well as the security and reliability of the area and of the SADI in general, while promoting private investment in the electricity sector under conditions of legal robustness strongly oriented towards bankability.
The main terms of the Tender Documents are summarized below:
1. Main Tender Terms
(i) Scope and Schedule
The Tender covers the construction, operation and maintenance of the Works, divided into two (2) concurrent stages. Bids are due on December 8, 2026, at 11:00 a.m., with opening at 12:00 p.m.; questions to the Tender Documents may be submitted until November 8, 2026.
(ii) Eligibility
Bidders must meet the legal, technical and financial requirements and submit a US$40 million bid guarantee valid for at least one hundred and eighty (180) days.
(iii) Economic offer and RIGI
Bidders must submit an economic offer, which comprises: (i) the total remuneration sought for the entire remuneration period (the “Total Remuneration”); (ii) the investment reference value; (iii) economic and financial indicators to be provided by the Tender Authority.
The selected bidder may apply to adhere to the Large Investments Incentive Regime (“RIGI”, for its acronym in Spanish). If rejected or withdrawn, it may still execute the Concession Agreement on the same terms, or decline, allowing the next-ranked bidder to be called. Bidders must consider the impact of RIGI on the economic offer.
(iv) IDB Guarantee
The Tender Authority also informs that the Inter-American Development Bank (“IDB”) is considering a potential guarantee for the Concession Agreement, covering up to six (6) months of remuneration for up to twenty-five (25) years, subject to its internal approvals (see the IDB report, here).
2. Main Terms of the Concession Agreement
The Concession Agreement must be entered into by the Ministry of Economy, represented by the Secretary of Energy, and the selected bidder (the “Concessionaire”). The Concession Agreement comprises two (2) periods: (i) Construction; and (ii) Operation and Maintenance. The Concessionaire will receive a monthly remuneration based on the Total Remuneration for the construction activities, to be paid through a rate charged to the beneficiary users (the “Concession Rate”). Following commercial operation, the Concessionaire will act as an Independent Transmission Carrier under the Technical License and Connection Agreement with the transmission carriers TRANSENER and TRANSBA to operate and maintain the Work, receiving a rate regulated by the regulatory body (the “ITC Rate”).
The main terms of the Concession Agreement are summarized below:
- Works Structure: The Works comprise two (2) stages that may be executed in parallel, which, in turn, are composed of lots. Completing each lot triggers Total Remuneration for the relevant stage, while delays may reduce the remuneration period and the Total Remuneration.
- Total Remuneration: CAMMESA (Argentina’s ISO) will pay the Concessionaire for up to seven (7) years for each stage, with transmission-service payment priority. Total Remuneration will be adjusted based on the U.S. PPI.
- Financial Contribution: The Concessionaire may receive up to US$55 million from the Wholesale Electricity Market Stabilization Fund through CAMMESA, subject to contractual milestones and a guarantee.
- Equipment: CAMMESA may provide equipment and related services to the Concessionaire for the Works.
- Guarantees: The Concessionaire must post (i) an execution guarantee equal to 10% of the Total Remuneration, which may be reduced by 65% upon completion of Stage 1, and (ii) an O&M guarantee equal to 2.5% of the Total Remuneration upon expiry of the execution guarantee.
- Financial Equilibrium: Adverse changes entitle the Concessionaire to renegotiation to restore the Concession Agreement’s financial equilibrium, including remuneration adjustments, term extensions or changes to the Works.
- Dispute Resolution: Unresolved disputes may be referred to a Technical Panel and, subsequently, to an international arbitration under the ICC Rules.
- Secured Creditors: Certain actions require the secured creditors’ prior consent. Upon termination due to the Concessionaire’s default, they may exercise step-in rights and appoint a qualified successor meeting the same legal, technical and financial requirements as the Concessionaire.
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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, Manuel Crespi, Sol Villegas Leiva, Nair Ivanoff Ravnensky, María Emilia Río, Fermín Bartos, and/or Felicitas Orb.
María de los Ángeles Olano joins our Firm as Partner in the Tax Practice
We are pleased to announce the appointment of María de los Ángeles Olano as Partner in our Tax practice. The appointment strengthens our Firm's tax offering with one of Argentina's most highly regarded tax lawyers, recognised for advising domestic and international clients on sophisticated tax matters, transactions and disputes.
Olano brings over 20 years of experience in tax law, focusing on domestic and international tax advisory work for local and multinational companies, as well as tax controversy and litigation. Throughout her career, she has advised clients on sophisticated transactions, including mergers and acquisitions, share transfers, domestic and international tax planning, digital economy matters, initial public offerings (IPOs), trusts, tax-free reorganisations, investment structuring, project finance, estate planning, tax due diligence and debt restructurings, among other strategic matters.
Since 2018, Ángeles has been consistently recognised by leading international legal directories, including Chambers Latin America, The Legal 500, Leaders League and Lexology Index, where she is ranked among Argentina's leading tax practitioners.
Prior to joining Tavarone Rovelli Salim Miani, Ángeles spent more than 18 years in Beccar Varela's Tax Department, where she advised local and multinational clients on domestic and international tax matters. She also led complex tax controversies before administrative authorities and the courts, while developing strategic solutions for complex tax matters. Earlier in her career, she was a member of the tax teams at Cárdenas, Di Ció, Romero, Tarsitano & Lucero and Bomchil.
Commenting on the appointment, Gastón Miani, Partner and Head of the Tax and Corporate Criminal Law practices, said:
“Ángeles is an outstanding addition to our Tax practice. Her extensive experience advising both domestic and multinational companies, together with her exceptional track record in complex tax controversy matters before both administrative authorities and the courts, further enhances our ability to help clients navigate an increasingly sophisticated and demanding tax environment.”
Olano graduated with honours from the University of Buenos Aires School of Law, where she also completed a postgraduate programme in Tax Law. She further completed the Intensive Programme on International Taxation in Latin America at Universidad Torcuato Di Tella.
She is also actively involved in academia and professional organisations. Since 2024, she has served as Secretary of the Board of Directors of the Argentine Association of Fiscal Studies (AAEF) and as Secretary of the Argentine Branch of the International Fiscal Association (IFA). She has spoken at international conferences organised by leading organisations including the American Bar Association (ABA), the International Bar Association (IBA) and the International Fiscal Association (IFA). She also served as National Reporter at the IFA Peru 2022 Congress on the implementation of BEPS Action 4 in Latin America and is the author of numerous publications on tax law.
Marcelo Tavarone, Managing Partner and Head of the Banking & Capital Markets practice, added:
“Welcoming a lawyer of Ángeles' high profile reflects our commitment to building first-class teams across all our strategic practice areas. Her appointment further strengthens the comprehensive service we provide to clients and reflects our long-term commitment to the Firm’s continuing growth. It also reinforces our determination to keep expanding to create new opportunities for both our clients and our people. Once again, when we say that we are ready to stay in line with this new time of opportunities in Argentina, we really mean business.”
Ángeles commented:
“I am delighted to join Tavarone Rovelli Salim Miani, a Firm with a distinctive professional identity and an outstanding team. This new opportunity allows me to continue developing my tax practice alongside professionals with whom I share common values and a long-term vision of client service.”
Olano's appointment as Partner reinforces our commitment to excellence and to the continued growth of our Firms's strategic practice areas, further consolidating our Tax practice as a leading adviser to domestic and international clients.
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Media Contacts:
Paula Cafferata, paula.cafferata@tavarone,com
Sofía Quesada, sofia.quesada@tavarone.com
Export duty reduction
Decree No. 566/2026 (hereinafter, “Decree 566”), published on the Official Gazette on 07/01/2026:
- Sets export duties at 0% for the tariff classification numbers listed in Annex I thereto (industrial products and petroleum‑derived goods from the chemical, petrochemical, plastics, mineral, non‑ferrous metals, automotive, fertilizers, rubber and rubber manufactures, steel, metallurgical industries, scrap, and electrical waste sectors).
- Establishes in its Annex II a 12-month schedule for the monthly progressive reduction of exports duties applicable to goods classified under the tariff classification numbers listed therein (goods from the chemical, plastics, fertilizers, and automotive sectors which were previously subject to 4.5% and 3% export duties.), setting exports duties at 0% as of June 1, 2027.
- Establishes in its Annex III a 12-month schedule for the monthly progressive reduction of exports duties applicable to for the goods classified under NCM 2707.30.00, 2707.99.90, 2710.12.10, 2710.12.30, 2710.12.90, and 2710.19.19 (certain petroleum‑derived fuels), in cases where the international price of crude oil is equal to or higher than the Reference Value established in Article 7 of Decree 488/2020 setting those exports duties at 0% as of June 1, 2027.
Decree 566 will enter into force today, July 2, 2026, except for the reduction of export duties for goods listed in Annex I thereto, which entered into force on July 1, 2026.
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For further information, please contact Gastón Miani or Andrea Callegari.
Amendment to Import Regime for Used Production Lines
Decree No. 483/2026 (hereinafter, “Decree 483”), published on the Official Gazette on 06/23/2026 and in force as from 06/24/2026 which amends the Import Regime for Used Production Lines established by Decree 1174/2016 (herein after, the “Regime”), in order to promote greater competitiveness and employment, expanding its scope, and setting new requirements, deadlines, and procedures. In particular, Decree 483:
- reduces the minimum investment requirement in new domestic goods from 30% to 10% of the FOB value of imported used goods;
- keeps the age limit on goods to be imported (no more than 20 years) but extends it to 30 years for those that have undergone reconstruction and/or updating processes to extend their useful life cycle;
- reduces the timeframe for project implementation to one year, allowing for an extension for justified reasons;
- expand the object to include plants dedicated to energy generation;
- includes used goods intended for the treatment and/or disposal of air, soil, and/or water pollutants that are integrated into plants producing tangible goods or energy, whether new or already existing, located within the premises of the beneficiary company, as well as goods intended to form and install an automated smart storage system (smart warehouse);
- allows importing goods under the Regime with proof that the application is in process
- introduces changes regarding compliance control and penalties;
- keeps the benefit of a 75% reduction in import duties applicable to the goods imported under the Regime, clarifying that newly imported goods will be taxed at the current standard rate;
- keeps the provision that exempts used goods imported under the Regime from the rules of Resolution 909/1994 of the former Ministry of Economy, which regulates the import of used capital goods; and
- instructs the Collection and Customs Control Agency (“ARCA”, as per its acronym in Spanish) to issue the necessary regulatory measures for implementation within 30 days.
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For further information, please contact Gastón Miani or Andrea Callegari.
Export Duty Reduction Applicable to Grains and Subproducts
Decree No. 423/2026 (hereinafter, “Decree 423”), published on the Official Gazette on 06/03/2026 and in force as from 6/04/2026, reduces export duties applicable to grains and subproducts as follows:
- Wheat, barley, malt (grains/seeds and by-products): reduction of up to 2 percentage points from the effective date of Decree 423 (Annex I).
- Soy, corn, sunflower, and sorghum (grains/seeds and by-products): gradual reduction between January 2027 and December 2028 according to the schedule provided there, applicable according to the shipping date declared in the Sworn Statement of Export Sale (“DJVE”) (Annex II)
- Soy and its derivatives: the schedule contemplates a decrease of 0.25 percentage points per month starting in January 2027 and 0.5 percentage points per month starting in January 2028, applicable according to the shipping date declared in the DJVE (Annex II).
- Biodiesel made from alternative oils, such as safflower, rapeseed, carinata, and camelina: reduction to 0% (Annex III)
- Biodiesel not included in the previous point: reduction schedule of 0.25% monthly starting in January 2027 and 0.50% monthly starting in 2027.
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For further information, please contact Gastón Miani or Andrea Callegari.
AySA Tender and Privatization Process
Within the framework of the privatization of Argentine Water and Sanitation Corporation S.A. (“AySA”), pursuant to Law No. 27,742 (the “Foundations Law”) and Decree No. 494/2025, the Ministry of Economy published Resolution No. 704/2026, authorizing the call for national and international public tender offers for the acquisition of ninety percent (90%) of AySA’s shares held by the National Government (the “Tender”), and approved the Bidding Terms and Conditions (the “Tender Documents”).
The remaining ten percent (10%) of the share capital is owned by the company’s employees participating in the Participated Ownership Program (Programa de Propiedad Participada) governed by Law No. 23,696.
Moreover, on April 27, 2026, the Ministry approved, through Resolution No. 543/2026, the form of concession agreement to be entered into between the National Government and AySA (the “Concession Agreement”).
The main aspects of the Tender and the Concession Agreement are as follows:
1. Purpose of the Tender
The Tender seeks to transfer 90% of AySA’s share capital held by the National Government and to appoint a new operator under a long-term concession scheme.
2. Preliminary Tender Schedule
The Tender’s preliminary schedule provides that bids must be submitted by August 27, 2026, at 10:00 a.m., and that inquiries may be submitted until August 12, 2026, at 10:00 a.m.
3. General Terms of the Tender
The Tender is a national and international multi-stage process, requiring bidders to submit their bids in two envelopes. The first envelope will contain documentation proving compliance with legal, financial, and technical requirements, while the second envelope will contain the economic offer.
The offer shall consist of a bid submitted by individuals or legal entities, whether individually or jointly, duly registered in the Contrat.Ar system, and shall include a bid maintenance guarantee in the amount of USD 25,000,000. The successful bidder must incorporate a local corporation, acting as Strategic Operator, prior to the execution of the share purchase agreement.
The Tender will be awarded to the bidder who complies with the legal, financial and technical requirements and has submitted the highest economic offer in US dollars. In the event that the bids of two or more bidders are identical, they will be requested to improve their bids.
4. Form of Concession
The form of concession agreement provides for a 30-year term, renewable once for an additional 10 years subject to compliance with AySA’s obligations and establishes a tariff regime based on ordinary and extraordinary tariff reviews, periodic adjustments, and recognition of operating costs, investments, and cost of capital. The agreement also requires AySA to grant performance guarantees linked to pending investments and authorizes the assignment, as security, of credit rights arising under the Concession Agreement in favor of creditors.
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For further information, please contact Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Milagros Piñeiro, Macarena Becerra Martínez, Nair Ivanoff Ravnensky, Victoria Barrueco, Sol Villegas Leiva, María Paz Albar Díaz, Manuel Crespi, or Fermín Bartos.
New Regulation for Natural Gas Distribution Projects
On April 27, 2026, the National Gas Regulatory Authority (“ENARGAS”, by its acronym in Spanish) issued Resolution No. 435/2026 (“Resolution 435”), approving a new regulatory framework for authorizations under section 16 of Law No. 24.076 –referred to the construction of large-scale works carried out by gas transportation and distribution companies– (the “Rules”). In this regard, Resolution 435 supersedes the previous rules, issued by the ENARGAS through Resolution No. I 910/2009 (“Resolution 910”).
The main changes introduced by the Rules are as follows:
Resolution 435 enables the use of an ENARGAS web-based application for the submission of authorization and submission forms within the project approval process. The same system will be used for uploading technical information that must subsequently be notified to ENARGAS.
The Rules classify projects as “Large‑scale” or “Non‑Large‑scale”. The latter category expands the range of projects exempt from prior authorization, maintaining the general structure of the previous framework, by including isolated facilities within the system, such as pressure‑reducing plants, metering stations, odorization facilities and scraper traps. It also extends to thirty (30) calendar days the deadline for distribution companies to respond to requests from sub‑distributors or third parties regarding their priority to carry out the construction, as well as the operation and maintenance, of the project.
Moreover, Resolution 435: (i) introduces the contracting party as a financing party, (ii) requires increased transparency regarding economic viability, and (iii) replaces the previous scheme with a new digital system.
Another change introduced by Resolution 435 relates to the time limit for notifying ENARGAS of the suspension or halt of projects. The Rules do not establish a specific deadline; instead, they require the distribution company to inform ENARGAS of the project’s status and the reasons underlying such situation. At the same time, the Rules grant ENARGAS the authority to revoke project authorizations where (i) the project has not been initiated by the authorized entity, (ii) any delays have not been duly justified, and (iii) a third party expresses interest in continuing the project.
The Rules maintain the obligation to preserve the compensation granted to the contributing user until it is fully exhausted, while extending the period for the incorporation of new beneficiaries from two (2) to ten (10) years.
Sub-Annex I of the Rules introduces new requirements applicable to authorization requests, including the submission of a supply feasibility confirmation by the transporter/distributor and authorization to connect to its systems, together with information on gas availability for the project. It also reduces the project evaluation horizon from thirty-five (35) to ten (10) years, thereby modifying a key parameter of the economic analysis.
The criteria for justifying contributions in non-viable projects remain in effect, as set forth in Resolution 910, but now include additional procedural requirements. Sub-Annex V of the Rules introduces a mandatory web-based application, replacing the individual cash flow models. It also replaces the use of average costs derived from tariff margins with actual marginal costs based on affidavits submitted in accordance with Resolution No. 1976/2000.
Lastly, applications submitted prior to the entry into force of Resolution 435 will continue to be governed by the rules set forth in Resolution 910 and its complementary regulations.
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For more information, please contact Nicolás Eliaschev, Javier Constanzó, Milagros Piñeiro, and/or Fermín Bartos.
Privatization of Belgrano Cargas y Logística S.A.: Provisions Applicable to the Sale of Rolling Stock
On April 28, 2026, in connection with the privatization of Belgrano Cargas y Logística S.A. (“BCyL”), which was initiated by Resolution No. 1049/2025 (“Resolution 1049”) of the Ministry of Economy, pursuant to the authorization granted by Decree No. 67/2025 (See our comments here), the National Executive Branch issued Decree No. 282/2026 (“Decree 282”)
Decree 282 establishes that resources obtained from the sale of the rolling stock included in the concession process of the railway lines and adjacent real estate of General Belgrano, General San Martín and General Urquiza Lines (“Lines”), shall be assigned to the Transport Infrastructure System Trust Fund (“Trust”)
In this regard, the Ministry of Economy was instructed to allocate the relevant proceeds to the Trust account opened under Resolution 1049, execute any necessary amendments to the trust agreement, and issue any supplementary implementing rules. It was also entrusted with determining the sale price of the rolling stock, which may not be lower than the valuation issued by the National Valuation Tribunal in connection with the BCyL privatization process.
Decree 282 also instructed the Secretariat of Transport to identify the rolling stock to be included in the track concession processes for the Lines, in accordance with the applicable tender documents.
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For additional information, please contact Nicolás Eliaschev, Javier Constanzó, Juan Pablo Bove, Paula Cerizola, Macarena Becerra, Cristian Bruno, Manuel Crespi, Nair Ivanoff Ravnensky, and/or Fermín Bartos.
RIGI – Changes to the Criteria for “Long-Term” Investments
On April 13th, 2026, the Ministry of Economy published Resolution 484/2026 (“Resolution 484”), which modifies the ratio required for an investment to qualify as long-term under the Large Investments Incentive Regime (“RIGI”), created by Law No. 27,742 (“Foundations Law”) and regulated by Decree 749/2024 (see our prior comments here, here and here).
Under Article 172(2) of the Foundations Law, a RIGI investment qualified as long-term only if the ratio between (i) the expected net present value of cash flows (excluding capital expenditures) for the first three years from the initial capital outlay, and (ii) the net present value of planned investments for the same period, did not exceed 30%. The article also authorized the competent authority to modify this ratio for all RIGI sectors simultaneously, provided the change preserves the regime’s focus on long-term investment stability.
With Decree 105/2026 (see our comments here), the exploitation and production of new onshore liquid and gaseous hydrocarbon developments were included within the oil and gas sector. Given their investment profile and capital recovery structure, unconventional developments may exhibit accelerated initial returns exceeding the previous 30% threshold. A higher ratio is therefore needed to preserve the long-maturation criterion.
Accordingly, Resolution 484 raises the maximum ratio under Article 172 of the Foundations Law from 30% to 35%. Although the inclusion of new hydrocarbon activities prompted the change, the revised threshold applies to all sectors within the scope of the RIGI.
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For further information, please contact Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Milagros Piñeiro, Macarena Becerra Martínez, Rocío Valdez, Victoria Barrueco, Sol Villegas Leiva, María Paz Albar Díaz, Manuel Crespi, Nair Ivanoff Ravnensky, and/or Fermín Bartos.
New Regulation on Expansions of Power Transmission System Capacity through Public Works Concessions
On April 7, 2026, the Secretary of Energy published Resolution No. 83/2026, which incorporates a new section into the expansions of power transmission regulatory framework “Expansions through Public Works Concessions (Law No. 17,520)” pursuant to the provisions of Resolution No. 715/2025 of the Ministry of Economy (“Resolution 715”) and Resolution No. 311/2025 of the Secretary of Energy (“Resolution 311”) (see our comments on these regulations here and here).
Expansions to be carried out under the regime of the Public Works Concessions Law No. 17,520 (the “PWC Expansions”) are aimed at enabling transmission works that are essential to mitigate the risks associated with supply constraints in the Argentinean Interconnection System and to promote private investment.
The new mechanism shall be implemented by successful bidders under public tenders called by the Secretary of Energy, who shall enter into public works concession agreements (the “PWC Agreements”) and act as concessionaires.
Concessionaires remuneration shall be paid directly by the dispatching authority and includes: (i) a monthly remuneration to recover the investment, which may be funded through tariffs charged to WEM users identified as beneficiaries of the relevant expansion and is awarded the same priority level as existing high-voltage transmission service providers under the WEM regulations (i.e. highest priority payment within the WEM payment waterfall); and (ii) an operation and maintenance rate, determined by the regulatory body, once commercial operation of the relevant expansion is achieved.
The next step for the transmission expansion plan is the call for the public tenders envisaged for the works identified in Resolution 311: “AMBA I”, “500 kV Río Diamante – Charlone – O’Higgins Line” and “500 kV Puerto Madryn – Choele Choel – Bahía Blanca Line”.
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For further information, please contact Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Milagros Piñeiro, Macarena Becerra Martínez, Rocío Valdez, Victoria Barrueco, Sol Villegas Leiva, María Paz Albar Díaz, Manuel Crespi, Nair Ivanoff Ravnensky and/or Fermín Bartos.