While battling the government, Edesur sold YPF its stake in the Central Dock Sud

He used his right of first refusal to oust the Bemberg Group, which had made a signed offer a month earlier. With Edesur gone, YPF and PAE from the Bulgheroni are the only partners left with 81% and 19%, respectively.

The Italian company Enel, who owns Edesur, moves forward with the dismantling of their interests in Argentina while the government accuses Edesur of criminal activity before the courts. They just transferred their ownership of the Central Dock Sud, a power generation firm where the Bulgheroni family carves, to YPF after selling it to Enel, YPF, and PAE. Dock Sud is still owned by YPF as the biggest stakeholder and PAE notwithstanding Enel’s exit, which resulted in the sale of 41.2% of the share capital.

Before this operation was made public, Central Puerto (of the Bemberg group), which acquired Dock Sud from Enel a month prior and owns Central Costanera, had made a firm offer. But, in this instance, the current Dock Sud partners had the option to match the offer and obtain first dibs on the property. That is what took place.

In order to move on two significant metropolitan properties, such as Central Costanera and Central Dock Sud, Central Puerto had taken advantage of the divestment situation of the owners of Edesur.

It made an offer of 48 million dollars to acquire the Italian shareholding package in the first plant (75.7%) and 54 million dollars for its stake in the second (41.2%) in order to do this.

YPF had the option to match Central Puerto’s bid and retain 81.2% of the total package, though, as it was the thermoelectric plant’s second largest shareholder in the south of the GBA.

Enel still needs to sell the energy distributor Edesur as well as the energy transmission businesses Transportadora de Energa SA, Compaa de Transmisión del Mercosur SA (CTM), and YACILEC. Energy is transferred from the power plants that create it to the substations that distribute it as part of the transmission activity.

The electric power transmission systems between Brazil and northeastern Argentina are interconnected through TCM & TESA. The Yacyretá Hydroelectric Power Plant’s non-polluting energy is transported by YACYLEC.

YPF announced the following regarding the acquisition of the Dock Sud power plant: At its meeting on March 17, 2023, the board of directors of YPF Energa Eléctrica SA (“YPF Luz”) decided to: • Exercise its right of first refusal to acquire all of the shares that Enel Americas SA, as seller, possesses in Inversora Dock Sud SA, the holding company of Central Dock Sud SA.

• To prepare a purchase offer to Enel Argentina SA for all of the shares of Central Dock Sud SA that Enel Argentina SA possesses, provided that the remaining shareholders of the latter do not exercise any potential preferential rights.

Inversora Dock Sud’s preferential purchase will enable YPF Luz to take over Central Dock Sud, one of the AMBA’s most productive facilities, whose contribution is crucial for supplying the region with the highest energy demand in the nation.

“This decision is associated with one of the strategic objectives of contributing to the provision of efficient and dependable power, through generation assets that use natural gas, the most suitable conventional fuel to advance in the transition from Energy Matrix,” according to YPF sources.

Also, they noted that the company, which is based in the Avellaneda neighborhood of Buenos Aires, “has state-of-the-art technology for thermoelectric production today, more than one hundred years after its original foundation and despite multiple corporate changes,” according to the corporation.

With two gas turbines that can produce 70 MW each and an installed capacity of 926 MW, Central Dock Sud is now capable of producing 856 MW of combined cycle power. The annual output of the power plant is 5,700 GWh, or the amount of energy required to power 1.6 million homes.

Author: JJ Beat

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