ENARSA will divest its 65.01 percent stake in Termoeléctrica Manuel Belgrano, an 823-MW combined-cycle facility in Campana, Buenos Aires province, and its 68.83 percent holding in Termoeléctrica José de San Martín, an 865-MW plant in Timbúes, Santa Fe. Together, these assets supply approximately 10 percent of Argentina’s electricity demand and operate with Siemens turbines. The Ministry of Economy and the Temporary Special Execution Unit “Agency for Transformation of Public Enterprises” will conduct national and international public tenders for both facilities.
The sale of the third asset, Central Termoeléctrica Guillermo Brown, requires preliminary steps. The government authorized its future privatization contingent on liquidating the current trust structure and formally incorporating ENARSA as shareholder, a process scheduled for completion by September 30, 2026. Once those administrative procedures conclude, the state will hold at least 70 percent of the capital for subsequent tender.
The plants originated from the Foninvemem fund created in 2004 under then-Planning Minister Julio De Vido, which converted generators’ outstanding receivables from the wholesale market into equity stakes in new combined-cycle facilities. The state retained majority control while private generators became minority shareholders. The trust structures for Campana and Timbúes dissolved June 1, enabling the current privatization. Guillermo Brown replicated this model starting in 2010.
The decree explicitly prohibits employee shareholding programs and preferential treatment in the bidding process. However, tender documents must respect statutory preference rights held by existing private minority shareholders, including Central Puerto, AES and Pampa Energía. Under these provisions, current partners can match or exceed any third-party offer, potentially limiting competitive dynamics to negotiations among existing stakeholders.
The sale represents ENARSA’s second privatization stage following its divestment of Citelec, the controlling entity of high-voltage transmitter Transener. The government previously collected $356 million from Transener and $707 million from concessions of four Comahue region hydroelectric facilities. Economy Minister Luis Caputo projected $800 million in 2026 privatization revenue and $1.5 billion in 2027.
This article was curated and published as part of our South American energy market coverage.
