Government Authorizes Sale of Enarsa Stakes in Three Thermoelectric Plants

The national Government authorized the sale of Energía Argentina S.A. (Enarsa) stakes in three thermoelectric plants, as part of the state company privatization process established by the Bases Law.

The first phase will include shares in Termoeléctrica Manuel Belgrano S.A. (TMB) and Termoeléctrica José de San Martín S.A. (TSM), which will be offered through national and international public auctions. Enarsa holds 65.01% of TMB and 68.83% of TSM, according to decree 1107/2026, published in the Official Gazette.

The transaction will comprise 4,601,324 shares of Manuel Belgrano and 4,871,709 shares of José de San Martín. The remaining stake in both companies is held by generators from the Wholesale Electricity Market who participated in the Fund for Necessary Investments to Increase Electricity Supply in the Wholesale Electricity Market (Foninvemem).

Both companies were created in 2005 to develop combined-cycle power plants of at least 800 megawatts each. Their projects were financed through trusts established in 2006, with investment recovery through supply contracts with the Wholesale Electricity Market Management Company (CAMMESA).

On June 1, 2026, agreements were signed to liquidate and transfer the trusts linked to Manuel Belgrano and Timbúes, the latter associated with Termoeléctrica José de San Martín. Regulations have not yet set auction dates, economic conditions, or bidder requirements.

The Guillermo Brown plant will be handled at a later stage. Enarsa will incorporate its shares once the plant's trust concludes, with its term ending September 30, 2026. State participation will be calculated based on contributions made for construction and cannot be less than 70% of capital, according to an amendment signed in 2012. After corporate incorporation, the Economy Ministry may call for the corresponding auction.