La Rioja agreed to transfer Chamical Solar I for $546.5 million

The Government of La Rioja agreed to transfer the entirety of Chamical Solar I, a company linked to the development of an eight-megawatt photovoltaic park in the Arauco department. The transaction was formalized by Arauco Energía SAPEM, the provincial controlling shareholder, through a contract for 546,576,157 ordinary shares.

The company had been capitalized during 2025 until reaching a capital stock of $546.5 million, through contributions of $124.1 million and $392.4 million. As of December 31 of that year, it recorded assets of $670.4 million and net equity of $559.5 million.

Chamical Solar I also held a power supply contract denominated in foreign currency with a term of 15 years. The company was established to produce, sell, and market electricity in the wholesale market.

Among its main accounting records were $549.5 million in property, plant and equipment, as well as $110.9 million in trade debt and other obligations. The 2025 fiscal year closed with a loss of $7.7 million.

The agreement provides a period of 90 business days to complete the closing, subject to the fulfillment of closing conditions. The transfer sparked a debate about provincial management of assets developed through state-owned companies, following a period that included capital contributions, construction works, and the securing of a long-term revenue contract.