The sale of Enel is progressing: Central Costanera achieved debt forgiveness for 22 million dollars

Amid the uncertainty surrounding the award Edessaurits owner, Enel Group, he has already started specifying his departure from Argentina. Ten days ago he sold central portits interests in the Costanera power plants (76%) and Dock Court (72%). In the midst of this operation, it agreed to forgive approximately US$22 million in debts contracted by Central Costanera to various companies of the Enel Group, its previous controlling shareholder.

As part of the acquisition process, the national group led by Guillermo “Willy” Reca, Carlos Miguens-Bemberg and Eduardo Escasany, The negotiations began and finally concluded the write-off of the existing debt “in order to improve the financial situation of Costanera and thereby accelerate its development”, they explained in a statement to the National Securities Commission (CNV).

Central Costanera, located in the city of Buenos Aires, reaches almost 6% participation in the total installed power Argentine Interconnection System (SADI). By purchasing Costanera, Central Puerto has an installed capacity of 2305 MW – on its already 4809 MW- that will contribute a total of more than 7100 MW to SADI.

In this way, Enel, which announced the sale of his assets in November in the country, is taking the first step towards leaving Argentina, at a time when its main company, distributor Edesur, is in the eye of the storm due to a power outage in the first week of February.

The severity of the operation

Located on the south coast of the city of Buenos Aires, Coastal generation -as Enel renamed the former Central Costanera- has established itself as the most important plant for the production of thermal energy in South America. It has 11 production units – conventional and combined cycles-, with 2324 megawatts (MW) installed capacity.

It generates the energy needed for 3.5 million homes throughout the country, which is equivalent to 6% of the total installed power of the Argentine System of Interconnection (SADI). Italians held 75.68 percent of its shares.

For its part, what was sold from Central Dock Sud was the 57.14% that Enel had in Inversora Dock Sud, the owner of 71.78% of the generator’s shares. It directly represents 40% of the company, of which another 40% is in the hands of YPF and 20%, Pan American Energy (PAE).

“Currently, the Costanera plant consists of six turbo-steam units, with an installed capacity of 1140 Mw power and two combined cycle units of 315 MW and 850 MW. They are added to that 35.6 Mw in connection with the purchase of engines from the El Chocón hydroelectric plant,” the company added in a statement. The acquisition of these engines was valued at 600 thousand dollars.