In the midst of the fight with the government, Edesur sold its stake in Central Dock South to YPF

While the government sues Edesur before the courts, the owners of Edesur, the Italian Enel, are moving forward with the dismantling of their investments in Argentina. They just sold their stake in YPF South Central Dockcompany which until now belonged to Enel, YPF and PAE, where the Bulgheroni family split. With the exit of Enel, which got rid of 41.2% of the share capital, Dock Sud remains in the hands of YPF as a shareholder of majority and PAE.

Before this operation was denounced, Central Puerto (of the Bemberg group), which bought Central Costanera from Enel a month ago, had made a firm offer for Dock Sud. But in this case, the current shareholders of Dock Sud they had the right to match the offer and have priority to buy. That’s what happened.

Central Puerto had taken advantage of the divestment situation of the owners of Edesur to advance on two major metropolitan assets such as Central Costanera and Central Dock Sud.

For this he made an offer of 48 million dollars to acquire the Italian share package in the first plant (75.7%) and 54 million for his share in the second (41.2%).

However, as YPF was the second largest shareholder in the thermoelectric plant south of the GBA, it was entitled to match Central Puerto’s offer and thus maintain the 81.2% of the whole package.

In this regard, YPF has communicated the following: The Board of Directors of YPF Energía Eléctrica SA (“YPF Luz”), in its meeting of March 17, 2023, resolved: • That the Company exercise its preferential purchase right of all the shares that Enel Americas SA, as seller, owns in Inversora Dock Sud SA, parent company of Central Dock Sud SA

• Formulate a purchase offer to Enel Argentina SA for all the shares that Enel Argentina SA holds in Central Dock Sud SA, it being understood that the remaining shareholders of the latter do not exercise any preferential right due to them.

The decision to exercise the subsidized purchase of Inversora Dock Sud will allow YPF Luz to take control of Central Dock Sud, one of AMBA’s most efficient plants, whose contribution is essential to supply the area with the highest energy demand of the country.

The thermoelectric plant has the capacity to produce 120.2 GWh from diesel and approximately 4,337 GWh from natural gas. “More than a hundred years after its original foundation and after several corporate changes, the company now has cutting-edge technology for thermoelectric generation,” reports the company, located in the Avellaneda neighborhood of Buenos Aires.