Capital injection
Central Puerto announced it has signed a $300 million financing agreement with the International Finance Corp. (IFC), the private-sector arm of the World Bank Group.
The full amount will be allocated to two strategic initiatives that strengthen the company’s position in the energy transition and power generation.
The first is the installation of 150 megawatts of battery energy storage systems (BESS) at the Nuevo Puerto power plant, located in the Buenos Aires metropolitan area. The project is part of the award Central Puerto secured in the landmark AlmaGBA tender, the country’s first public and international call for stand-alone energy storage systems. Central Puerto won the two most competitive bids in the process, totaling 205 MW — 150 MW at Nuevo Puerto and 55 MW at Costanera.
The tender, launched in February 2025 and awarded in September, attracted 27 projects representing more than 1,347 MW, nearly three times the required capacity, and mobilized investments of more than $540 million. The BESS installations, with discharge durations of four to five hours, are designed to stabilize the grid, mitigate peak demand in the Buenos Aires metropolitan area, reduce marginal costs and minimize outages, contributing to a more resilient and sustainable power mix.
The second initiative is the acquisition of the concession and operation of the 1,440-MW Piedra del Águila hydroelectric plant, located in the Collón Curá department of Neuquén province on the Limay River. Inaugurated in 1993, it is the largest hydroelectric facility built entirely in Argentina and the second of five dams on the Limay River in the Comahue region, which spans Neuquén and Río Negro provinces.
The plant features a 173-meter-high concrete gravity dam, a spillway capable of discharging up to 10,000 cubic meters per second, and four 350-MW Francis turbines. It generates about 5,000 gigawatt-hours of renewable, nonpolluting electricity annually. Central Puerto, which already operated the asset, was selected as the leading bidder in the reprivatization process for the Comahue dams — including Alicurá, El Chocón and Cerros Colorados — with a $245 million offer for 100% of the shares of the concession company under a 30-year concession scheme. The acquisition consolidates the company’s leadership in hydroelectric generation and represents one of the most powerful assets in Argentina’s power system.
The financing could be structured as a nine-year senior loan, with a $50 million A tranche and the remainder through B loans and parallel credits. The transaction is subject to final approval by IFC’s board and internal reviews.
Fernando Bonnet, CEO of Central Puerto, said the agreement “consolidates our leadership in the energy transition by promoting innovation in storage and ensuring reliable and sustainable energy. We are committed to the highest environmental, social and governance standards.”
Manuela Adl, IFC’s senior country manager for Argentina, said the initiative contributes to the stability of the electricity system and the development of renewable energy, in line with global sustainability goals. With more than 16 power plants and a 19.69% market share, Central Puerto is advancing an investment plan of about $520 million in renewables and storage, combining cutting-edge technology with traditional generation to strengthen Argentina’s energy matrix.