TotalfinaElf announces agreement with Gener in Argentina
The proposed purchase includes :
a 63.9% interest in Central Puerto,
a 100% interest in the TermoAndes power plant and its associated electric power line InterAndes,
a 70% interest in Hidroneuquèn which holds a 59% interest in the Piedra del Aguila power plant.
an Argentine/Brazil electric interconnection project.
These assets represent on a 100% basis about 4,200 megawatts of installed capacity.
The total purchase price is $612 million. In addition, TotalFinaElf will also purchase a $39 million loan from Gener to Piedra del Aguila.
The agreement is subject to TotalFinaElf’s satisfaction following the finalization of the ongoing due diligence review of the Gener subsidiaries and installations concerned, as well as the approval by relevant regulatory and competition authorities.
By strengthening its positions across the electricity and gas chain, the acquisition of these Argentine assets will allow TotalFinaElf to pursue its strategy of actively participating in the growth opportunities in the Southern Cone energy markets, where the Group holds important gas reserves.
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