Central Hidroelectrica El Chocon/Arroyito

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Central Hidroelectrica El Chocon/Arriyito was owned by Hidroelectrica Norpatagonica Sociedad del Estado (Hidronor). The facility had an installed capacity of 1320-MW (1200-MW in El Chocon and 120-MW in Arroyito) in 1993. The government partially privatized the company in August 1993 when it sold a 59% equity stake for $223.9 million to Hidroelectricidad (32.5%) a subsidiary of Chilean Endesa, CMS Generation (USA - 17.2%), BEA Invesora (4.7%), and Sawgrass Limited (Spain - 4.1%). The offer was paid in cash ($87 million) and in debt papers ($136.9 million). The winning consortium was awarded with a 30 year concession period to operate two hydro power plants. The new owners also assumed $174.7 million in debt owed to the Bank of Argentina, and an additional $89 million in taxes owed to the GOA. In the second stage, a 20.8% equity stake was sold for $79 million to the workers of these two power plants. The remaining 20.3% equity stake was transferred to provincial government of Neuquen.The electricity produced by the power plants is converted at the site from 13.8 kV generation voltage to 230 kV for sale to Argentine wholesale electric market on a spot market basis and under certain long-term contracts.