Central Termica Guemes

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Central Termica Guemes was owned by Agua y Energia Electrica Sociedad del Estado, an Argentine state-owned company. The facility had an installed capacity of 245-MW in 1993. The plant had two units of 60-MW (per unit), and one of 125-MW. The generating facilities had access to gas reserves that, at its production levels in 1993, would last 44 years. Central Termica Guemes SA was created in order to privatize the power plant. Central Termica Guemes was partially privatized in September 1993, when a 60% equity stake was sold for $86.2 million to Duke Energy (15%), Sociedad Comercial del Plata (15%), Iberdrola (12%) a Spanish company, TCW Americas Development Association (9%), the Argentine Investment Company (9%). The winning consortium also assumed debt for about $65 million. Company’s employees also acquired a 10% equity stake, and the remaining 30% was kept by the government. The company raised US$60 million in 1996 to fund its investments. In May 2001 Central Termica Guemes won three, five-year supply contacts with provincial utility Empresa Distribution de Salta and also won a 10-year supply deal with General Guemes Industrial Park. On December 5, 2006, Pampa signed a share purchase commitment for US$ 381,600 and US$ 3,421,440 for the purchase of i) 2.12% in Powerco S.A., holder of 60% in Central Termica Guemes SA and ii) 21.12% in Dilurey S.A., a company holding 90% in Powerco. As of December 31, 2008, Pampa Energia SA had an indirect stake of 89.68% in Central Termica Guemes SA. In September 2008 Pampa completed the expansion of Central Térmica Güemes’ installed capacity through the installation of a 100MW General Electric LMS-100 turbine. The project consisted of a new 100 MW open-cycle through the installation of a new natural gas-powered aero-derivative turbogenerator of 43% efficiency.This expansion required a total investment of US $69 million. This was the first of the Energía Plus expansion projects to be completed. Construction was completed in July, 2008, and it began commercial operations on September, 2008.