Hidroelectrica Diamante SA

active

The plant had a 335 MW capacity in September 1994 when it was privatized. The goverment sold the main part of the equity in two transactions. In the first one, a 59% equity stake was sold for $32.8 million to Electricite de France (29.5), Nucleamiento Inversor (25%), and Banco de Galicia y Buenos Aires SA (4.5%). The winning consortium paid $4 million in cash and $28.8 in debt papers. In the second transaction, a 2% equity stake was sold for $1.1 million to Diamante’s employees at the same share price that the winning consortium paid. The remaining 39% was retained by the government. On October 18, 2006 Pampa's purchases of the shares in INNISA and INDISA under the sale agreements originally signed with Electricite de France Internacional S.A. on May 26, 2006, and Banco de Galicia y Buenos Aires S.A. and Nucleamiento Inversor S.A. on June 7, 2006 became effective. Therefore, Pampa Energia SA controlled Hidroelectrica Diamante SA through its 91.6% stake in INDISA which, in turn had a 59% stake in Hidroelectrica Diamante SA. As of December 31, 2008, it retained operational control through INNISA and had an indirect stake of 56.04% in Hidroelectrica Diamante SA. Pampa Energia SA was an electricity operator that was acquired by Grupo Dolphin and related companies in 2005.