Hidroelectrica Los Nihuiles SA

active

Hidroelectrica Los Nihuiles was a 265-MW hydro plant which consisted of three plants: Los Nihuiles 1 (a 74-MW, four unit plat built in 1957), Los Nihuiles 2 ( a 139.2-MW, six unit plant built between 1968 and 1972), and Los Nihuiles 3 (a 52-MW, two unit plant built in 1972). The provincial government of Mendoza privatized the facility in 1994 when it sold 51% equity stake for $74 million to Electricite de France (26.5% - through its subsidiary EDF International), NISA (15.5%), Jacques Matas (4.8%), Banco de Galicia (2.3%), and Saur International (1.8%). The winning consortium received a 30-year concession to operate Hidroelectrica Los Nihuiles. Later, the government sold a 2% equity stake to company’s workers for $2.9 million, at the same price per share that the winning consortium paid. The government of Mendoza kept a 10% equity stake and the remaining 37% equity stake is owned by private investors from the Province of Mendoza. 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 Los Nihuiles SA through its 90.26% stake in INNISA which, in turn had a 51% stake in Hidroelectrica Los Nihuiles SA. As of December 31, 2008, it retained operational control through INNISA and had an indirect stake of 46.03% in Hidroelectrica Los Nihuiles SA. Pampa Energia SA was an electricity operator that was acquired by Grupo Dolphin and related companies in 2005.