Hidroelectrica Pichi Picun Leufu

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Pichi Picun Leufu electricity generation plant was originally owned by the government utility Hydroelectrica Norpatagonia SA (Hidronor). It is located on the Limay river that separates Neuquen and Rio Negro provinces. Pichi Picun Leufu plant, 75% complete in 1997, was sold after the third attempt of privatization to Cia. Naviera Perez Companc International (large Argentinean oil and gas group) in October 1997. Perez Companc paid $US 1 million for the plant. The cost for finishing of the project was approximately $US 136 million. The concession offered by the state included two phases: 35 months to finish the construction of the project and 30 years to administrate it. Consulser-Opyser S.A. will be the plant operator. In 2003 Petrobras acquired a subsidiary of Cia. Naviera Perez Companc and it's 100% project share. The Government has pledged to pay a $US 25 million subsidy to Perez Companc as long as the price of power generated by the plant is under 2.1 cents per kWh.