Transener SA

Active

Prospective

Transener was created from the transmission facilities of the three state-owned utilities (Agua y Energia Electrica Sociedad del Estado, Hidroelectrica Norpatagonica, and Servicios Electricos del Gran Buenos Aires). Transener owned 4,238-miles (6823.18-km) of 500kV, 350-miles (563.5-km) of 200kV, and 27 substations in 1993. That infrastructure represented most of the high voltage transmission grid of Argentina. Transener was partially privatized in two stages. In the first one, a 65% equity stake was sold for $234.1 million to Citelec, a consortium integrated by Electrica del Plata (a 9.75% stake in Transener SA), Sade (9.75%), Inter Rio Holding Establishment (9.75%), Duke Transener Inc (9.75%), Entergy Transener (9.75%), The International Grid Finance BV (9.75%), and The Argentine Investment Company (6.5%) in July 1993. The winning consortium was awarded with a 15-year management period to own and operate Transener as part of a 95 year-concession. Then, a 10% equity stake was sold to Transener's employees. The government retained the rest of the equity (25%). In its fiscal year 1994, MIGA issued $15 million coverage for National Grid Company against the risks of currency transfer, expropriation, and war and civil disturbance. ECGD, the British national insurance agency, is also covering a portion of the investment. In August 2000, the government sold its remaining 25% stake in the stock market, raising US$70 million in revenues. As of 2004, the sponsor composition changed to include 65 percent project by Citilec SA. Citilec is in turn owned 50 percent by Petrobras and 50 percent by Dolphin Fund Management. Dophin's ownership was increased in two separte transactions in 2004 - acquiring shares from Inversora Taico and from National Grid. In December 2007, Petrobras was authorized by Argentina's electricity regulator ENRE to divest all of its shares in Citelec SA. As of December 31, 2007, the composition of Citelec SA was as follows: Transelec 50%, Electroingenieria SA 25%, ENARSA 25%. Citelec SA controlled 52.65% of Transener while the rest of the common stock was traded on Buenos Aires Stock Exchange 47.35%. The amount of common stock increased by 8.10% when the former shares of the employee stock ownership fund was relisted on the Buenos Aires Stock Exchange in October 2007. The ownership structure as of December 31, 2007 was: Pampa Energia SA, a subsidiary of Dolphin Fund Management 26.325%; %, Electroingenieria SA 13.1625%; ENARSA 13.1625%; and Others 47.35%. Sponsor changed in 2007. Needs to be updated in 2007. Old (deleted) sponsor information: National Grid Group and Cia. Naviera Perez Companc, through its subsidiary Maipu Inversora, increased their equity participation up to 26.8% each by 1997 by buying share to other consortium members. In 2003, Brazil's Petrobras acquired Pecom Energia (subsidiary of Cia. Naviera Perez Companc). Consolidated figures used. Transba's investments are listed as 0.

Energy

Argentina

High

World Bank Group

Project

Water Supply and Storage, Government, Power Generation (CCGT), Power Transmission, Commercial