Argentine petroleum and gas company Aconcagua Energia has completed the acquisition of the generation business of Latin American power firm Inkia Energy in Argentina. The “as is where is” deal encompasses thermal assets, a concession over a hydropower plant, and a 60-megawatt (MW) wind farm project.
Aconcagua Energia's renewables unit, AERSA, acquired 95% of the shareholding of Inkia's businesses, Orazul Energy Generating SA and Orazul Energy International Southern Cone SRL, while Aconcagua's unit AESA obtained the remaining 5%. The transaction, valued at USD 9.2 million (EUR 8.3 million), positions AERSA as a new player in the Argentine electricity market.
Under the agreement, AERSA assumes control of several assets, including the 97-MW Alto Valle thermal power plant, the concession for the 479-MW Cerros Colorados – Planicie Banderita hydroelectric plant, minority stakes in the Manuel Belgrano, San Martin, and Vuelta de Obligado thermal power plants, and the 60-MW Coronel Dorrego wind project. Additionally, AERSA will integrate Orazul Argentina's 102 employees.
Aconcagua Energia highlighted that the strategic acquisition will strengthen its power generation portfolio, positioning the group to achieve its goal of reaching 1,000 MW in power generation in the coming years. The move is viewed as a significant step into the future for the company, enabling it to reduce the carbon footprint of its upstream and oil services operations.
With a diversified electricity portfolio totaling 832 MW, including hydro, thermal, and solar projects, as well as the newly acquired wind project, Aconcagua Energia is poised to play a prominent role in the evolving energy landscape in Argentina.