| Work Detail |
f the shares and Mendoza, in 2021 under the management of Rodolfo Suarez, would acquire 21%. When former President Alberto Fernández decided that the State would capitalize IMPSA, it was agreed that the Nation would keep 63% of the shares and Mendoza, in 2021 under the management of Rodolfo Suarez, would acquire 21%. When the libertarians looked at all these funds, they found that there were some misappropriations of money, such as non-reimbursable contributions (NRCs), that could not be sustained, and it was decided to cut the funds. This cut also affected IMPSAs income. Until last year, the agreement established that in the case of an energy project involving metalworking for an Argentine province, the provincial government would finance 50% of the cost and the other half would be paid by FONDEP. The company thus began to work on the engineering, assembly and start-up of two photovoltaic parks for San Juan and a wind farm for Santiago del Estero. Whats more, there is also an agreement to repower a hydroelectric plant in Río Grande in Córdoba, but the cut in funding put a stop to all these projects. Now, and aware that there are projects that are 70% complete, FONDEP, instead of those ANRs, began to offer the provinces loans to be able to complete them. However, some governors have put as a condition, before accessing those loans, that the Nation define the value of the energy that Cammesa (Compañía Administración del Mercado Mayorista Eléctrico SA) would pay them for what they could generate in their provinces to add to the national energy system. Whats more, IMPSA is more than waiting for these provinces to reach an agreement with the Nation and for the credits to appear, and therefore the funds to finish the stalled projects. Last week one of these credits was about to be signed, which has been a long time coming, and one of the signatories caught a cold and it was postponed, but it should be done soon, confirmed one of the sources close to the company who is closely following this possibility. They urgently need the capital to come in and have calculated that if they could at least reactivate the repowering of the Río Grande de Córdoba hydroelectric plant, the company would have a two-year respite. In addition, the metalworking world knows that the concessions for the 4 hydroelectric plants of Los Nihuiles on the Atuel River and also for the Diamante plants in 2025 are about to expire, and the Yaciretá plant is in the same condition, so potential repowering works would be opened in all of them. A debt that could be restructured Although the company currently has liabilities of 480 million dollars, the various auditors who have reviewed this debt remain hopeful that it can be restructured. It turns out that most of IMPSAs creditors are banks, including the Inter-American Development Bank, a Brazilian bank and, to a lesser extent, Banco Nación. What has been analyzed is that several banks have written off that debt and in a context of recovery, in which they see that there is a willingness to pay, that could be restructured, and even liquefied. A bank that has been claiming a debt for more than 3 years, which has already been written off, would not miss the opportunity to settle, even if the amount were less, they are hopeful. In fact, some of these banks have representation on the companys board of directors and are therefore up to date with the negotiations that are taking place and with the alternatives that potential investors might consider. |
