Argentina dam privatization faces investigation over alleged asset undervaluation

The Fundación Soberanía has expanded a judicial complaint alleging a “chain of illegalities” regarding the privatization of hydroelectric dams within the Complejo Comahue in Argentina. The complaint seeks to investigate and potentially annul the adjudications, arguing that a systematic mechanism was used to undervalue state assets to benefit a limited group of companies.

Central to the allegations is the role of the National Valuation Tribunal (TTN). The complaint suggests that the government bypassed the TTN by failing to provide the necessary time for its specialized assessment, instead using the Banco de Inversión y Comercio Exterior (BICE) to facilitate the valuation. This maneuver is described as a “preconstitution of a cause of temporal impossibility” to justify using a different entity.

Specific beneficiaries named in the legal filing include the Neuss Group (via Edison Inversiones S.A.U.), which was awarded the Alicurá and Cerros Colorados dams. Other companies mentioned include BML Inversora S.A.U. (linked to MSU Green Energy) for the El Chocón-Arroyito dam, and Central Puerto S.A. for Piedra del Águila. The investigation is currently being processed by the Federal Court of General Roca.