The publication of the AMBA I tender documents revealed the economic conditions with which Argentina will try to attract investors to one of the main electricity transmission projects planned for the coming years.
The initiative , whose investment was officially estimated at around USD 800 million , includes approximately 270 kilometers of new lines at 500, 220 and 132 kV, the new Plomer Transformer Station and various complementary interventions.
Beyond the technical dimension, the Terms and Conditions Document (PBCP) now reveals how the recovery of capital will be structured, what financial backing the future awardee will have, and what the main barriers to competition will be.
The first market response will come on December 14, 2026 , when the initial opening of proposals takes place.
Income referenced to the dollar
One of the central points is the treatment of the remuneration that the successful bidder will receive.
The so-called Total COP Remuneration must be offered in dollars and will be updated according to the evolution of the Producer Price Index (PPI) published by the Bureau of Labor Statistics of the United States.
The adjustment will first take into account the variation recorded between the signing of the contract and the start of the billing period. Annual updates will then be applied for the duration of this mechanism.
Monthly disbursements will be made in pesos, although the contractual model links them to an exchange rate reference that allows maintaining equivalence with the value determined in US dollars.
In this way, the central economic equation is referenced to the dollar and also includes a hedge against the evolution of costs through a US index .
The winning bidder will also not have to wait until all the infrastructure is finished to start receiving income.
The scheme allows collection to begin as construction progresses, once certain lots are completed, and establishes that this period may be extended up to seven years from the commercial authorization of each stage .
The recovery will be associated with the COP Tariff , which will be applied to users of the transport and/or distribution system identified by the Energy Secretariat as beneficiaries of AMBA I.
However, one relevant definition remains for potential bidders: both the Maximum COP Remuneration and the Maximum COP Rate will be communicated later via circular .
Up to USD 55 million in financial support
The documentation also introduces a tool that had not been initially detailed in the public presentation of AMBA I.
The future recipient may receive a financial contribution of up to USD 55 million, including taxes , although the final amount must also be established by circular.
The resources will come from the Export Account of the Wholesale Electricity Market Stabilization Fund and will be disbursed by CAMMESA against the fulfillment of certain milestones.
These funds will be linked to progress in aspects such as engineering, availability of the land for the Plomer Transformer Station, acquisition of equipment, easements and materials necessary for the lines.
The contribution will have a special treatment: it will not form part of the calculation base of the Total COP Remuneration nor can it be counted among the assets used for a possible application for membership in the RIGI .
$40 million to enter the race
The conditions set for participation also show the profile of companies and consortia that the process will seek to attract.
Each interested party must provide a Bid Maintenance Guarantee of USD 40 million , with an initial minimum validity of 180 days.
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In addition, there is a significant asset requirement.
To pass the pre-qualification, participants will have to demonstrate a net worth equal to or greater than 25% of the Investment Reference Value declared in their own proposal .
That percentage should not be calculated directly on the USD 800 million reported by the Government, since that figure corresponds to a general estimate of the cost of AMBA I and not to the reference value that each competitor must present.
The requirement may be accredited by the bidder himself, a related company or, under certain conditions, through a strategic partner.
The magnitude of the guarantee and the capital requirement anticipate a competition mainly aimed at large-scale companies and consortia with sufficient financial capacity to face a long-term infrastructure .
RIGI and a possible IDB guarantee
The structure also incorporates two instruments designed to improve financing conditions.
On the one hand, the PBCP expressly states that the economic equation was designed considering the eventual application of the benefits of the Incentive Regime for Large Investments (RIGI) .
The pre-awardee will have 15 business days from notification to request membership. If they choose not to do so at that time, they will not be able to initiate a subsequent process to incorporate AMBA I into the system.
On the other hand, the Inter-American Development Bank (IDB) is analyzing a potential guarantee to back the contract.
According to official documentation, the instrument could extend up to 25 years and cover up to six months of payments to the dealer .
The operation is still being structured and its approval is not assured, so the final terms may be incorporated later through new circulars.
The market will have the final say.
The economic design is thus beginning to show more clearly how Argentina will seek to implement a transmission expansion model supported by private capital.
The combination of dollar-referenced income, PPI updates, a financial contribution of up to USD 55 million, RIGI, and a possible IDB guarantee seeks to reduce some of the risks associated with a project of this scale.
At the same time, the $40 million guarantee and equity requirements introduce a high barrier for those seeking to participate.
The Chamber of Generators and Value Chain of Renewable Energies (CEA) believes there is an appetite to move forward under this scheme.
“We support private investment and it is clearly attractive. We don't see financing as a problem, especially for large companies in the sector: some are already self-financed and others have financing offered by multilateral organizations, banks, and export credit agencies,” said Héctor Ruiz Moreno, general manager of CEA , to Energía Estratégica .
The leader also focused on the opportunities that could be enabled if the new model effectively manages to mobilize infrastructure.
“There are investments waiting for this, and I believe they will flow as the Secretariat and regulatory authorities make decisions of this importance,” he said.
Strategic Energy will be present at Intersolar
LATAM is going through a key moment for the expansion of renewable energies, driven by new regulatory challenges, the growth of electricity demand and the development of storage.
In this context, Energía Estratégica will be present at two of the leading solar industry events in Latin America: The Smarter E South America, from August 25 to 27 in São Paulo, Brazil, and Intersolar Mexico, from September 1 to 3 in Mexico City . From both events, the publication will provide special coverage with exclusive interviews, regulatory analysis, and the key developments that will shape the future of regional markets.