After reporting the acquisition of a wind farm under development, Tecpetrol, the energetic arm of the Techint Group, devel how much will you pay the German company ABO Wind for the Buena Ventura project, in the southeast of the province of Buenos Aires: u $ s 1.89 million, of which already disbursed u $ s 524,500 and the more than u $ s 1.36 million remaining will be canceled in the future, based on the fulfillment of “certain milestones”, he indicated, in a response note to requests that he made Argentine Stock Exchanges and Markets (ByMA), the governing body of the stock market.
In the same letter, Tecpetrol clarify that the acquired company, Parque Elico Buena Ventura (PEBV), whose shares the oil company bought 100%, “is in the initial stage of development of the project ‘Parque Elico de la Buena Ventura’, of up to 105 megawatts (MW ), located in the town and party of Gonzales chaves, Buenos Aires province”.
He added that, dated November 5, Cammesa, the joint venture that manages the wholesale electricity market, “has assigned priority of dispatch in the Term Market of Renewable Energies (…), corresponding to the applications submitted during the third quarter of 2021, for a power of 100.8 MW “.
ABO Wind is a German company founded in 1996, which is dedicated to the design, development and turnkey sale of wind and solar projects. He has been in Argentina since 2006. Last year, it sold two solar parks in Catamarca. The Buena Ventura project was awarded in the rounds Renew of 2017. Its committed investment was US $ 131 million.
In its note, Tecpetrol also specified that, together with the transfer of the shares, ABO Wind Energas Renovables SA (a subsidiary of the German group) granted a loan against PEBV for US $ 125,600, “consisting of the transfer of an anemometric mast, wind resource data and technical studies of the aforementioned project.”
I also attached the last three balance sheets of the acquired company. In the corresponding to 2020, a loss of almost $ 37 million was registered because it had no invoicing. “This is due to the characteristics of this type of company, which During the project creation stage, it is limited to the processing of permits and the signing of contracts for the use and enjoyment of the land where the wind farm will be implanted, while the measurements themselves of the analyzed wind capacities are carried out.“PEBV explained in his memory.
“These tasks are carried out by the shareholder, ABO Wind Energas Renovables, and the expenses are assumed by it,” he added.
In that same document, I described the context in which the sector finds itself: “The renewable energy sector had a brake when it comes to the development of new projects. The Mater was not active and there were no new energy tenders. The loss of productive activity consequently produced less energy demand. Even in this context, several of the projects awarded in previous tenders and with financing already structured could be built, achieving the highest historical coverage of the demand with renewables of 23.3% in the month of December, according to Cammesa “.
“The Secretary of Energy underwent several changes of command during this year, changing the Ministry of dependency and going through two secretaries of Energy, which shows a lack of direction and visibility regarding energy policy. Secondly, the Gas Plan was established, which is expected to help the exploitation of hydrocarbons and Vaca Muerta“, he pointed.
Tecpetrol is precisely one of the most relevant participants in the Gas Plan. After having invested more than US $ 2.1 billion in the development of the Fortn de Piedra deposit, committed another US $ 1.5 billion in the next four years from the official program, which basically encourages the extraction of shale gas in the star formation of the Argentine energy industry.
Interest in lithium
As i advanced The chronicler on Monday, With this operation, Techint, the largest industrial group in the country, takes a key step in its landing in the renewable energy business. With revenues of $ 17.5 billion in 2020 and 52,000 employees globally, the pillars of the empire he leads Paolo Rocca are the steelmakers Tenaris (production of seamless steel tubes, mainly used in the oil industry), Ternium (flat steels), Tecpetrol and Techint Engineering and Construction (large infrastructure projects).
In terms of energy transition, Tecpetrol had already anticipated its interest in lithium, one of the key minerals in the future of the automotive industry, and whose existence in Argentina attracts the attention of investors from all over the world.
In September, the chairman of its board of directors, Carlos Ormachea, visited the governor of Jump, Gustavo Senz, who I presented him with a project for the development of a pilot lithium plant in that province, where Tecpetrol has been active for three decades in Campo Durn, a field in the north of the province.
In the delegation of executives of the oil company, he was Andrea Rocca: Great-grandson of Agostino, the founder of Techint, is the director of the Energy Transition Unit of the oil company. Also there was Santiago Gilligan, who is manager of Tecpetrol’s Lithium Project.
In the official press release about that meeting, The Government of Salta reports that Tecpetrol has a laboratory-scale plant, where it is testing technology developed in Israel. “The pilot plant is located in the Los Andes Manufacturing Industrial Mining Complex, a group company Santa Rita Mine, more than 4000 meters above sea level, in Olacapato“, precise.