Awarding of Expansion Project at Genelba Thermal Power Plant
Buenos Aires, October 18, 2017. Pampa Energía S.A. (‘Pampa’ or the ‘Company’; NYSE: PAM; BCBA: PAMP) informs that today the Ministry of Energy and Mining awarded Wholesale Power Purchase Agreement (the ‘PPA’) to be signed with the Wholesale Electricity Market Company (‘CAMMESA‘) to selected projects chosen from the tender for co-generation and closing to combined cycles, pursuant to Resolution No. 926-E/17 issued by the Secretariat of Electric Energy.
Among the 9 projects awarded, that aggregated amounts to more than 1.3 GW of additional capacity to the grid, it is Genelba Plus’s closing to combined cycle project, which adds 383 MW of gross installed capacity over the existing equipment at Genelba thermal power plant, fully-owned by the Company (hereinafter, the ‘Project’).
The Project consists in the installation of a new gas turbine and a steam turbine as well as other enhancement works over the current gas turbine named Genelba Plus, which altogether will be the second combined cycle at Genelba and reach a total gross power of 552 MW. The investment is estimated at US$350 million. The Project’s commissioning at open cycle is expected in the first quarter of 2019 and as closed cycle in the second quarter of 2020.
The PPA to be entered with CAMMESA will be effective for a 15-year term and will remunerate a fixed price of US$20,500 per MW per month and a variable price of US$6 per MWh.
Along with this expansion, Genelba, which is located in Marcos Paz, province of Buenos Aires, will generate with two combined cycles and reach a total installed capacity of 1.2 GW. Currently, Genelba generates power with a 674 MW combined cycle and a 169 MW gas-fired turbine Genelba Plus, in which expansion will be built on.
This investment vowed by Pampa Energía follows to the recent incorporations of Parque Pilar thermal power plant in the province of Buenos Aires (100 MW) and the new gas turbine at Loma de la Lata power plant, located in the province of Neuquén (105 MW). Moreover, the Company is currently building in Bahía Blanca another thermal plant and wind farm Corti, both 100 MW each. Therefore, once all expansion projects are commissioned, the total installed capacity that Pampa Energía will contribute to the Argentine grid will amount to 4.3 GW.
For further information, contact:
Gustavo Mariani – Vice-President
Ricardo Torres – Vice-President
Mariano Batistella -Planning, Strategy and Affiliates Executive Director
Lida Wang – Investor Relations Officer
Maipú 1, (C1084ABA), Buenos Aires, Argentina
Phone: +54 (11) 4344 6000