Argentina’s Impsa gets US$20 million in funding

Impsa finance

Argentine electric power generation equipment manufacturer Impsa will receive a US$20 million injection of public funds, which will allow it to rebuild working capital and strengthen its focus on export markets.

According to BNamericas, the company struck a deal last year with foreign and local creditors to restructure US$560 million, or 98%, of its debt.

The company’s finances were impacted by the postponement and cancellation of public works projects in Argentina after the currency hits of 2018, as well as COVID-19 fallout, hitting sales.

The federal government will pump in 1.36 billion pesos (US$14.4 million), giving it a 63.7% stake in the firm, and Mendoza province 454 million pesos, giving it a 21.2% share, a Mendoza provincial government statement said. The balance is in private hands.

Impsa supplies the nuclear, wind and hydroelectric sectors as well as the oil and gas industry. 

The company is working on the design and manufacture of new turbines for the 3.2-GW Yacyretá hydroelectric plant shared with Paraguay, wind turbines for the Parque Arauco project in La Rioja province, equipment for the 75-MW El Tambolar hydroelectric plant in San Juan province, and equipment for state oil and gas company YPF, which is developing a nuclear reactor.

Impsa also forms part of consortium Malal-Hue, which bid to build the 210-MW Portezuelo del Viento hydroelectric dam. The consortium presented options ranging from US$884 million to US$1.06 billion. Provincial authorities have asked the consortium to revise down the bid it placed in March, local website Desarrollo Energético reported. 

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