Project detail - Central Puerto S.A.

Who is our customer?

Central Puerto is one of Argentina’s largest private power generation companies, operating a diversified 6.9 GW portfolio that represents roughly 15% of the country’s private installed capacity. Central Puerto assets include ~4.9 GW of thermal generation, 1.4 GW of hydro, and a growing renewable platform that reached ~575 MW by the end of 2025. The company is developing two of Argentina’s first utility scale Battery Energy Storage Systems at its Nuevo Puerto (150 MW / 750 MWh) and Central Costanera (55 MW / 275 MWh) sites and was awarded, in December 2025, the public tender to renew the 1.4 GW Piedra del Águila hydro concession, which it has already operated for 30 years.

What is our funding objective?

FMO, the Dutch entrepreneurial development bank, has committed USD 50 million as a B-loan participant behind IFC in Central Puerto S.A., of a total of USD 300 million senior unsecured corporate facility, alongside commercial B-lenders mobilized by IFC. This landmark transaction supports Argentina’s largest private power generator and reinforces FMOs’ growing role in enabling the country’s energy transition. The facility will finance two strategic investments: Argentina’s first utility-scale Battery Energy Storage System (150 MW / 400 MWh) and the renewed 1.4 GW Piedra del Águila hydropower concession to operate the plant for 30 additional years. The facility has been assigned a Green label (100%).

Why do we fund this investment?

This transaction will support Central Puerto’s expansion in renewable energy and storage, fully aligning with FMO’s energy sector strategy. By financing Argentina’s first utility-scale BESS and the renewed concession of the 1.4 GW Piedra del Águila hydropower plant, the facility strengthens a key player that is transitioning to increasing the exposure in renewable energies. Both investments are green and climate-positive supporting the country’s energy transition towards clean energies.

What is the Environmental and Social categorization rationale?

The investment has been categorized by FMO as B+, following IFC’s B classification. Relevant IFC Performance Standards vary per asset: for the BESS, PS 1, 2, 3 and 4 apply; for the hydropower plant, PS 1, 2, 3, 4 and 6 are applicable. Given that this is a B-participation for FMO, FMO follows the lead of IFC in its E&S due diligence on this transaction. IFC has identified a limited number of gaps with IFC PS, and a seven item ESAP has been agreed to address these issues. Overall, the transaction is deemed to have well mitigated E&S risks. More detailed information on E&S risks and mitigation measures can be found in the IFC ESRS + ESAP (https://disclosures.ifc.org/project-detail/ESRS/51616/cepu-ucl).