Argentine oil company creates renewables unit

Argentine oil company creates renewables unit

Corporate & Sovereign Strategy M&A Gas Oil Solar ESG Renewable

Petrolera Aconcagua Energía (PAESA), a junior oil producer in Argentina, said Wednesday that it reached an agreement with its sister company Aconcagua Energía (AESA) to spin off a new venture to spearhead investments in the renewable energy sector. The new company, Aconcagua Energía Renovables (AERSA), will be 75% owned by AESA and 25% by PAESA, they said in a securities filing. The spinoff will seek to accelerate investments in renewable power generation, allowing PAESA to focus on developing i

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