Nov. 20 (UPI) -- IMPSA, the first state-owned company sold under Argentine President Javier Milei, reversed years of losses in just nine months and became the first successful case in the libertarian leader's privatization plan.
The renewable energy firm, partially rescued by the Argentine government in 2021 to prevent its collapse, was acquired in February by the U.S.-based fund ARC Energy. It has posted a nearly $206 million profit so far in 2025, the digital outlet iProfesional reported.
Milei took office in late 2023 promising to shrink the state and attract private investment to revive Argentina's economy. His plan is based on rules approved in July 2024 that authorize the full or partial sale of state-owned companies. The government also created the Public Enterprises Transformation Agency to manage the process.
With congressional approval, the Milei administration is moving forward with plans to privatize eight companies in the energy, airport services, water and sanitation, railway, and highway sectors.
The sale of significant stakes in nuclear plant operator Nucleoeléctrica Argentina and in Yacimientos Carboníferos de Río Turbio has been approved. Officials also are studying the transfer of 50% of the state's holdings in Transener, a key company in the electric transmission system.
