The company IMPSA, the first state-owned company privatized by the Government of Javier Milei, signed an agreement with Venezuela this Saturday to carry out strategic works on hydroelectric plants such as the Tocoma plant, a project that has been stalled since the mid-2000s.
The agreement marks a new step in the company's international projection following its transfer to the private sector in 2025, when the national government transferred its majority stake to a U.S. consortium.
The operation represented the first concrete privatization of the libertarian management, in line with its policy of reducing the size of the State.
In this context, IMPSA is repositioning itself in the regional energy sector with an agreement aimed at reconstructing part of the deteriorated Venezuelan electrical grid.
According to the presidency of that country, “we have signed a historic agreement with IMPSA, a recognized Latin American company, to complete the Tocoma Hydroelectric Plant and advance in works for the National Electric System (SEN) that will add 2,640 megawatts (MW) to the country, in order to guarantee the stability of this essential public service for the population and promote the economic growth of our nation.”
The initiative includes the completion of Tocoma and works on the electrical system, in a country affected by recurrent power outages even in its capital. The project is part of the Guri hydroelectric complex, one of the most important in Latin America, located on the Caroní River.
The agreement also includes initial interventions in other plants. As explained by IMPSA's CEO, Jorge Salcedo, in the first 100 days, they will seek to repair three 80 MW turbines in Macagua, while later two 216 MW units will be installed in Tocoma. In a second phase, the project could contribute an additional 1,968 MW.
The history of IMPSA
The company was nationalized in 2021 during the Kirchnerist government of Alberto Fernández and later privatized at the beginning of 2025.
