Although the national government injects funds and gives it million-dollar contracts to sustain its operations, IMPSA keeps the habit of rack up heavy losses Adding up the last two years, they reach close to $7,600 million, with $4,607 million in 2021, and $2,968 million in 2022.
This, despite the fact that the president Alberto Fernandez It decided two years ago to nationalize the majority of its capital within the framework of a process to rescue the company that continues to seek its direction, despite the constant process of definancing that it is undergoing.
In fact, in the last report sent by IMPSA to the National Securities Commission (CNV), to report on its financial results for last year, its executives set a future business strategy that is based, among other things, on the constant energy demand that is taking place both nationally and internationally that allows the company to glimpse interesting perspectives regarding the concretion of new awards in terms of provision of hydroelectromechanical equipment and the replacement of equipment currently in operation in large-scale projects.
“In the nuclear equipment area, we are one of the few companies with design and manufacturing capacity, which places us among the first places to continue developing and supplying equipment with these characteristics,” says the report by the former Pescarmona family company.
Also within the framework of wind energy, its executives envision possibilities of carry out a series of projects in which IMPSA is developing new technology in order to supply this increasingly growing market.
The “state” IMPSA: future plans
They recall that in the past it developed capital goods for the Oil & Gas industry and ensure that Vaca Muerta opens up “very interesting prospects for our company.”
The Secretary of Industry, José De Mendiguren, leads the rescue plan launched by the Government for IMPSA
In the same way, and with the aim of providing better solutions for customers, the document mentions the creation of a new business unit, called Services, improving coverage for the company’s extensive network of customers with immediate needs for quick solutions. and professionals, “which promises to be very promising for the new demands of the market”.
On the other hand, advances in Artificial Intelligence and its application to various products and businesses will allow it to be increasingly competitive worldwide and projects the Mendoza company into alliances with technology companies from other countries.
Renewable energy
In this segment, the company had, during the past year, an important commercial activity both locally and abroad, as evidenced by the one carried out in the Tocoma Hydroelectric Power Plant, Bolívar State, in Venezuela, within the framework of an agreement that contemplates the provision of 10 223 MW Kaplan turbines, power regulators, 10 230 MVA generators and other equipment for a total of approximately US$1,391 million.
The Macagua I Hydroelectric plant is located in the same country, located on the Caroní River in the city of Puerto Ordaz, where the company entered into another agreement for US$484 million for the reconstruction of a hydroelectric power generating plant which has an installed capacity of 462MW, for which the design, supply, assembly and testing of six new generators, their auxiliary equipment and the installation and equipment of laboratories for medium voltage hydraulic and electrical tests are contemplated.
A third contract achieved by IMPSA in Venezuela is for the José Antonio Páez Power Plant with the objective of assigning five Pelton-type runners for US$ 9.6 million, which includes the provision of auxiliary equipment and modernization of the communication system.
To these businesses, IMPSA adds the Yacyretá Hydroelectric project, which it signed in 2016 with the Yacyretá Binational Entity (“EBY”) for the provision of two turbines for US$13 million.
During the past year, the former Mendoza company of the Pescarmona family lost almost $3,000 million
Similarly, on July 30, 2018, it signed a contract for the provision of four Kaplan turbines for a value of US$21.7 million, which is part of the rehabilitation plan for the 20 existing machines at the Yacyretá Binational Power Plant.
In the same way, it carries out a project at the Puerto Belgrano Naval Base for the manufacturing and commissioning of a jib crane
37.5-ton capacity shipyard in Chain Dock No. 2 for US$9.8 million.
Meanwhile, in the Quebrada de Ullum, in 2021 it signed the contract for the modernization of the Power Plant located in that town of San Juan for the complete disassembly of the Turbine-Generator unit and the rehabilitation and modernization of the main equipment for US$4 million.
With this dual scenario as background, the Secretary of Industry and Productive Development, José Ignacio de Mendiguren, is the one who took the official reins to develop a strategic plan that goes beyond these businesses.
The member of the staff of the Ministry of Economy seeks to strengthen the “state” company, praying that it finally emerges from the financial suffocation that it has suffered for nine years, when a period of debacle began due to risky investments in Brazil and multimillion-dollar debts of the Venezuelan government.
