Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 7

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 3
Chunk 7
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eléctrica Diamante (through HIDISA), Hidroeléctrica Los Nihuiles (through HINISA) and HPPL (which
we fully own).

HIDISA

We own 61% of the voting capital
stock of HIDISA, a hydroelectric generation company, located in the Province of Mendoza. The Province of Mendoza, through EMESA, currently
owns the remaining capital stock of HIDISA.

HIDISA
operates under a provincial concession for the hydroelectric use of water from the Diamante River, located in the department of San Rafael
in the Province of Mendoza, and under a national concession for the generation, sale and bulk trading of electricity from Diamante’s
hydroelectric system (the “ Diamante System”). The Diamante System consists of three dams and three hydroelectric power generation
plants (Agua del Toro, Los Reyunos and El Tigre). The Diamante System covers a total distance of approximately 55 km with a height differential
between 873 m and 1,338 m. HIDISA has an installed capacity of 388 MW, which represents 0.9% of the installed capacity in Argentina. From
1990 to 2023, the average annual generation has been 526 GWh, with the highest level of generation (943 GWh) recorded in 2006 and the
lowest level (303 GWh) recorded in 2022. Also, HIDISA owns 0.9% of the
capital stock of TJSM and 0.8% of the capital stock of TMB.

HINISA

We own 52.04% of the voting capital
stock of HINISA, a hydroelectric generation company, located in the Province of Mendoza. The Province of Mendoza, through EMESA, currently
holds the remaining capital stock of HINISA.

HINISA operates under a provincial
concession for the hydroelectric use of water from the Atuel River, located in the department of San Rafael in the Province of Mendoza
(approximately 1,100 km southwest of Buenos Aires) and under a national concession for the generation, sale and bulk trading of electricity
from the Los Nihuiles’ hydroelectric system (the “ Nihuiles System”). The Nihuiles System consists of three dams and
three hydroelectric power generation plants (Nihuil I, Nihuil II and Nihuil III), as well