The 1,740MW hydro project comprises two hydroelectric dams and will be developed by the consortium that also includes Argentine firms Electroingenieria and Hidrocuyo.
Lauding the project, Argentine President Cristina Kirchner told Dow Jones Newswires that the hydro project would lead to greater economic development.
The winning consortium initially would finance the entire project, revealed Kirchner.
Over 20 companies, including firms from Brazil, China, France, Korea and Spain, had proposed bids to secure the contract for the hydropower projects.
Argentine government expects the dams to narrow down diesel and liquefied natural gas import requirements, thereby saving around $1.1bn per year.
