Energy-based learning algorithms are alternatives to backpropagation and are well-suited to distributed implementations in analog electronic devices. However, a rigorous theory of convergence is lacking. We make a first step in this direction by analysing a particular energybased learning algorithm, Contrastive Learning, applied to a network of linear adjustable resistors. It is shown that, in this setup, Contrastive Learning is equivalent to projected gradient descent on a convex function with Lipschitz continuous gradient, giving a guarantee of convergence of the algorithm for a range of stepsizes. This convergence result is then extended to a stochastic variant of Contrastive Learning.