YPF Luz Joins Equinor for the Development of the Cañadón León Wind Farm

Source Press Release
Company YPF Sociedad AnonimaEquinor ASA 
Tags Asset Deals, Deals, Renewable Energy, Power
Date August 06, 2019

YPF Luz and Equinor, today announced an agreement in which Wind Power , a subsidiary of Equinor, will subscribe sharesin Luz del León. Luz de León is the company in charge of the Cañadón León Wind Farm project, currently under construction, located in the province of Santa Cruz. Equinor is a leading Norwegian energy company that develops oil, gas, wind and solarenergyYPF Luz and Equinor, today announced an agreement in which Wind Power, a subsidiary of Equinor, will subscribeshares in Luz del León. Luz de León is the company in charge of the Cañadón León Wind Farm project, currently under construction, located in the province of Santa Cruz. Equinor is a leading Norwegian energy company that develops oil, gas,wind and solar energy in more than 30 countries worldwide.

The agreement establishes that Equinor will have a 50% shareholding of Luz del León, with a contribution of 30 million dollars.After the subscription and integration of the capital, YPF Luz and Equinor will jointly control Luz del León, while YPF Luz will be in charge of the operation of the Cañadón León Wind Farm project.

Once the work is finished, the wind farm will have 120 MWOnce the work is finished, the wind farm will have 120 MW of installed capacity and a total investment of approximately 190 million dollars. The energy produced by the wind farm will besold to CAMMESA and YPF through contracts of 20 and 15 years respectively.

"We are very satisfied with this agreement with Equinor as a strategic partner for the development of the Cañadón León windfarm," said Martín Mandarano, CEO of YPF Luz. In this way, we add to our projects another very important actor worldwide, thus showing the confidence of the big players in the market and global investors in YPF Luz, ”he added.

“We are pleased to deepen and strengthen our relationship with the leading energy company in Argentina, YPF, now also withinwind energy. We hope to contribute to the development of the Cañadón León wind farm project and work together with YPF Luz, ”said the Executive Vice President of New Energy Solutions in Equinor, Pål Eitrheim. 

The agreement is subject to the fulfillment of certain conditions such as the approval of antitrust authorities and the obtaining of project financing. 

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd