YPF and GE move forward with power projects

BUENOS AIRES, July 6, 2017 – Multinational energy conglomerate GE announced Wednesday that it and YPF Energía Eléctrica, a subsidiary of Argentina’s NOC, had obtained financing for two thermal plant projects.

Citi, Export Development Canada and Credit Suisse will provide the companies with around USD 220 million to complete the 267-MW Tucumán and 107-MW Loma Campana II “fastpower” plants, which are a already half-complete.

“This project finance is an important milestone for YPF as it completes the funding of all our power projects under construction, therefore proving the ability of YPF Energía Eléctrica to continue to grow with its own balance sheet,” said YPF CFO Daniel González.

Loma Campana II is expected to come on stream in Neuquén before the end of the year, while the Tucumán plant is scheduled to be operational by February 2018. Both facilities will feature GE gas turbines.

YPF Energía Eléctrica will own and operate the plants, while GE has taken on the role of EPC contractor.

YPF has already entered into 10-year power purchase agreements with CAMMESA, Argentina’s wholesale electricity market administrator, for both the plants.

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