US advises lenders on US$150 million financing of wind farm in Argentina

Press release - Business February 24, 2020

A US team of Norton Rose Fulbright lawyers advised BNP Paribas Fortis and the US International Development Finance Corp. (DFC) on the US$150 million financing of the Cañadón León wind farm that YPF Energía Eléctrica SA (YPF Luz) is building in Argentina.

Notably, YPF Luz is a subsidiary of state-owned oil company YPF S.A. and the financing represents a growing interest in the Argentinian renewables sector and global energy transition. The project will be built in Cañadón Seco, in the province of Santa Cruz, on Argentina's windy southern steppes.

YPF Luz obtained US$100 million in credits from BNP Paribas Fortis SA/NV and US$50 million from the DFC.

The wind farm will generate 122 megawatts of renewable power, enough energy to meet the needs of about 150,000 homes. The wind farm will have 29 wind turbines and have a 53 percent capacity factor – which YPF Luz says is the highest efficiency level worldwide.

Norton Rose Fulbright's team was led by Todd Alexander (New York) and included Rebecca Abou-Chedid and Monica Borda-Olarte (Washington, DC).