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GE and YPF Secure Financing for Two Fastpower Projects in Argentina

BUENOS AIRES, Argentina--(BUSINESS WIRE)--

General Electric (GE), through its energy investing unit GE Energy Financial Services, and YPF Energía Eléctrica, a wholly owned subsidiary of YPF S.A. (YPF), have secured an approximate $220 million project financing for two jointly owned thermal power projects in Argentina, the 267-MW Tucumán and 107-MW Loma Campana II projects. Citi, Credit Suisse and Export Development Canada (EDC) jointly led the financing, which represent the first power plant project financing in Argentina in almost 20 years.

Tucumán and Loma Campana II are both more than halfway through construction. The Tucumán project, located in Tucumán province, will be powered by a GE 9F.04 gas turbine and will begin commercial operations in February 2018. The Loma Compana II project, located in Neuquén province, will be powered by a GE LMS100 gas turbine and will begin commercial operations in December 2017. GE is the EPC contractor for both projects.

Once operational, each project will benefit from a 10-year power purchase agreement (PPA) with the state-run wholesale electricity market administrator Compañía Administradora del Mercado Mayorista Eléctrico SA (CAMMESA). The PPAs were awarded in 2016 as part of the Government of Argentina’s ‘Fast Power’ tender. The tender was the first of a series aimed at displacing expensive and inefficient generating capacity, and quickly increasing the country’s electricity reserve margin.

In response to Argentina’s energy environment, President Mauricio Macri has enacted several...


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