Equinor has acquired a 50% stake in the under-construction 120MW Canadon Leon wind farm in Argentina.
The Norwegian developer will make a $30m equity investment as part of the deal that will see it subscribe to shares in proponent company Luz del Leon.
After the deal, the latter will be 50% owned by YPF Luz, which includes an affiliate of GE as a shareholder.
Canadon Leon will cost around $190m to build and will be located in Santa Cruz.
Power will be sold to via the Renovar 2 program and in a private power purchase agreement for 20 and 15 years respectively.
“We are pleased to deepen and strengthen our relationship with Argentina’s leading energy company YPF, now also within wind power,” said Equinor executive vice president for New Energy Solutions Pal Eitrheim.
“We are looking forward to contributing to the development of the Canadon Leon wind farm project and work together with YPF Luz.”
The agreement is subject to the fulfilment of certain condition precedents such as approval of the relevant antitrust authorities and obtaining project financing.