Argentina

Argentina

Equinor buys maiden wind capacity in Argentina

Norwegian energy company Equinor has entered the Argentine wind sector by acquiring a 50% stake in a 120MW wind project under construction in the south of the country.

Construction of the 120MW Cañadón León wind project is underway (pic: YPF Luz)
Construction of the 120MW Cañadón León wind project is underway (pic: YPF Luz)

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The $30m deal sees Equinor secure half of Luz de Leon, the development company behind the Cañadón León wind project.

Current shareholders include local energy firm YPF and a subsidiary of US conglomerate GE, which is also providing the turbines.

The project is already backed by a power purchase deal secured in the second round of Argentina’s RenovAr renewables procurement programme.

The deal remains subject to local authority approvals.

Equinor already has oil and gas assets in Argentina including one site partnering with YPF, and a solar power project.

Argentina's Renovar programme has made the country a promising emerging market.

With a number of major projects already completed this year, it is one of the best performing markets in 2019, after an already impressive 2018.

But the ongoing recession and a lack of grid capacity are starting to affect the confidence of the sector.

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