YPF is moving forward with the integration of its energy businesses with a USD 430 million operation that will allow it to become the sole shareholder of YPF Luz, one of the main electricity generation companies in Argentina.
The oil company's Board of Directors approved on October 8 the purchase of 24.99% of the shares of YPF Energía Eléctrica SA , currently owned by BNR Power Investments BV. If the transaction is completed, YPF will control 100% of the capital of its subsidiary, although the closing still depends on compliance with the usual conditions for this type of agreement.
The decision represents a new step in YPF's energy integration strategy and will allow the generator's results to be fully incorporated into its consolidated financial statements, in addition to strengthening its participation in the electricity business.
Horacio Marín , president and CEO of YPF, highlighted the strategic scope of the acquisition and linked the operation to the company's long-term growth objectives.
"Today we are taking a very important step to continue building the YPF we dream of," the executive said via his LinkedIn account.
In that same publication, Marín explained that the acquisition will allow us to "fully consolidate our results and, above all, boost the growth and capabilities of YPF Luz within our energy proposal."
"We want an increasingly integrated, more competitive YPF with a long-term vision. YPF Luz is an important part of that vision," he added.
A power plant with 3.8 GW of installed capacity
YPF Luz currently has 3.8 GW of installed capacity and operations distributed across eight Argentine provinces. Its production represents a volume equivalent to approximately 10% of the electricity supplied in the country, according to data released by the company.
The company participates in the thermal and renewable generation segments, with a diversified portfolio of facilities and clients that gives it a relevant position within the Argentine electricity market.
In financial terms, it recorded an EBITDA of USD 479 million during the twelve months ending in June 2026 , an indicator that allows us to measure the importance of the electricity business within YPF's energy structure.
The acquisition will also mark the end of a period of external equity participation that began in 2018, when General Electric came in as an investor to support the expansion of YPF Luz.
Subsequently, after GE Vernova separated from General Electric in 2024, that stake continued under the structure of the BNR Power Investments fund, which has now agreed to sell its shareholding.
In this way, YPF will once again concentrate total ownership of the power generator it created in 2013, with the aim of developing a business specializing in electricity production.
YPF Luz projects a new stage of growth
From the management of the generating company, Martín Mandarano , CEO of YPF Luz, also referred to the significance of the operation for the future of the company.
"Thirteen years ago, a dream was born, which was planned and then executed step by step to build a company specializing in electrical energy, within YPF," he recalled via LinkedIn.
According to the executive, the decision opens a new phase in the evolution of the company, after more than a decade of development and expansion of its operations.
"Today that dream enters a new stage. With the full support of YPF, new opportunities are opening up to continue growing, developing our capabilities and going further," he stated.
The statements by both executives reflect the intention to deepen the integration between the electricity business and the other activities of YPF, while maintaining YPF Luz's specialization in power generation.
In this context, the purchase of BNR's share package represents a change in the ownership structure of the generator and a strategic move to strengthen the weight of the electricity segment within the group.
However, the company has not yet announced a specific timeline for new investments or projects directly related to this acquisition . The next step will be to complete the conditions necessary to close the transaction and formalize YPF's full shareholding control of YPF Luz.