BNR Power Investments is jointly owned by GE Vernova and China’s state-backed Silk Road Fund. General Electric originally entered as a shareholder in 2018 to support YPF Luz’s expansion. Following GE Vernova’s spinoff from General Electric in 2024, the stake transferred to the BNR vehicle. The buyout ends this partnership structure and consolidates control under YPF.
YPF Luz operates 3.8 gigawatts of installed capacity across eight Argentine provinces, supplying approximately 10% of the country’s electricity demand. The portfolio combines thermal generation plants with renewable energy parks, serving industrial clients through long-term contracts that provide predominantly dollar-denominated revenues. The company recorded EBITDA of $479 million for the twelve months ended June 2026.
Horacio Marín, YPF’s president and CEO, stated the acquisition represents a step toward building a world-class energy company. The transaction will enable YPF Luz to accelerate growth and enhance capabilities while maintaining specialization in the electricity sector, adding value to YPF’s integrated energy offering.
YPF established the power subsidiary in 2013 to develop a specialized electricity business complementing its hydrocarbon operations. The initial asset was the 830-megawatt Tucumán thermal generation complex acquired that year. The company has since expanded through new plants and renewable installations, serving both YPF’s own operations and third-party industrial consumers while participating in the wholesale market.
The acquisition allows YPF to consolidate YPF Luz’s financial results entirely within its accounts rather than reporting only its majority share. The deal values the minority stake at approximately $1.72 billion for the full company based on the purchase price. YPF Luz had filed documentation with the U.S. Securities and Exchange Commission in July for a potential initial public offering, an option that now appears superseded by full integration into the parent company.
This article was curated and published as part of our South American energy market coverage.
