Norwegian multinational energy firm Equinor joins YPF Luz for the development of a wind farm in Santa Cruz in Argentina, Equinor announced in a statement on Tuesday.
After the completion of the project with an investment of around $190-million, the Canadon Leon wind farm will have a capacity of about 120 megawatts (MW).
According to the statement, the agreement will ensure Equinor has a 50% stake of Luz del Leon, the company in charge of the Canadon Leon wind farm project, with an equity contribution of $30 million.
"After the subscription and capital integration, YPF Luz and Equinor will jointly control Luz del Leon, while YPF Luz will be in charge of the operations of the Canadon Leon Wind Farm project," the company said.
The shareholders of YPF Luz are YPF S.A and an affiliate of General Electric.
By Gulsen Cagatay