YPF: Company Sells 24.99% Stake In Energy Unit To GE

(RTTNews) - The Argentinean state-owned oil company YPF made official the sale of 24.99% of the shares of YPF Energ?a El?ctrica (YPF EE) to GE EFS Power Investments, which is controlled by GE Energy Financial Services, for US$ 275 million, plus a contingent payment of up to US$ 35 million.

"This capital contribution will allow YPF EE to accelerate its business plan development," said the Argentinean company, in a statement to the National Securities Commission. Still according to the company, GE and YPF now jointly control YPF EE.

Meanwhile, YPF is in advanced talks with a potential third partner to grant it an option to subscribe an additional 24.5% of the YPF EE shares, in terms similar to those agreed with GE.

YPF Energia Electrica has a net generation capacity of 1,807MW, has projects under construction for an additional 485Mw and is evaluating different projects to continue increasing its generation capacity with a total investment that could amount to US$ 1.3 billion, the company said.