BNR acquires stake in YPF Luz.
PRESS RELEASE
Buenos Aires, 8 August 2019. On 23 July 2019, BNR Infrastructure Co-Investment Limited (“BNR”), a UK incorporated company, acquired 24,99% stake in YPF Energía Eléctrica S.A. (also known as “YPF Luz”) from General Electric’s subsidiary EFS Global Energy BV.
General Electric Company owns 50% of BNR’s economic rights and the Chinese fund Silk Road Fund Co. Ltd. owns the other 50%. Despite the sale of its shares in YPF Luz, GE will be indirectly linked to the company, given that it will continue to manage BNR, a company that in turn exercises voting rights over the Argentine company.
YPF Energía Eléctrica is the renewable energy division of Argentina’s state oil company YPF, which specializes in the generation, transport, distribution and commercialization of electricity through the construction of new thermal generation plants and renewable energy parks. The company aspires to become the third-largest generator of electricity in the country within the next five years.
Counsel to General Electric
In Argentina
Marval, O’Farrell & Mairal: team comprised of partners Santiago Carregal and Diego Chighizola and associates Karen Maulhardt and Josefina Griot.
In USA and Brazil
Shearman &Sterling LLP: partners Robert Freedman and Jonathan E. Kellner, and associates Filipe Lima, Diana Balassiano, Christian Rudloff and David Avila.
Counsel to BNR Infrastructure Co-Investment Limited
In Argentina
Beccar Varela: team comprised of partners Daniel Levi and Alejandro Poletto and senior associates Eugenia Radaelli and Mercedes Pando. Partner Santiago L. Montezanti advised on all tax matters.
In USA
Clifford Chance LLP: partners David Brinton and Kevin Lehpamer, and consultant Carla Ruggero.