General Electric, through its energy investing unit GE Energy Financial Services, and YPF Energía Eléctrica, a wholly owned subsidiary of YPF S.A., have secured an approximate $220 million project financing for two jointly owned thermal power projects in Argentina.

Citi, Credit Suisse and Export Development Canada (EDC) jointly led the financing, which represents the first power plant project financing in Argentina in almost 20 years.

“This project finance is an important milestone for YPF as it completes the funding of all our power projects under construction, therefore proving the ability of YPF Energía Eléctrica to continue to grow with its own balance sheet,” said Daniel González, YPF´s chief financial officer.

GE Energy Financial Services’ Global Capital Advisory team, which sources financing from third parties including export credit agencies, development finance institutions and other equity providers and commercial banks, led the debt raise for the two power projects on behalf of the sponsors.

“GE’s technology, global reach and capital expertise enabled a successful outcome for Argentina’s initial fast power tender and for an important GE customer, YPF,” said Bob Psaradellis, managing director, Global Capital Advisory, GE Energy Financial Services.

Daniel Castagnola, managing director, Latin America, GE Energy Financial Services, added, “There is a strong pipeline of projects in Argentina and Latin America broadly and we look forward to partnering with more international project finance lenders in the region.”