Marval Advised BNR on the Sale of its Interest in YPF Luz to YPF

Marval O’Farrell Mairal advised BNR Power Investments B.V. on the sale of 24.99 % of the share capital and voting rights of YPF Energía Eléctrica S.A. (“YPF Luz”) to YPF S.A., for USD 430 million.

The transaction closed on October 14, 2026. As a result, YPF S.A. became the direct and indirect holder of 100 % of the share capital of YPF Luz.

Founded by YPF S.A. in 2013, YPF Luz is one of Argentina’s leading power generation companies. With approximately 3.8 GW of installed capacity and assets across eight provinces, the company generates around 10 % of Argentina’s electricity.

Marval O’Farrell Mairal’s team was led by partners Santiago Carregal and Diego Chighizola, together with senior associate Delfina Majdalani, and was supported by partner Walter Keininger from the firm’s Tax Department.