Energy giant Equinor has announced it has snapped up a stake in an offshore wind project off the coast of Argentina.
The Norwegian firm said has bought up a 50% interest in the Canadon Leon wind farm in Santa Cruz through a subsiduary company.
The deal cost Equinor nearly £25 million.
Argentinian firm Luz del Leon (YPF Luz) is the developer of the Canadon Leon wind farm project.
YPF Luz and Equinor will jointly control Luz del Leon, while YPF Luz will be in charge of operations.
After the subscription and capital integration, YPF Luz and Equinor will jointly control Luz del León, while YPF Luz will be in charge of the operations of the wind project. After the completion of the works, the wind farm will have a capacity of about 120 megawatts (MW) of power and a total investment estimated to around USD £156m.
Executive vice president for New Energy Solutions in Equinor, Pal Eitrheim, said: “We are pleased to deepen and strengthen our relationship with Argentina’s leading energy company YPF, now also within wind power.
“We are looking forward to contributing to the development of the Cañadón León wind farm project and work together with YPF Luz.”