YPF Energía Eléctrica SA (YPF Luz), one of Argentina’s major power generation companies, announced strong results for the third quarter of 2025 (3Q25), driven by Expansion of its renewable capacity and good performance in the thermal sector.
The company’s total revenue reached $183.1 million, which represents a significant percentage An increase of 28.8% compared to the same period last year. In line with this positive trend, Adjusted EBITDA was $106.8 million, an increase of 8.5% year over year.
The main driver of growth was in the clean energy sector. EBITDA generated by renewable assets reached $37.4 million, representing a year-over-year increase of 44.3%. This jump is mainly explained by the integration of the new General Levalle wind farm, which completed its commercial operation at the end of 2024, as well as its greater availability at the Los Teros wind farm.
YPF Luz’s total installed capacity increased by 3% compared to last year, reaching a total of 3,397 MW, an achievement largely explained by General Levalli. And in terms of generation Renewable energy production grew by 19.1% in the third quarter of 2025.
As a result, the company recorded 3Q25 Free cash flow (excluding net debt issuances) of approximately $0.4 million, as strong cash generation from operating activities was largely offset by related expenses. Investment plan, regular interest payments and dividend payments to minority shares.
Regarding financial debts until September 30 Total consolidated net debt was $751.8 millionThis compares to $671.0 million in the same quarter of 2024, driven by the company’s growth strategy that includes two renewable projects under construction. Despite the increase in net debt, the net leverage ratio improved to 1.83x from 1.92x year-on-year.
YPF Luz towards 1 GW capacity
In the third quarter, total investments amounted to 52.7 million US dollars, an increase of 50.6% compared to the third quarter 24, allocated to projects under construction. Such as the Cementos Avellaneda wind farm and the El Quemado solar park.
A strategic milestone was achieved in August 2025 with the award of a 90 MW Battery Energy Storage (BESS) project through its subsidiary South Central Basin. This system seeks to enhance the reliability of electricity supply in the Buenos Aires metropolitan area.
This performance is framed in a general panorama of the electricity sector in Argentina where Total electrical demand In the third quarter of 2025, it showed a slight decline of 1.1% year-on-year. However, the national installed capacity of renewable energies It grew significantly by 16% compared to the third quarter of 2024Non-conventional renewable energies represent 19% of total generation.
YPF Luz Market Share Total energy sold in the Mater region reached 24% in the third quarter of 2025slightly lower than the 25% recorded in the same period of the previous year, mainly due to the entry of new renewable energy projects into the market. Despite this, YPF Luz maintained its leadership position in the private renewable power purchase agreement sector, where it held First place in market share.
Projects are in the final stage
YPF Luz is accelerating the build-out of its new clean generation capacity, with a total investment of US$290 million to add 368 MW of wind and solar power to Argentina’s interconnection system. Recent reports confirm that the two projects located in the provinces of Buenos Aires and Mendoza are facing a crisis Physical progress greater than 75%with a start date for operations between the first and second quarters of 2026.
The Cementos Avellaneda wind farm, with an installed capacity of 63 MW and a capital expenditure of US$80 million, shows that construction progress is close to 91%. Marking the final stage of its development. The company stated that the main civil works and assembly of the wind turbines have been fully completed, and 100% of the equipment has already been installed.
On the electrical front, the park is just waiting Fastening works At the Calera Avellaneda Transformer Substation (ET). These tasks, focused on adapting the bus, are crucial to allow the final connection of the project to the 132 kV grid and its commercial injection into the private or mater market.
In the case of El Quemado, it is combined as the largest project, with… Capacity of 305 MW and investment of 210 million US dollars. With a physical progress of about 75%, the PV power plant has shown tremendous progress in the installation of components: more than 230,000 panels and 3,200 solar trackers have already been assembled.
Work is now focused on the interconnection substation (for the Cruz de Piedra-San Juan high-voltage line), where the assembly of the first 100 MW 33/220 kV transformer has been completed, and the assembly of shore equipment has begun, which is expected to be put into operation early.
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