YPF Luz clinches $150 million in loans for wind farm in Santa Cruz

Argentine power generator YPF Luz, a subsidiary of state oil company YPF, said on Tuesday it had clinched $150 million in loans to build a wind farm in Santa Cruz, on the country’s famously breezy southern steppes.

The company received $100 million in credits from BNP Paribas Fortis and $50 million from the U.S. International Development Finance Coroporation, YPF Luz said in a statement.

YPF President Guillermo Nielsen said the loans “demonstrate … confidence in the economic future of the country.”

The wind farm, called Cañadón León, is expected to generate 120 megawatts of power and will create 400 jobs during its construction phase, the company said.