YPF Luz, a leading Argentine power generation company, filed an F-1 to list American Depositary Shares on the New York Stock Exchange under the ticker YLUZ. The offering is a secondary sale by an existing shareholder, and the company will not receive proceeds. ADSs will represent Class B common shares, with a concurrent Buenos Aires listing planned on BYMA.

Business Description

YPF Luz develops, owns, and operates power generation assets in Argentina across thermal, wind, and solar technologies. As of March 2026, the company operates 17 plants totaling 3,764 MW of installed capacity—2,740 MW thermal and 1,024 MW renewable—and supplied 15.0 TWh over the twelve months ended March 31, 2026. The portfolio spans eight provinces and includes combined-cycle, cogeneration, simple-cycle, reciprocating engines, and high-quality wind and solar sites with above-average load factors.

The company sells electricity through a diversified mix of long-term U.S. dollar–denominated PPAs with private industrial clients and CAMMESA, as well as spot market sales under Argentina’s new marginal-cost framework (Resolution 400/2025). It also supplies steam to YPF’s La Plata refinery and is building a 90 MW/450 MWh battery storage project contracted to EDESUR. YPF Luz positions itself as a scaled, efficient generator with sector-leading availability, strong private-market presence, and a sizable development pipeline in thermal, renewable, and storage assets.

Market Overview

  • Total addressable market: Argentina’s SADI system with 44 GW of installed capacity as of 2025 and rising private-market contracting under new rules.
  • Market growth: Sector reforms in 2025 are enabling more bilateral contracting and fuel self-management, supporting new capacity and private PPA growth.
  • Market position: YPF Luz holds 8.2% of installed capacity and supplied 9.9% of electricity on the SADI over the twelve months ended March 31, 2026.
  • Key competitors: Large Argentine generators and integrated energy companies operating across thermal and renewable fleets.
  • Industry trends: Renewable penetration reached ~18.7% in 2025; grid reforms (Resolution 400/2025) prioritize marginal-cost pricing, private PPAs (MATE/MATP), and battery storage adoption.

Operational Metrics

  • Customers: More than 100 large private industrial clients, including YPF and other blue-chip manufacturers
  • Locations: 17 operating assets across eight Argentine provinces
  • Geographic presence: Nationwide across central, northern, western, and southern Argentina
  • Partnerships: 15-year BESS capacity PPA with EDESUR; multiple CAMMESA PPAs; long-term service agreements with OEMs (GE Vernova, Vestas, Nordex)
  • Orders/GMV: Not disclosed
  • Other key metrics: 3,764 MW installed (2,740 MW thermal; 1,024 MW renewable); 8.2% national installed capacity share; 15.0 TWh supplied in the twelve months ended March 31, 2026; thermal availability ~90%+; wind/solar load factors ~49.7%/30.0%

Financials Highlights

  • Revenue (current): US$640.8 million (FY 2025)
  • Revenue growth: 22.2% year-over-year (2025 vs. 2024)
  • Gross profit: US$297.2 million
  • Operating income: US$265.0 million
  • Net income: US$7.4 million

Management

  • Héctor Martín Mandarano, Chief Executive Officer - Electrical engineer with nearly three decades in Argentina’s power sector; led YPF’s electricity business and has been CEO of YPF Luz since 2018.
  • Gabriel Eduardo Ábalos, Chief Financial Officer - Former corporate finance executive at YPF; extensive capital markets and finance experience; appointed CFO in November 2025.
  • Jorge Esteban Ravlich, Electric Business Director - Background in commercial strategy and development at major Argentine energy firms; joined YPF Luz in 2017.
  • Santiago Matías Sajaroff, Chief Operations Officer - Operations executive with prior leadership at Central Dock Sud; oversees multi-technology fleet operations.

IPO Structure

  • Issuer: YPF Energía Eléctrica S.A.
  • Filing date: July 13, 2026
  • Proposed ticker: YLUZ
  • Exchange: NYSE
  • Lead underwriters: Goldman Sachs & Co. LLC; BofA Securities; Citigroup (Global Coordinators); BNP Paribas; Itaú BBA; J.P. Morgan; Santander
  • Use of proceeds: The issuer is not selling shares and will not receive any proceeds; all proceeds go to the selling shareholder (BNR Power Investments B.V.).

Original SEC Filing:

This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.