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(Incorporated in Argentina)
We are the leading pure-play power generation company in Argentina based on installed capacity, engaged in the development and operation of electricity power plants and the generation and commercialization of electricity using both thermal and renewable technologies. We own and operate 17 power generation assets with a total installed capacity of 3,764 MW, representing 8.2% of Argentina’s total installed capacity connected to the SADI, the country’s electricity grid, as of March 2026. For the 12-month period ended March 31, 2026, we supplied 15.0 TWh of electricity, representing 9.9% of the total electricity supplied on the SADI. We have a strategically diversified portfolio with multiple technologies, which allows us to benefit from the complementarity of our assets by delivering efficient thermal and renewable energy, along with firm capacity, as well as numerous geographic locations across the country. A significant portion of our generation capacity is contracted under long-term PPAs, and all our revenues, from both PPAs and the spot market, are denominated in U.S. dollars.
From March 2016 to March 2026, we have grown at a compound annual growth rate (“CAGR”) of 16.0% in terms of our installed capacity, primarily through organic development, and we intend to continue to grow with our pipeline of projects, through potential acquisitions and by taking advantage of opportunities we expect to arise as part of Argentina’s electricity market transition.
Our operating portfolio is comprised of 2,740 MW of thermal assets and 1,024 MW of renewable assets, representing 73% and 27% of our total installed capacity, respectively, as of the date of this prospectus. Our thermal assets include reliable and efficient: (i) combined-cycle plants, which generate additional electricity by using exhaust heat to drive a steam turbine; (ii) simple-cycle plants, which use one or more gas turbines in a single energy cycle; (iii) cogeneration plants, which produce both electricity and heat; and (iv) reciprocating engine plants, which use piston-driven engines to generate electricity. See “Glossary of Terms”. Our renewable generation portfolio is comprised of wind and solar farms, which are strategically located in sites with strong wind and concentrated solar photovoltaic power conditions, resulting in load factors significantly above industry averages, both in Argentina and worldwide.
For the 12-month period ended March 31, 2026, 81.0% of the electricity we supplied was from thermal sources and 19.0% was from renewable sources. We expect the proportion of our electricity generation from renewable sources to grow, given the recent commencement of operations of the new renewables plants.
We are the third-largest thermal power generation company and the second-largest in renewable power generation in Argentina in terms of installed capacity as of March 2026 and of energy generated for the 12-month period ended March 31, 2026. Our thermal assets represent 10.8% of Argentina’s total thermal installed capacity connected to the SADI as of March 2026 and we contributed 15.0% of the country’s thermal energy generation on the SADI for the 12-month period ended March 31, 2026. Our renewable assets represent 11.7% of Argentina’s total renewable installed capacity connected to the SADI as of March 2026 and we contributed 10.3% of the country’s renewable energy generation on the SADI for the 12-month period ended March 31, 2026.
Our assets are located across eight provinces in the center, North, South and West of Argentina, allowing us to deliver energy through multiple nodes of the country’s electricity grid. As of the date of this prospectus, we own and operate ten thermal plants for a total installed capacity of 2,740 MW, five wind farms totaling 619 MW and two solar farms totaling 405 MW. We also produce steam from our LPC I and LPC II thermal power plants, which have steam capacities of between 190 and 210 tons per hour and between 190 and 200 tons per hour, respectively. Additionally, we are constructing our first BESS project for 90 MW, which upon completion will increase our total installed capacity to 3,854 MW.
Our BESS project, which was part of the first bidding process for a BESS technology in Argentina, is located in the Province of Buenos Aires and is expected to add 90 MW of power capacity and 450 MWh of storage capacity and is expected to reach full commercial operations in the fourth quarter of 2026.
The company was formed in August 2013 with YPF as its sole shareholder. YPF is Argentina’s largest energy company, with fully integrated oil and gas operations and a leading market position in Argentina’s upstream and downstream sectors. YPF’s shares have been listed on the BYMA and the NYSE since 1993. The Argentine government owns 51% of the capital stock of YPF. During its early years, the company focused its strategy on providing a reliable and efficient energy supply for YPF. Starting in 2018, the Company shifted its strategy to focus on its own standalone and independent development and entered a growth phase leveraging on opportunities within Argentina’s electricity market through participation in multiple tenders, as well as in the renewable energy sector development in the country. As part of our growth strategy, in March 2018, GE EFS Power Investments B.V. (then an affiliate of General Electric) acquired 24.99% of our capital stock, with the remaining 75.01% continuing to be held directly or indirectly by YPF. Since then, we successfully executed on our strategy and have grown our installed capacity, becoming Argentina’s largest pure-play power generation company. In 2019, GE EFS Power Investments B.V. was transferred to BNR Infrastructure Co-Investment Ltd, an entity controlled by GE Vernova with 50/50 participation from GE Vernova and the Silk Road Fund. Following the GE Vernova spin-off in April 2024, GE EFS Power Investments B.V. was renamed to BNR Power Investments B.V., with its underlying shareholding structure remaining unchanged.
Note: Our operations are organized into two reportable segments: thermal generation and renewable generation. Our thermal generation segment includes our revenue, expenses and results of operations resulting from (i) generating and commercializing energy from, and the available capacity of, our Tucumán, San Miguel de Tucumán, El Bracho, Loma Campana I, Loma Campana II, Loma Campana Este, LPC I, LPC II, Manantiales Behr and Central Dock Sud power plants, and (ii) generating and commercializing steam in our LPC I and LPC II power plants. Our renewable generation segment includes our revenue, expenses and results of operations resulting from generating and commercializing energy from our Manantiales Behr, Cañadón León, Los Teros, General Levalle and CASA wind farms, and our Zonda and El Quemado solar farms. Our revenues, expenses and results of operations that are not attributable to either operating segment are reported under “Corporation and others,” which we do not consider an operating segment.
Note: Net income and revenue are in U.S. dollars (converted from Argentina’s peso).
Note: The selling shareholder named in this prospectus (the “selling shareholder”) is offering Class B common shares in a global offering, which consists of (i) an international offering of Class B common shares, which may be represented by American depositary shares (“ADSs”), in the United States and other countries outside Argentina (which we refer to as the “international offering”); and (ii) a concurrent public offering registered with the Argentine Securities Commission (Comisión Nacional de Valores or “CNV”) of Class B common shares in Argentina (which we refer to as the “Argentine offering” and, together with the international offering, the “global offering”). Each ADS represents ten of our Class B common shares. YPF Energía Eléctrica S.A. is not offering any Class B common shares or ADSs in the global offering and will not receive any proceeds from the sale of Class B common shares or ADSs in the global offering. The international offering is being underwritten by the international underwriters named in this prospectus. The Class B common shares in the international offering are expected to be offered exclusively in the form of ADSs. In the Argentine offering, Class B common shares are being offered in Argentina through the Argentine placement agents, pursuant to a prospectus prepared in accordance with the laws of Argentina. The total number of Class B common shares in the international offering and the Argentine offering is subject to reallocation between these offerings. The closings of the international offering and the Argentine offering are conditioned upon each other.
(Note: This is an offering of American Depositary Shares (ADS) by the selling shareholder of YPF Energia Electrica S.A., according to the F-1 filing dated July 13, 2026. The company said it intends to apply to list the ADSs on the New York Stock Exchange (the “NYSE”) under the symbol “YLUZ.” In addition, we intend to apply to list and trade our Class B common shares in Argentina on the Bolsas y Mercados Argentinos S.A., or “BYMA” under the symbol “YLUZ.” Estimated proceeds are $100 million, a placeholder figure. Some Wall Street pros estimate that the YPF Energia Electrica IPO could raise between US$275 million and US$300 million.)
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