MercoPress. South Atlantic News Agency

Argentina's YPF to invest US $ 90 million in solar energy

“Without energy there is no development, without development there is no production and without production there is no work,” Manzur said

Argentina's Cabinet Chief Juan Manzur Monday presided over the ceremony during which the State-run oil company YPF announced it will invest U$S 90 million to develop a solar energy park in Ullum, in the province of San Juan, where radiation suits best these type of undertakings.

YPF Luz's new Zonda solar park, to be located in the town of Bella Vista, is expected to generate by early 2023, 300 MW of electricity, enough to supply 140,000 homes.

The park will be built in three stages, each delivering 100 MW each, which combined will represent an yearly reduction of 120,000 tons of Carbon Dioxide (CO2).

The construction works will create at least 90 new jobs and will be completed at the beginning of 2023, it was also reported.

Around 40% of the plant's future output has already been allocated to mining companies in the area.

Joining Manzur at the announcement was San Juan Governor Sergio Uñac, YPF CEO Pablo González, YPF Luz CEO Martín Mandarano, as well as other provincial authorities.

According to Uñac, this YPF investment will lead to doubling the number of solar panels the province already has linked to the national electricity network. “This investment could have been in any other province, but with the radiation conditions in San Juan they decided to do it here, thanks for betting on federal development,” the Governor stressed.

Mandarano explained that YPF Luz has been investing in electricity generation since 2013, first with natural gas, which he said is the “bridge” between conventional and renewable energy, and then with wind projects. “Today we launched our first solar project in San Juan, where radiation is one of the strongest in the world. We have measurements that allow us to confirm that it is one of the points that competes with the Atacama Desert, which will allow us to bring about a highly efficient project,” he explained.

The panels to be used are are bifacial, which means they take in sunlight both directly and also that which bounces off the ground. “With this we diversify our energy matrix, and there are already six provinces where YPF Luz” operates, added Mandarano. “We want cheaper energy every day,“ he went on. One which ”reaches the entire population, that is sustainable, renewable and affordable to Argentines.”

González highlighted YPF's 100th Anniversary “from [General Enrique] Mosconi's dream of a different oil company, when the world thought of a private hydrocarbon exploitation matrix, it was thought of a national strategic asset.”

The company's CEO aded that YPF “has followed the history of Argentina, when it was privatized and recovered in 2012,” and insisted that “today we are thinking that the stage of the energy transition is going to be financed with the resources from conventional and unconventional hydrocarbons.”

In González's view, “YPF has the obligation to produce oil and gas“ to supply the entire local market. He also underlined that a company which not so long ago seemed in bankruptcy, ”today we are announcing an investment of US $ 3.7 billion for this year, [which] is the largest in the last five years.”

Manzur said “today there is a turning point” for the country and the province, because of the strategic announcement. “Without energy there is no development, without development there is no production and without production there is no work.”

The former Health Minister added that “we seek a federal Argentina, in which families, wherever they live, can develop, send their children to school and have access to basic goods and be able to continue progressing. Let it be an Argentina that integrates, that looks forward and closes gaps ... through investments, which is what happened here today,” the Chief of Staff highlighted.