May 24, 2017 / 6:25 PM / a year ago

Corporacion America sells Uruguay wind farms to Spain's Saeta

BUENOS AIRES, May 24 (Reuters) - Argentine holding company Corporacion America said on Wednesday it sold two wind farms in the neighboring country of Uruguay to Spanish renewable energy producer Saeta Yield for $230 million.

The parks in Maldonado province have been in operation since October 2015 and generate a total 95 megawatts of power.

“Through this operation, the group will continue its growth in the energy area in Argentina, focused on gas production in the southern basin of Santa Cruz,” Corporacion America said in a statement.

The company’s energy arm, Compania General de Combustibles (CGC), aims to increase its conventional and non-conventional gas production, Hugo Eurnekian, the Corporacion America executive in charge of energy said in a telephone interview.

Corporacion America has invested about $100 million in energy production so far this year, and the wind farm sale will loosen up more cash for the same purpose forward, he said.

Argentina will slash the tariff on the import of used oil exploration and drilling equipment to 7-8 percent from the current 27 percent in the coming days, Energy Minister Juan Jose Aranguren told reporters on Tuesday.

“These benefits are bound to help the projects,” Eurnekian said. (Reporting by Eliana Raszewski; Writing by Hugh Bronstein; Editing by Richard Chang)

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