Iberdrola launches new project in Mexico

Iberdrola launches new project in Mexico.
Iberdrola launches new project in Mexico.
Iberdrola recently announced a $400 million investment on a new project called Noreste, which will have a capacity of 850 megawatts in Escobedo, Mexico; the company is responsible for the generation plant maintenance and operations, and work on the plan is expected to begin in 2016, while the company also plans to connect the power plant to the grid in July 2018.

The Federal Electricity Commission (CFE) will purchase all the energy produced under a 25-year contract.

Iberdrola is also charge of building facilities for connect the national electricity system, such as the power lines and the transformer substation.

Currently, the company investments in Mexico are more than $1 billion (USD) and represent some of the most significant business for Iberdrola overseas. The company is building two new combined-cycle power plants, three cogeneration plants and the Pier 2 and Dos Arbolitos wind farms.

The company plans to invest up to $5 billion in the country over the next five years.

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