Friday, June 14, 2024

Iberdrola announces US $2.5-billion investment in electrical generation

Trust in Mexico’s macroeconomic solvency is one of the reasons why the Spanish energy company Iberdrola will invest US $2.5 billion in electrical generation between 2020 and 2022.

The firm’s representative in Mexico said the investment in a series of projects currently in development will allow it to add 2,000 megawatts to the country’s power supply.

“We intend to continue developing projects in the country,” said José Enrique Alba.

Those projects include one in the northern state of Nuevo León, which may not be one of the most developed so far . . . but we are studying it,” he told an audience at the 4th Infrastructure Projects Forum in Monterrey yesterday.

It would be the third plant Iberdrola has in the state, one of which is already operational and supplies the power grid with 888 megawatts.

“Mexico has important qualities: a growing electrical market . . . a solvent macroeconomy, [central bank] Banxico controls the inflation and [the country’s] reserves [Mexico] has been doing things right,” he said.

As long as government institutions earn the people’s trust and the country fosters democratic certainty, foreign direct investment will continue to flow into Mexico, he continued.

Alba does not expect the energy sector to slow down anytime soon: “The next few years will be the same, because the market is thriving.” He observed that 60% of the energy produced is for the industrial sector.

Source: El Economista (sp)

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