Friday, June 14, 2024

Spanish firm to invest US $1.3 billion in five electrical plants

The Spanish electric utility company Iberdrola is planning to invest US $1.3 billion in five new power generation plants that will market electricity to private enterprise.

Iberdrola México CEO Enrique Alba explained that the new facilities — two combined heat and power plants, two wind farms and a combined-cycle power plant — will be built this year and the next, and will meet the growing demands of the country’s manufacturing and industrial sector.

The investment is part of Iberdrola’s plan to invest a total of $5 billion in Mexico over the next six years.

“Mexico is a growing market, we see an important potential,” said Alba during the signing of an agreement with the Confederation of Industrial Chambers (Concamin).

The confederation’s chairman said that deals like the one reached with Iberdrola are aimed at resolving the blackouts that have been affecting parts of the country, like those on the Yucatán peninsula.

“We are doing our part to propel the growth of Mexico . . . ” said Francisco Cervantes, adding that agreements like this allow the industry to be more participatory.

Source: El Financiero (sp)

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