SPANISH energy company Iberdrola will this year start the construction of a combined cycle and a photovoltaic plant in Mexico, with an estimated investment in both projects of €677million.
The combined cycle in Veracruz and the photovoltaic park in the State of Puebla a part of a five-year plan that will see the company invest about €4.515 billion in the country.
Iberdrola is also studying projects in the region for another €903 million as part of its initial contribution to the Oaxaca Pact, signed last week by Mexican President Andrés Manuel López Obrador, the Confederation of Industrial Chambers (Concamin) and nine governors of the country, the company has reported.
The energy company estimates that it will make purchases from Mexican industry worth more than $3 billion dollars (€2.709 billion), which will help the country’s economic growth.
With a presence in the country for 20 years, Mexico is a key market for Iberdrola, where it has an installed capacity of more than 7,400 megawatts (MW) distributed in 20 plants. These are a mixture of combined cycles, wind farms and photovoltaic, which are located in 13 states, of which about 60 per cent supply energy to private customers.
In addition, the energy company is building five plants that will come into operation this year and will raise the installed capacity in the country to more than 10,000 MW.