May 17 (Renewables Now) - Spain’s Iberdrola SA (BME:IBE) will invest up to USD 5 billion (EUR 4.5bn) in new power generation projects in Mexico in the 2019-2024 period to cater to the growing energy demand expected in the coming years.
To carry out these projects, which will involve gas-fired and renewable power plants, Iberdrola will make purchases valued at more than USD 3 billion from local industry players, the energy company said during this week’s visit of CEO Ignacio Galan to Mexico.
Iberdrola also took the opportunity to announce the start of construction of three new plants in Mexico this year. The combined cycle power plant in Tuxpan, Veracruz, a cogeneration plant in the state of Queretaro and a solar photovoltaic (PV) farm in the state of Puebla will have a combined capacity of 1,500 MW. The total investment in these projects will reach USD 1 billion.
Iberdrola has been present in the Mexican energy market for 20 years.
(USD 1.0 = EUR 0.89)