The engineering and construction unit of Spanish utility Iberdrola has won a US$13.9 million contract to build the 17-MW Benito Juarez hydroelectric project in Mexico’s Oaxaca State.
Iberdrola Ingenieria y Construccion (Iberinco) is to carry out a turnkey contract, including design, engineering, procurement, construction, supervision, and commissioning of the plant on the Tehuantepec River. The contract, awarded by developer Electricidad del Istmo, is to require 21 months.
A statement by Iberdrola said the contract is Iberinco’s first such turnkey construction outside of Spain for a client other than Iberdrola. It said the contract indicates a new direction for Iberinco and fortifies its presence in Mexico.
Conduit Capital Partners LLC, a New York-based equity investment firm, has committed to invest US$9 million in Benito Juarez. (HNN 9/27/06) Conduit said the US$28 million project is to be completed in 22 months. Power customers are to include industrial companies that will buy power through long-term contracts in U.S. dollars or the equivalent.