The agreement between the company and the Mexican Federal Electricity Commission, known as CFE, involves power generation, transmission, distribution and natural gas storage, Bilbao, Spain-based Iberdrola said today in a statement on its website. The plans also include renewable energy projects.
The investment includes the $1.5 billion the company is already spending in Mexico, where Iberdrola also owns 5.2 gigawatts of generating capacity, primarily combined-cycle natural gas plants and wind farms. Mexico’s President Enrique Pena Nieto last year initiated structural reforms that have made the country’s economy more open to foreign investment.
Iberdrola didn’t immediately respond to request for comment.
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