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29/07/2009
IBERDROLA INGENIERÍA AWARDED $2 BILLION CONTRACT TO BUILD COMBINED CYCLE POWER PLANT IN VENEZUELA

  • In the city of Cumaná, located in Sucre State
  • Set to become one of Latin America’s largest facilities, the plant will boast a 1,000-MW power output and will be built for Petróleos de Venezuela (PDVSA) in a business consortium with Elecnor
  • The official signing was attended by the Venezuelan President, Hugo Chávez, the Spanish Minister for Foreign Affairs, Miguel Angel Moratinos, and the Chairman of IBERDROLA Ingeniería, Ramón de Miguel, to name but a few

IBERDROLA Ingeniería y Construcción has been awarded a turnkey contract to construct a combined cycle power plant in Venezuela. The facilities will be located in the city of Cumaná in Sucre State and will entail a total investment just shy of $2 billion.

The plant will become one of the largest in Latin America with a capacity of 1,000 megawatts (MW) and will be built for Petróleos de Venezuela (PDVSA) by a consortium featuring IBERDROLA Ingeniería (60%) and Elecnor (40%).

The agreement was signed today at Miraflores Palace, the headquarters of the Venezuelan government, in the presence of Hugo Chávez, the Venezuelan President, and Miguel Ángel Moratinos, the Spanish Minister for Foreign Affairs and Cooperation.

The parties to the agreement were the Chairman of Petróleos de Venezuela Gas, Ricardo Coronado, Elecnor’s International Director for Energy Development, Germán Junquera, and the Chairman of IBERDROLA Ingeniería y Construcción, Ramón de Miguel.

The project encompasses the design, construction and commissioning of the plant, which has been named Antonio José de Sucre and will comprise two 500-MW modules that use natural gas as their basic fuel.

The project will take approximately three and a half years to complete and will be split into two phases: the simple-cycle phase, which will include solely the gas turbines, followed by the installation of the complete combined cycle, with heat recovery steam generators and steam turbines.

By securing this contract, the wholly owned Spanish subsidiary of IBERDROLA has managed to consolidate its standing as a benchmark company within the Latin American energy sector, where it is developing major projects involving electricity production, renewable energies, nuclear energy and distribution networks in Mexico, Brazil and Venezuela. Including the one just signed in Venezuela, the combined total of all these agreements stands at over €2.4 billion.

In Venezuela, IBERDROLA Ingeniería y Construcción is currently engaged in additional projects to the tune of €100 million which involve modernising and extending the electricity grid system in the states of Falcón, Guarico and Anzoátegui for the Venezuelan companies CADAFE and EDELCA.

Major presence in Latin América

In the nuclear sector, the company has been carrying out two highly innovative projects within Latin America but with international dimensions. In Mexico, the company has been entrusted with adding 20% capacity to the Laguna Verde nuclear plant; in Brazil, it is replacing the steam generators at the Angra I nuclear plant while providing refuelling support to the facilities.

In the renewable energies sector, the company has confirmed its status as Mexico’s largest builder of wind farms, having started work on the 102.8-MW La Venta III farm and completed the 80-MW La Ventosa farm for IBERDROLA Renovables. Prior to these, IBERDROLA Ingeniería y Construcción built the 83.3-MW La Venta II wind farm for CFE in the southern Mexican state of Oaxaca.

Furthermore, IBERDROLA Ingeniería is scaling up its transmission and distribution networks in a number of Mexican states. Specifically, it is expanding or renewing 12 transmission lines and building nine substations, in addition to the 40 substations already built and the 50 transmission lines brought into service with a total length of more than 1,600 kilometres.

Within the company’s ongoing international expansion strategy, Latin America is one of IBERDROLA Ingeniería y Construcción’s key areas for future growth and expansion, along with Russia, Eastern Europe and the Middle East.

At present, overseas contracts account for 81% of the company’s project pipeline and customers with no link to its parent company contribute 79% of sales. The IBERDROLA subsidiary operates in over 25 countries, has a workforce of more than 2,500 employees and has become one of the world’s leading energy engineering companies. 

IMPORTANT INFORMATION

This communication does not constitute an offer of purchase, sale or exchange or a request for an offer of purchase, sale or exchange of values. The shares of Iberdrola S.A. cannot be offered or sold in the United States, except if this is carried out through a declaration of effective notification of what is laid out in the Securities Act or under the protection of a valid exemption of the need for notification.

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