Iberdrola and the Mexican Federal Electricity Commission, a government-owned electric utility, have entered into a collaboration agreement for the completion of joint renewable and conventional generation projects. In addition, the two companies will exchange information on implementing new technologies and managerial experiences.
Iberdrola says the agreement strengthens its commitment to Mexico, where it has an operating capacity of over 5.2 GW in wind farms and combined-cycle power plants. To help develop this agreement, the company plans to boost its presence in the Mexican energy market by investing some $5 billion between this year and 2018.
Iberdrola says its willingness to invest in Mexico is based on the good prospects of the country's Energy Reform, under which the government calls for about $25.5 billion in investment for electricity generation alone by the year 2020.