Toshiba will start delivery of the equipment from August 2016 and the plant is scheduled to come online a year later.
Norte III will be owned and operated by Spanish engineering company Abengoa, which is also the engineering, procurement and construction (EPC) contractor.
Once built, the plant will be one of the largest in Mexico with a capacity of 925 MW.
Toshiba will supply two sets of 175 MW steam turbines and generators (STG) for the plant. Toshiba supplied similar equipment for Centro Morelos combined cycle plant in 2013, another Abengoa project in Mexico.
The challenge facing power providers in Mexico today is to reduce the price of electricity. With thermal power generation accounting for 70 per cent of total capacity in Mexico, demand for combined cycle gas turbine systems is expected to grow.