23 June 2010 – Abener Energía and Abengoa México, subsidiaries of Spain-based Abengoa, and GE Energy Financial Services have announced they will invest $180m in Mexico’s largest cogeneration power plant project.
The 300 MW gas fired facility with a total project cost of $640m will be located at the Nuevo Pemex gas processing complex, owned by Pemex Gas y Petroquímica Básica, a subsidiary of Mexican state oil company Pemex.
Abener Energía and Abengoa México, companies of Abeinsa, the Engineering and Industrial Construction Business Group of Abengoa, and GE Energy Financial Services will jointly own the project.
Abener Energía and Abengoa México will invest $108m with the GE unit providing the remaining $72m.
A group of lenders including Banobras, Santander, Scotiabank, La Caixa, Banco Espirito Santo, Credit Agricole, Export Development Canada and HSBC is providing $460m in debt for the project.
The plant will supply Nuevo Pemex, which process gas from both onshore and offshore gas fields, with power and steam under a 20-year services agreement.
The plant is expected to directly supply 55 per cent of the complex’s steam demand and all of its power demand. Additional power output will be provided to other Pemex operations throughout Mexico over its national transmission system.
Powered by natural gas, the cogen facility will help the Mexican government meet its commitment to reduce greenhouse gas emissions by 50 per cent below 2002 levels by 2050. To help meet these objectives, the government is promoting combined heat and power, or cogeneration, as an energy efficient option.
The construction began in September 2009, with commercial operation expected in 2012.
The cogeneration facility will use two GE Energy Frame 7FA gas turbines, and GE Energy has signed a 20-year agreement to provide plant services.