ALISO VIEJO, Calif., May 29, 2001 — ICA Fluor Daniel, the industrial engineering partnership of ICA and Fluor Corporation, announced today the signing of a contract with Iberdrola Energia Altamira S.A. de C.V., a subsidiary of Spain’s Grupo Iberdrola, for the construction of a combined-cycle power generation plant in Altamira, Tamaulipas, Mexico. Total contract value is approximately $195 million.

With a capacity of 1,036 megawatts, Altamira power generation plant will be the largest of its kind in the country, and will provide electricity to the booming northern industrial region of Mexico. The project is a 27-month lump sum turnkey development that involves engineering, procurement, construction, and start up services.

Altamira III & IV public bid was awarded by CFE to Iberdrola Energia Altamira in December 2000, and the Power Purchase Agreement was signed between Iberdrola and CFE in January 2001.

“This plant will be the largest of its kind in Mexico,” said Jorge Borja, general director of ICA Fluor Daniel. “It is a key project under the CFE program to develop IPPs that will help Mexico meet its growing demand for electricity. While, at the same time, serving as a benchmark for generation efficiency and environmental friendliness, as evidenced by low levels of emissions and low noise levels.”

Grupo Iberdrola is one of the leading electricity companies in Europe, with some US$15 billion in assets and over than 8 million customers in Spain and around 5 million in Latin America. Grupo Iberdrola also operates in the energy, telecommunications, real estate and new technologies sectors.

ICA Fluor Daniel is owned by ICA and Fluor Daniel, the engineering, procurement, and construction unit of the Fluor Corporation. ICA Fluor Daniel is the leading industrial engineering company in Mexico, dedicated to the engineering, procurement, and construction of telecommunication installations and chemical, petrochemical, automotive, refinery, and electricity generation plants.

Empresas ICA Sociedad Controladora, S.A. de C.V. (BMV and NYSE: ICA) is Mexico’s largest construction and EPC company, with over 50 years experience in all areas of civil and industrial construction throughout Latin America. ICA has specialized engineering subsidiaries in Spain (Rodio) and Argentina (CPC). ICA also develops real estate and builds affordable housing, and operates services under government concession contracts.

With 2000 revenues of $10 billion, Fluor Corporation is the largest publicly traded engineering, construction, operations maintenance, and project management business services company in the world.