Chinese firm to invest 2.15 bln USD in Mexico's energy sector

Chinese firm to invest 2.15 bln USD in Mexico’s energy sector

MEXICO CITY, Nov. 13 (Xinhua) — China National Corporation for Overseas Economic Cooperation (CCOEC) is set to invest 2.15 billion U.S. dollars in Mexico’s energy sector, the company said on Friday.

CCOEC signed the 2.15-billion-dollar agreement with the government of Mexico’s northern state of Durango at the 2015 China-Mexico Trade and Investment Expo and Forum, held here from Nov. 10-12.

The project, in which the CCOEC will be the main investor, calls for the construction of a combined cycle plant with a capacity of 1,500 megawatts.

The plant “will be built over three different stages of 500 (MW) each,” Durango’s Secretary of Economic Development Ricardo Navarrete Gomez told Xinhua. “Each stage will be developed over a two-year period, generating 1,500 direct jobs.”

According to Navarrete, China will finance 85 percent of the investment, with the remaining 15 percent coming from Mexican sources.

“This is quite a large investment for Durango, but it opens up future investment” possibilities, he added.

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