21 July 2009 – Iberinco, the engineering unit of Spanish power utility Iberdrola SA, and Elecnor SA are close to a deal worth EUR1.43bn ($2.02bn) to build a combined-cycle gas turbine power plant in Venezuela, Iberdrola officials said.
Iberdrola officials confirmed an earlier report in El Pais newspaper, which said the plant will have an installed capacity of 1000 MW. The facility will be built in Cumana, located in the northeastern state of Sucre.
El Pais said the contract could be signed at the end of July. The Spanish companies will build the plant for state-owned oil company Petroleos de Venezuela SA, and would complete construction work in 44 months.
Iberinco holds a 60 per cent stake in the project, while Elecnor has the remaining 40 per cent, according to the Wall Street Journal.