- The plant, located in the state of Oaxaca, Mexico, will help the Mexican government to achieve its energy efficiency targets.
- The project investment has been estimated by Abengoa at US$ 950 million.
- The cogeneration plant will supply Pemex with electricity and steam, with the excess power being sold in the market.
WASHINGTON, May 12, 2015 (GLOBE NEWSWIRE) -- Abengoa (MCE:ABG.B/P SM) (Nasdaq:ABGB), the international company that applies innovative technology solutions for sustainability in the energy and environment sectors, together with ENEL, the multinational group that operates in the energy and gas industry in Europe, Africa and America, have been jointly selected by Pemex to develop a 517 MW cogeneration power plant in Mexico, located close to Salina Cruz (Oaxaca) at the Antonio Dovalí Jaime refinery owned by Pemex Refinación, a subsidiary of the state-owned Pemex. The project investment has been estimated by Abengoa at US$ 950 million.
Abengoa and ENEL's cogeneration plant will supply Pemex with electricity and steam, with the excess power being sold in the market.
The cogeneration process simultaneously produces electricity and thermal power from a single fuel source, such as natural gas, using the heat that would otherwise be lost. This improves its thermal efficiency or results in higher heat values, as well as significantly reducing carbon dioxide emissions.
The objective of Abengoa and ENEL's project is to develop a plant that generates competitive, stable and sustainable power, helping the Mexican government to fulfill its commitment to reduce greenhouse gas emissions by around 50 % by 2050.
Furthermore, the construction, operation and maintenance of this plant will act as a catalyst for the socio-economic development of the region, creating direct jobs and a large amount of indirect employment, generating a network of services that will support economic growth in the area.
The Enel Group operates in Mexico through its subsidiary Enel Green Power (EGP), a company devoted to the generation and development of renewables. Through this initiative the Group will broaden its presence with the development of conventional generation in the country.
Abengoa has been present in Mexico since 1979, where it already has extensive experience in carrying out projects with both the Mexican government and the private sector. This latest project will further consolidate Abengoa's experience of developing these types of plants and enables it to continue investing and strengthening its leadership in the environment and energy sectors in Mexico.
About Abengoa
Abengoa (MCE:ABG.B/P SM) (Nasdaq:ABGB) applies innovative technology solutions for sustainability in the energy and environment sectors, generating electricity from renewable resources, converting biomass into biofuels and producing drinking water from sea water. (www.abengoa.com)