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ICA Fluor Signs Contract to Build 1,180 MW Power Plant For Iberdrola
Public Company Information:
ICA Fluor, the industrial engineering company jointly owned by Fluor Corporation (NYSE: FLR) and Empresas ICA Sociedad Controladora (NYSE: ICA), today announced the signing of a contract for the construction of a combined-cycle power plant in Altamira, Tamaulipas, Mexico. The contract was awarded by Iberdrola Energia S.A., a subsidiary of Spain's Grupo Iberdrola. The total investment in the project will be approximately $570 million including the land, financing costs, generation equipment, and engineering, procurement and construction (EPC). The ICA Fluor contract includes only the EPC portion of the project.
The "Altamira V" generation plant will have a capacity of 1,180 megawatts and will provide electricity to the booming northern industrial zone of Mexico, as well as stabilizing the electrical grid in the area. Power generated will be sold to the Federal Electricity Commission under its program to develop independent power producers.
The contract is a 36-month, lump-sum, turnkey project that involves engineering, procurement, construction and start-up services. The project is scheduled for completion in November 2006. The plant will be a clean, combined-cycle, gas-fired plant designed to have minimal environmental impact.
"This project is the third power plant awarded by Iberdrola to ICA Fluor. This new contract demonstrates Iberdrola's confidence in ICA Fluor's performance and confirms the good understanding between both companies to work in Mexico," said Jorge Borja, ICA Fluor's general director.
Grupo Iberdrola is one of the leading electricity companies in Europe. It has more than $13 billion in assets and has more than 13 million customers in Spain and Latin America. Grupo Iberdrola also operates in the industrial and real estate sectors.
ICA Fluor 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.
Founded in 1947, ICA has completed construction and engineering projects in 21 countries. ICA's principal business units include Civil Construction and Industrial Construction. Through its subsidiaries, ICA also manages airports and operates tunnels, highways, and municipal services under government concession contracts and/or partial sale of long-term contract rights.
Fluor Corporation (NYSE: FLR) provides services on a global basis in the fields of engineering, procurement, construction, operations, maintenance and project management. Headquartered in Aliso Viejo, Calif., Fluor is a FORTUNE 500 company with revenues of nearly $9 billion in 2003. For more information, visit www.fluor.com.
For further information please contact Media Relations, Jerry Holloway, +1-949-349-7411, or Lisa Boyette, +1-949-349-3652, or Investor Relations, Lila Churney, +1-949-349-3909, or fax, +1-949-349-5375, all of Fluor Corporation.
Media Relations, Jerry Holloway, +1-949-349-7411, or Lisa
Boyette, +1-949-349-3652, or Investor Relations, Lila Churney,
+1-949-349-3909, or fax, +1-949-349-5375, all of Fluor Corporation