AES wins bid for a 484 MW gas-fired plant in Mexico.ARLINGTON, Va.--(BUSINESS WIRE)--Jan. 23, 1997--The AES Corp. (NYSE NYSE See: New York Stock Exchange : AES) announced Thursday that a joint venture company lead by its subsidiary, AES Yucatan, was selected by CFE CFE Conventional Forces in Europe (treaty) CFE Cash Flow to Equity (finance/accounting) CFE Comisión Federal de Electricidad (México) CFE Certified Fraud Examiner (Comision Federal de Electricidad, the national electricity company of Mexico) as the winning bidder to build, own and operate a 484 MW (net) gas-fired combined cycle A combined cycle is characteristic of a power producing engine or plant that employs more than one thermodynamic cycle. Heat engines are only able to use a portion of the energy their fuel generates (usually less than 50%). The remaining heat from combustion is generally wasted. power plant in the City of Merida, Yucatan, Mexico (the Merida III project). Electric power will be sold to CFE under the terms of a 25 year power purchase agreement, which is expected to be signed shortly after the formal award. The combined-cycle facility will be operated by a subsidiary of AES. AES has a 55 percent interest in the joint venture company. Nichimen and Grupo Hermes are partners with 25 percent and 20 percent interests, respectively. The facility is expected to commence commercial operations in two equal sized phases, with the first phase scheduled to start operations in early 2000. The second phase is scheduled to commence operations six months later. CFE will supply natural gas to the facility for the term of the power purchase agreement. The pipeline that serves the combined cycle facility will be constructed following the completion of a competitive bid. Thomas Tribone, president of AES Americas, stated, "We are thrilled to have the chance to serve the people of Mexico with much needed electricity. We see this first Mexican IPP (Internet Printing Protocol) A protocol for printing and managing print jobs over the Internet using HTTP. Initially conceived by Novell, Xerox and others, the IETF made it a standard in 2000 that includes authentication and encryption. See printing protocol and LPD. as a major example of the benefits of the trade and investment liberalization lib·er·al·ize v. lib·er·al·ized, lib·er·al·iz·ing, lib·er·al·iz·es v.tr. To make liberal or more liberal: "Our standards of private conduct have been greatly liberalized . . . policies of both the US and Mexican governments. "With this project AES Americas is now a major supplier in the three dominant economies in Latin America; Brazil; Mexico and Argentina." Dennis Bakke, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AES, stated, "After a banner development year for AES in 1996, this is our first surprise of the new year. We have been active in the Mexican power market for six years and are delighted to have the chance to be one of the early IPP's in Mexico with a clean, low cost gas-fired facility." AES currently owns or has an interest in 33 power facilities totaling over 11,000 megawatts in the United States, Argentina, Brazil, Pakistan, Hungary, Kazakstan, China and the United Kingdom. In addition to having assets of $3.5 billion, the company has more than $5 billion of projects in construction or late stages of development. AES is dedicated to providing electricity worldwide in a socially responsible way. For more general information visit our web site at www.aesc.com or contact investor relations Investor relations The process by which the corporation communicates with its investors. at investing@aesc.com CONTACT: AES Corp., Arlington Kenneth R. Woodcock woodcock: see snipe. woodcock Any of five species (family Scolopacidae) of plump, sharp-billed migratory birds of damp, dense woodlands in North America, Europe, and Asia. , 703/522-1315 |
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