Altamira III and IV

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In December 2006, Iberdrola SA presented the Mexican state utility Comision Federal de Electricidad (CFE) the only bid to build, own and operate a new 1036 MW gas-fired combined cycle plant complex know as Altamira III and IV in the state of Tamaulipas. The new plants were part of Iberdrola’s expansion plan and were Mexico’s largest privately held facility. The special purpose vehicle Iberdrola Energia Altamira was formed as the project company for the complex and was 100% owned by Iberdrola SA. Iberdrola SA was awarded the project in a competitive tender in December 2006 as the only bidder. Bidding criteria was not available. Total project cost was estimated at US $590 million. Construction of the facility began in 2001 and by December 2002, the project was more than 25% complete. The plant became operation on December 24, 2003. In accordance with the tender documents, Iberdrola Energia Altamira had a 25 year power purchasing agreement with Comision Federal de Electricidad (CFE) to sell the entire capacity of the plant to the Mexican national grid. None None