cogeneration electric power plant mexicoSpain’s Iberdrola has signed a contract with petrochemical company Dynasol to build a 56 MW co-generation power plant in the northeastern Mexican state of Tamaulipas.

The co-generation plant will cost 1.3 billion pesos ($84 million), Iberdrola said in a statement.  The deal is part of an expansion strategy in Mexico, where plans call for investing up to 78 billion pesos ($5 billion) in generation projects over the next few years, the Spanish company said.