IEP and US government study cogeneration project in Mexico

June 19, 1997 IEP Global Development, has announced its entry into a contract for the exclusive feasibility study and development of a 120 MW gas-fired cogeneration plant to provide steam and power to industrial participants in the Toluca-Lerma industrial zone, located 60 miles west of Mexico City, in Toluca, Mexico. The announcement was made at a signing ceremony held at the U.S. Embassy in Mexico City, at which representatives of the industrial power customers in the Toluca industrial zone and a United States Government representative signed a cost-sharing agreement, under which the United States Trade and Development Agency and IEP Global Development will share the cost of the project feasibility study.
Earlier this year, three leading participants in the industrial zone (Chrysler, Gates, and Barcel) selected International Energy Partners of Bethesda, Maryland, (IEP) to carry out the study, and to implement the project if it is shown to be feasible. These three companies formed the Society for the Self Supply of Energy in the Industrial Parks at Toluca/Lerma as a joint venture entity to promote the cogeneration project, execute the agreement with the U.S. Trade and Development Agency, and execute an agreement for the project with IEP. The study will be carried out by IEP Global Development, recently formed by IEP in partnership with Gramercy Development, Inc., a wholly owned subsidiary of Consolidated Edison of New York, Inc.