The Federal Electricity Commission (CFE) will invest one billion dollars to rennovate the country’s 14 hydroelectric power plants, the state-owned company announced in a press release on Thursday.
The text states that CFE Deputy Director of Administration Miguel López revealed that the modernization of such plants will be carried out through an innovative financial mechanism which will allow the company to access financing at preferential rates.
He informed that, according to the Comprehensive Plan for the Modernization of Hydroelectric Power Plants, they will invest one billion dollars in the facilities which have decreased their reliability and the useful life of their equipment, such as turbines, generator and transformer.
The head of the Energy Secretariat, Rocío Nahle García, and the general director of the CFE, Manuel Bartlett Díaz, said that with this strategy the federal government will increase annual generation by 1,860 gigawatt-hours.
They explained that the 14 plants to be modernized will be reopened no later than the first quarter of 2024. The plan seeks to take advantage of the existing infrastructure and historical investment, in addition to avoiding new plant costs, construction time and socio-environmental problems.