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30 December 2003 - Comision Federal de Electricidad (CFE), Mexico's state-owned electricity company, will purchase three gas-fired turbines and related equipment from Siemens Westinghouse Power Corp. and other U.S. companies with the assistance of a $140.6m long-term loan guarantee from the Export-Import Bank of the United States (Ex-Im Bank).
Due to growing electricity demand in Mexico, CFE is purchasing the turbines and equipment to install at its 150 MW power plant in San Lorenzo, Puebla, and its 300 MW plant at Tuxpan, Veracruz, with a 12-year loan from Standard Chartered Bank of New York, N.Y.
"Mexico is Ex-Im Bank's number 1 market and the second-largest U.S. trading partner, and this transaction benefits U.S. companies and workers, as well as Mexico's people," Ex-Im Bank Chairman Philip Merrill said. "Ex-Im Bank is pleased to finance U.S. exports to help Mexico meet residential and commercial demands for electricity."
CFE, which was established in 1937, is Mexico's second-largest company and the largest utility in North America. It operates 500 generating units at 150 power plants throughout Mexico that generate 99 percent of the country's electricity.
Siemens, of Orlando, Fla., and Charlotte, N.C., will export the three turbines and three generator sets. The other U.S. exporters and suppliers, which are providing electrical, ignition and fuel-supply systems and parts, are Metal Systems Inc., of Chattanooga, Tenn.; Koenig Engineering Inc., of Eaton, Penn.; SMCI Inc., and Machining Services of Lakeland, Fla.; Forney Corporation of Carrollton, Tex; Daniel Measurement Control of Houston, Tex.; and GEA Power Cooling Systems of Wichita Falls, Tex.
Next year, Ex-Im Bank marks its 70th year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance, and direct loans. In fiscal year 2003, Ex-Im Bank, an independent federal agency, authorized financing to support approximately $14.3 billion of U.S. exports worldwide.
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