UPDATE 1-Mexico's ICA receives $700 mln for dam project

Thu Nov 15, 2012 1:23pm EST

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MEXICO CITY Nov 15 (Reuters) - Mexican builder ICA said on Thursday it had received $700 million from the government-run electricity commission for a turbine at the La Yesca dam project.

ICA will use the funds to pay down debt related to the project, the firm said in a statement filed with the Mexican stock exchange.

Another turbine should be delivered in the following weeks and ICA will later receive a second payment of more than $300 million, which also will be used to pay debt, it said.

ICA's Mexican shares fell 2.46 percent to 28.59 pesos on Thursday, while its New York-traded shares fell 2.71 percent to $8.61.

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