Mexico's ICA receives $147 mln for La Yesca hydroelectric project
MONTERREY Dec 23 (Reuters) - Mexican construction company ICA on Monday said it had received $147 million as part of a government settlement for extra work on the La Yesca hydroelectric project, completed last year.
ICA received $1.04 billion last year for building the world's second-largest hydroelectric dam. But the company is still negotiating with the government over settlements on other projects.
"This payment represents a partial settlement for the extra work performed in the project," ICA said in a statement. "The parties will continue reconciling the total balance of the extra projects as part of finalizing the contract."
La Yesca, also known as the "Ing. Alfredo Elias Ayub" Hydroelectric Project, has the capacity to generate 750 megawatts of power and is one of Mexico's largest government infrastructure projects.
Mexico's current state-run electricity monopoly has the eighth-most-expensive electricity costs in the 34-nation Organization for Economic Co-operation and Development, which groups the world's most developed countries.
But reforms approved in December would allow private sector participation, which the government says would cut prices.
Shares in ICA were up about 2 percent to 26.74 pesos each after the news.
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