MADRID, June 9 Spanish utility Iberdrola
plans to invest at least $5 billion (3.7 billion euros)
in Mexico over the six years through 2018, Chairman Ignacio
Sanchez Galan said on Monday, as the country opens its
traditionally sealed energy market to private investment.
"A few days ago we signed a commitment to invest at least $5
billion in this six-year presidential term, $1.5 billion of
which is already under construction," Galan said during an event
Mexico's President Enrique Pena Nieto is making his first
official state visit to Spain since he took office in 2012.
Iberdrola, the largest foreign electricity company in
Mexico, has already begun work on combined-cycle, natural gas
power plants and wind farms and is eying solar power generators
and the possible participation in gas pipelines.
Mexico passed landmark reforms to its energy sector in
December, opening up a closely guarded state-run industry to
private cash and ending the decades-long monopoly on power
generation and natural gas production.
Galan also said Iberdrola would make its natural gas
reserves over the U.S. border in Texas available to Mexico while
the country reforms its energy sector.
(Reporting by Jose Elias Rodriguez; Writing by Paul Day;
Editing by Fiona Ortiz and David Holmes)