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The Power of Pidiregas

Apr 28, 2004

Mexico's off-balance sheet financing scheme got the massive El Cajón dam project underway.

Mexico's El Cajón hydroelectric dam, located in the western state of Nayarit, is the largest and most complex infrastructure project yet to raise financing under the government's Pidiregas guarantee program. ICA, the Mexican construction group, is leading a consortium building the two-unit 750 MW dam that is four meters taller than the Latinoamericana tower in Mexico City, one of the largest buildings in the world.

ICA must comply with specifications laid down by the government's CFE power monopoly and upon completion in 2007, CFE will assume operation of the dam and pay the consortium in two installments. CFE will pay the first, 60% tranche at...

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