Federal Electricity Commission (CFE) in Mexico has selected Spanish power technology firm Abengoa to develop the 924MW Norte III combined cycle power plant (CCPP) in Ciudad Juárez.

A $1.55bn contract has been signed for the project.

The developments are part of the Mexican Government’s National Investment Plan 2014-2018.

As well as engineering, designing and constructing the combined cycle plant in Mexico, Abengoa will offer operation and maintenance services at the facility for a period of 25 years.

The project is likely to be completed within 30 months, Abengoa said.

"The developments are part of the Mexican Government’s National Investment Plan 2014-2018."

Norte III will be the largest CCPP in Mexico. It is expected to create approximately 2,000 direct and indirect jobs during its construction phase.

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The project construction is expected to involve an investment of $700m, which will be financed with a mix of equity and non-recourse debt.

Abengoa will hold an equity stake in the Norte III project, which is the second CFE power venture to be constructed by the firm. The first one, the 640MW Centro Morelos plant, is presently under construction.

Once operational, the Norte III CCPP project is expected to power more than 500,000 homes in a year. It will also reduce greenhouse gas emissions, as well as the end cost of electricity for consumers.

Apart from the power plant developments, Abengoa is responsible for two power transmission projects under the CFE.