Kuo-Repsol Venture Agrees Power Plant Deal with Iberdrola

Mexican conglomerate Grupo Kuo said on Monday that Dynasol, its joint venture with Spain's Repsol, has signed a deal with Spanish firm Iberdrola (IBE.MC) to build a power plant in the northeastern Mexican state of Tamaulipas.

The plant will have the capacity to generate 56 megawatts of electricity and 38 tons of water vapor needed for synthetic rubber production, Kuo said in a statement.

The company gave no details of the value of the project.

Last week Repsol said it had agreed to expand its joint venture with Kuo.

(Reporting by Veronica Gomez)