Mitsubishi Heavy Industries Ltd. said Thursday it has agreed to invest about 500 million yen in a Spanish independent power producer project, its first investment in a foreign IPP project.
The project initiated by U.S. power company AES Corp. calls for building a 1,200-mw gas turbine combined-cycle power plant in the southeastern city of Cartagena to supply electricity starting in February 2006, Japan's biggest heavy machinery maker said.
Mitsubishi Heavy said it received orders for three gas turbines, three steam turbines and three heat recovery steam generators in August from AES.
The company said it plans to invest in foreign IPP projects that it supplies related equipment to as part of efforts to expand its power business.