Mexico City, Sep 26 (IANS/EFE) Mexico's Federal Electricity Commission, or CFE, sold 13.5 billion pesos (some $1.05 billion) in bonds on the domestic market to finance construction of the La Yesca hydroelectric power plant.
The Exchange Certificates, or Cebures, have 30-year terms and carry a 7.7 percent coupon, the CFE said.
Demand for the bonds totaled 21.84 billion pesos (about $1.69 billion), with 61 bids being made by Mexican pension funds, the CFE said.
Proceeds from the bond sale will be used to cover 100 percent of the cost of building La Yesca, which is on the border of Nayarit and Jalisco states in western Mexico, the CFE said.
La Yesca is part of the Santiago Hydroelectric System, which includes 27 projects with potential generating capacity of 4,300 MW and will rank No. 3 in electricity generation after the Aguamilpa-Solidaridad and El Cajon power plants, the CFE said.
This was the second sale of 30-year bonds by the CFE, which sold its first Cebures in 2007 to finance part of the El Cajon hydroelectric project.
--IANS/EFE
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