Isolux Corsan Signs $140 Million Turnkey Contract for Ethanol Plant

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Researched by Industrial Info Resources (Sugar Land, Texas)--Engineering and construction firm Isolux Corsan (Madrid, Spain) has secured a $140 million turnkey contract for an ethanol plant in Colombia. The project is owned by Bioenergy S.A. (Bogota), a member of the Ecopetrol S.A. (NYSE:EC) (Bogota) group, the country's state oil company.

The industrial complex consists of a 2 million-ton sugarcane processing plant; a distillation unit to produce 25 million gallons of fuel ethanol; and a cogeneration area for the production of 40 megawatts electric energy from bagasse burning. The plant is in La Balsa town, in the state of Meta, approximately 30 kilometers from Colombia's capital city of Bogota.

Isolux Corsan and Bioenergy signed the contract on June 30, with the engineering phase beginning immediately. The construction of the facilities is to begin by the end of 2010, and the plant is expected to become operational by the end of 2012. This project is Ecopetrol's first experience in the biofuels industry.

Isolux Corsan operates in 25 countries and owns 50% of Tecna S.A. (Buenos Aires, Argentina), an engineering and construction company that has offices in 11 countries, including Colombia. Some of the work related to the La Balsa project will be developed through regional subsidiary Tecna Colombia S.A. (Bogota).

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