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Mexico's CFE signs power project agreement with builder ICA

MEXICO CITY, April 14 (Reuters) - Mexico's state-run power company said on Tuesday it had signed a memorandum of understanding with construction company ICA to work on joint power generation projects as part of efforts to open up the country's energy sector.

The Federal Electricity Commission, or CFE, said in a statement that it and ICA would create an advisory group to determine the viability of various projects they would eventually develop together.

CFE gave no financial details.

A national energy plan estimates Mexico's electricity sector will require at least $1.5 billion a year for new power plants and to modernize existing installations, CFE noted.

Last year, Mexico finalized a landmark reform to cleave open the hidebound oil and gas industry and power generation, to drive investment and growth.

(Reporting by Gabriel Stargardter; Editing by Steve Orlofsky)