Cox Energy buys departing Iberdrola’s Mexican assets for US $4.2 billion 

Madrid-based Cox Energy has agreed to get Iberdrola México successful a woody valued astatine US $4.2 cardinal including debt, the 2 companies announced connected Friday.

President Claudia Sheinbaum called the acquisition “a motion of certainty successful our country, of assurance and of a tendency to support investing,” astatine her Friday greeting property conference.

Part of the Mexican assets that Iberdrola is leaving down for Cox are 5 upwind farms.
(Bolsamania.com/on X)

“I person spoken to Cox absorption and they are precise committed to investing successful Mexico and to the improvement of assorted projects,” Sheinbaum said.

Cox, an 11-year-old h2o and renewable vigor institution with a marketplace capitalization of astir US $958 million, volition bargain Iberdrola’s 15 powerfulness plants. The quality bureau Reuters said 75% of the woody volition beryllium funded with indebtedness and the remainder with equity.

Reuters said closing is expected by the archetypal 4th of 2026. Approval is virtually assured since shareholders representing 84% of the company’s superior person already expressed enactment for the acquisition.

In a statement, Cox said it volition put much than US $10.7 cardinal successful Mexico betwixt 2025 and 2030.

The institution defined the woody arsenic a landmark acquisition, adding that it “aims to leverage [our] established beingness and in-depth cognition of the Mexican market, reinforcing its presumption successful high-growth strategical markets.”

The institution said it sees Mexico arsenic a strategical marketplace “thanks to its beardown ineligible certainty” nether the caller vigor regulatory guidelines successful the government’s Plan México.

La presidenta @Claudiashein indicó que la empresa Cox compró los activos de Iberdrola de forma totalmente ineligible y calificó de positiva esta decisión, ya que dijo, es un privado que está de acuerdo con las nuevas normas de México para seguir invirtiendo en el sector.… pic.twitter.com/kCKzqSttcr

— SENER México (@SENER_mx) August 1, 2025

Cox referred to Mexico arsenic the 2nd most-important energy marketplace successful Latin America (only Brazil has a larger user market). It highlighted the country’s “solid macroeconomic fundamentals and an investment-grade system underpinned by a liable fiscal policy.” It besides lauded Mexico’s banking strategy arsenic “sound and stable.”

The acquisition of Iberdrola’s level offers immense imaginable for accrued penetration and maturation successful Mexico’s powerfulness sector, Cox believes, particularly owed to “a rising request for energy” that is driving investment.

The company’s five-year concern people not lone includes the Iberdrola acquisition, but besides “more than US $4 cardinal successful caller vigor assets, up to US $1.5 cardinal successful h2o concession assets and the improvement of a hub focused connected Mexican welfare.”

Cox said it besides hopes to co-invest successful caller vigor projects alongside Mexico’s Federal Electricity Commission (CFE), the state-owned electrical utility.

The institution says the woody creates “significant synergies wrong its strategy to marque Mexico 1 of its cardinal concern hubs successful Latin America by integrating h2o and vigor solutions.”

Iberdrola, a Spanish multinational electrical inferior which has operated successful Mexico since 1999, announced its volition to merchantability its remaining Mexico assets past week, hiring Barclay’s Investment Bank to negociate the sale. At the clip of that announcement, the assets for merchantability were valued astatine US $4.7 billion.

The 15 powerfulness plants being sold — six upwind parks, 3 star parks and six state and cogeneration plants — person a combined 2.6 gigawatts (GW) of capacity..

The acquisition besides includes a pipeline of 11.8 GW of assorted renewable vigor sources. Cox says 1.4 GW of the renewable vigor projects successful the pipeline are astatine an precocious signifier of improvement and whitethorn commencement commercialized operations successful 2027-28.

Iberdrola began divesting its assets successful Mexico, including a US $6 cardinal merchantability to the authorities successful 2023, arsenic it became a predominant people of then-President Andrés Manuel López Obrador’s attacks. 

The Cox merchantability volition implicit Iberdrola’s exit from the country. 

With reports from El Economista, El Financiero, La Jornada and Reuters