Cox has acquired Iberdrola México for $4 billion, adding 2,600 MW of capacity and becoming Mexico’s largest private energy supplier with a 12 GW renewable project pipeline.
Cox has completed the acquisition of Iberdrola México for $4 billion, a deal first announced in July 2025. The transaction adds 2,600 MW of operational installed capacity to the group, making Cox the largest private electricity supplier in Mexico and expanding its renewable energy portfolio to approximately 12,000 MW. It also strengthens the company’s presence in Mexico, where it has been active for more than a decade.
The acquired business includes power generation and retail, as well as a workforce of more than 800 employees. According to Cox, the retail platform has a market share of more than 25%, with an annual turnover of 20 TWh and more than 500 major customers.
The deal also includes renewable energy projects in various stages of development, with a total volume of approximately 12,000 MW. Of the acquired operational capacity, more than 2,600 MW consists of 1,368 MW of combined cycle and thermal power plants and 1,232 MW of wind and solar energy in Mexican states, including Coahuila, Nuevo León, Querétaro, Tamaulipas, Puebla, Guanajuato, Sonora and San Luis Potosí.
The acquisition was financed through a syndicated loan from seven financial institutions, including Citi and Goldman Sachs in the US, Barclays and Deutsche Bank in Europe, Santander and BBVA in Spain, and Bank of Nova Scotia in Canada.
Cox said the portion not covered by bank financing will be funded through equity contributions and institutional investors.
The company will retain Iberdrola México’s management team and integrate its workforce. Mexico will play a central role in Cox’s Americas strategy 2026-2028, supported by the acquired assets and its supply activities for major customers.
The transaction is part of Iberdrola’s divestment strategy in Mexico. In 2024, the utility completed the sale of a 55% stake in its Mexican energy assets to Mexico Infrastructure Partners for $6 billion, following an agreement announced in February 2023.
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