Cox has acquired Iberdrola México for $4 billion, adding 2,600 MW of capacity and becoming Mexico’s largest private power supplier with a 12 GW renewable project pipeline.
Image: Iberdrola
From pv magazine Mexico
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 operated for more than a decade.
The acquired business includes power generation and retail operations, as well as a workforce of more than 800 employees. According to Cox, the retail platform holds over 25% market share, with annual sales of 20 TWh and more than 500 large customers.
The deal also includes renewable energy projects at various development stages, totalling around 12,000 MW. Of the operational capacity acquired, more than 2,600 MW comprises 1,368 MW of combined-cycle and cogeneration plants and 1,232 MW of wind and solar PV assets across Mexican states including Coahuila, Nuevo León, Querétaro, Tamaulipas, Puebla, Guanajuato, Sonora and San Luis Potosí.
The acquisition was financed through a syndicated loan arranged by 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 2026–2028 Americas strategy, supported by the acquired assets and its large-customer supply business.
The transaction forms 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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