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Spain-based energy and water group Cox has entered into an accord with El Salvador’s government covering the creation of solar photovoltaic installations, battery energy storage systems, natural gas infrastructure and water management facilities, all within a $2.9 billion investment initiative.
The accord was formalized at the Presidential Palace, with Salvadoran President Nayib Bukele and Cox CEO Enrique Riquelme signing on behalf of their respective sides.
The solar segment comprises two PV plants that will be built in partnership with the Executive Hydroelectric Commission of the Lempa River (CEL). These facilities are planned for an initial combined capacity of about 200 MW, with room to grow to 400 MW. Cox has kept the sites, technical details and anticipated commissioning schedules of the plants under wraps.
Grid-connected battery energy storage systems are also part of the accord, with an initial capacity ranging from 440 MWh to 500 MWh and the possibility of scaling up to 1 GWh. Cox says these systems will contribute to stabilizing the national electricity grid and facilitating the incorporation of renewable energy.
Bukele stated that the investment initiative allocates $200 million toward solar PV projects and $300 million toward battery storage, amounting to a combined $500 million for the two technologies.
Natural gas infrastructure will absorb the biggest portion of the investment, at roughly $1.8 billion. Cox intends to build a liquefied natural gas regasification terminal alongside a combined-cycle power plant with a capacity of about 380 MW. Per the Salvadoran government, this infrastructure should also deliver gas to industrial and commercial consumers and may open the door to exports to nearby countries.
The remaining $600 million is earmarked for drinking water and sanitation projects, encompassing supply infrastructure upgrades, broader service coverage and enhancements in service quality.
According to Bukele, the new energy infrastructure would lessen El Salvador’s dependence on oil-fired power generation and contribute to bringing electricity tariffs down. No specific targets or timeline for the anticipated reductions have been provided by the government.
As part of the accord, the Salvadoran government will take on the role of a partner in the energy projects. Cox will arrange the financing via project finance structures, which could bring in international financial institutions, multilateral lenders and export credit agencies.
Cox will additionally manage the development, construction, operation and maintenance of the infrastructure. The company anticipates carrying out the investment program over a three-year period, contingent on regulatory approvals and the execution of project-specific agreements, which it expects to move forward in the coming weeks.
The announcement arrives as El Salvador’s solar sector continues to expand. The General Superintendency of Electricity and Telecommunications (SIGET) reports that the country’s installed PV capacity stood at 846.62 MW by the end of 2025, accounting for 26.4% of its total installed electricity generation capacity. By installed capacity, solar PV ranked as the country’s foremost generation technology.
The accord comes on the heels of several recent moves by Cox in Central America. In August, the company obtained a power supply contract in Guatemala covering 76 MW of solar generation and storage capacity, of which 27 MW was secured through a public tender. Cox also obtained $36 million in financing for the 75.2 MW Chiquimulilla solar plant located in Guatemala’s Santa Rosa department.
Roughly 95% of Cox’s operations are based in Latin America, where the company maintains an investment program surpassing $7 billion spanning its energy and water businesses. Among its recent transactions is the $4 billion purchase of Iberdrola’s Mexican operations, finalized in April 2026.
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