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4w ago

Cox Closes $4.2 Billion Deal for Iberdrola’s Mexican Power Plants

Securing Iberdrola’s exit from Mexico’s generation market, the agreement prompts Cox to invest $10.7 billion in the country through 2030.

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Con la venta de sus operaciones en México a la española Cox, Iberdrola culmina su salida del país, luego de que el gobierno de AMLO adquiriera en 2023 la mayoría de sus activos.
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Overview

  • The transaction, filed with Spain’s CNMV on July 31, transfers 15 power plants with a combined 2.6 GW capacity—1,368 MW of combined-cycle units and 1,232 MW of renewables—to Cox.
  • The sale remains subject to customary approvals from Spain’s CNMV as well as Mexico’s energy and antitrust regulators before it can close.
  • Iberdrola will deploy sale proceeds to support €55 billion of investment in its regulated electricity networks in the United States and the United Kingdom.
  • Cox has outlined a $10.7 billion five-year investment programme in Mexico covering new energy assets, water concessions and joint generation projects with the CFE.
  • Iberdrola’s full exit reflects continued uncertainty under Mexico’s 2021–24 energy reforms and constitutional limits on private transmission and distribution.