Cox Allegedly Bids US$4.69 Billion for Iberdrola’s Mexican Assets

Spanish renewable energy and water company Cox has reportedly submitted a €4 billion (US$4.69 billion) bid to acquire Iberdrola’s remaining energy assets in Mexico, according to Spanish outlet El Confidencial, which cites anonymous sources close to the talks.

The offer is said to be more than four times Cox’s own market value. The company, led by executive Enrique Riquelme, has reportedly secured the necessary debt to finance the transaction. Discussions began several months ago, after Iberdrola informed a limited group of potential buyers of its intent to withdraw from the Mexican market. The negotiations are being led by Riquelme and Iberdrola’s Global Head of Corporate Development, David Mesonero.

Neither company has publicly confirmed the information.

The report comes on the heels of Iberdrola’s €5 billion (US$5.8 billion) capital increase, an effort aimed at supporting its US and UK grid investment plans. That offering was oversubscribed by 3.8 times, signaling strong market backing.

The move follows Iberdrola’s landmark 2024 deal to sell 55% of its Mexican assets to the federal government for US$6.2 billion, a transaction the López Obrador administration heralded as a “new nationalization” of the power sector.

Iberdrola México holds 2.6GW in installed capacity, split between 1.232GW of wind and solar and 1.368GW from combined-cycle and cogeneration plants. In the first half of 2025, these assets generated 5.3TWh.