Cox Rebrands, Plans Up to US$5 Billion in Mexico Investments

Cox Infrastructure Group has announced an investment of US$4 billion to US$5 billion in Mexico, positioning the country as its primary global market. This deployment builds on the company's recent US$4 billion acquisition of Iberdrola’s Mexican assets, making it the largest private energy supplier in the nation despite state reforms capping private generation. The funding will target energy-stressed industrial corridors like Nuevo Leon to provide distributed generation and off-grid solutions, directly benefiting heavy manufacturing and expanding data center networks that require immediate power alternatives during current grid limitations.

Cox Executive President Enrique Riquelme announced at the company's General Shareholders' Meeting that the Spanish infrastructure and energy group plans to invest between US$4 billion and US$5 billion in Mexico over the coming years, consolidating the country as the most strategically important market in its global portfolio. The announcement highlighted the enormous potential for energy and industrial growth that Mexico is currently experiencing, driven by nearshoring, manufacturing expansion, and rising electricity demand across multiple regions.

The announcement also confirmed two significant corporate developments: Cox will formally change its corporate name to Cox Infrastructure Group and will relocate its future global headquarters to the Port of Seville in Spain, a project requiring approximately €30 million in investment that will see its Seville workforce grow from more than 1,200 employees to close to 2,000 specialists by around 2028.

Built on Iberdrola, Extended by New Capital

The investment commitment announced today builds directly on the foundation laid by the most consequential deal in Cox's history. Cox completed its US$4 billion acquisition of Iberdrola's Mexico assets in late April 2026, establishing itself as the largest private energy supplier in the country with 2,600MW of installed capacity across 12 states and an annual generation exceeding 20TWh. The transaction also transferred Iberdrola Mexico's commercial arm — the country's largest qualified private electricity supplier, holding more than 25% market share and serving over 500 industrial clients.

The acquisition was backed by Goldman Sachs and a seven-bank syndicate, with Cox raising €3.6 billion in financing, and Riquelme characterized Mexico's "Plan México" framework as providing sufficient legal certainty for long-term private investment despite the 2025 energy reform requiring CFE to retain a 54% share of national power generation.

Riquelme described 2025 as "a year of transformation for Cox, marked by the integration of Iberdrola México, an operation that represents a leap in scale and positions us as a relevant actor in a market with great potential." The new US$4–5 billion commitment announced today is layered on top of an investment program that was already substantial: prior announcements had projected more than US$10.7 billion in Mexico between 2025 and 2030, including US$4 billion in new energy assets and up to US$1.5 billion in water concession projects.

Nuevo Leon as the Anchor

A significant portion of the new investment will be concentrated in Nuevo Leon, which has emerged as one of Latin America's principal industrial and technology hubs due to the arrival of new global companies and advanced manufacturing centers. The state is Mexico's leading nearshoring destination, with industrial activity projected to grow 4% in 2026 and exports having reached US$66.46 billion in 2024. 

Cox's expanded commitment in the state arrives the same day that Naturgy announced a €300 million gas network investment in Nuevo Leon, signaling a concentrated day of foreign energy infrastructure commitments in one of Mexico's most energy-stressed industrial corridors.

Data Centers and Off-Grid Solutions

The shareholders' meeting also offered a window into Cox's emerging business lines. CEO Nacho Moreno noted that Cox is currently analyzing new opportunities related to energy data centers and off-grid solutions, sectors growing rapidly driven by artificial intelligence, digitalization, and global technological demand. That framing aligns directly with Mexico's data center expansion trajectory, where operational capacity more than doubled between 2024 and early 2026, creating concentrated electricity demand that is outpacing grid expansion in industrial states.

On green hydrogen, Cox's position was measured. The company stated it does not currently contemplate significant investments in that technology, concluding that it still faces challenges related to costs, industrial maturity, and insufficient regulatory support to be competitive in the international market.

Corporate Governance and Financial Profile

At the general shareholders' meeting, where 84.4% of share capital participated, new incentive schemes for executive directors of up to €4 million payable in shares were approved, alongside additional compensation programs for the management team.

Cox closed 2025 with a net debt to EBITDA ratio of 0.9x, reflecting conservative leverage despite rapid growth. Revenue increased 62% year-on-year to €1.14 billion, EBITDA rose 23% to €225 million, and net profit reached €69 million. The group now employs more than 12,000 professionals globally, a workforce that has expanded significantly through its string of acquisitions, from CA Infraestructuras Energía in 2023, to Ibox Energy and a 51% stake in South Africa's Khi Solar One in 2024, to the Iberdrola México transaction completed this year.

Mexico at the Core of a Global Strategy

Mexico accounts for more than 50% of Cox's global investment commitments through 2030, an unusual concentration for a company with operations across four continents. The Iberdrola acquisition also transferred a development pipeline of approximately 12,000MW in renewable projects at various stages, a portfolio that, if executed, would make Cox one of the largest renewable energy developers in Latin America.

SENER welcomed the acquisition when it was announced, stating that Cox's profile as a renewable energy and water company aligns with Plan México's objectives for expanding the electricity sector, and that the backing of Citi, JP Morgan, Bank of America, BBVA, and Santander "demonstrates the attractiveness of Mexico for large-scale energy infrastructure projects." The new US$4–5 billion commitment reinforces that institutional endorsement with concrete capital.