Grupo Cox Announces US$6.4 Billion Investment, Focus on Mexico

Spain-based energy company Grupo Cox announced a US$6.4 billion investment plan, with nearly half of the total amount to be allocated to water and renewable energy projects through 2028. The company also noted the plan will involve the sale of certain assets considered non-strategic.

This investment announcement follows the conglomerate's US$4.2 billion acquisition of Iberdrola's assets in Mexico, which was completed in July 2025. According to the company, that transaction has made the Mexican market the most strategic in its global portfolio, consolidating its position as the fourth-largest electricity generator in the country. "We have six or seven strategic markets, probably fewer, but without a doubt (with this acquisition) the largest is Mexico, which becomes the market of markets within the group," Riquelme Vives, Founder, Grupo Cox, stated.

The acquisition was financed with approximately 80% debt and 20% capital. Cox will contribute 60% of the capital, with international investors providing the remainder. "We already have two committed partners and are in additional conversations with three others," said Nacho Moreno, CEO, Grupo Cox.

Moreno also projected that by 2030, Cox will invest more than US$10 billion in Mexico, a figure that includes the Iberdrola asset acquisition and new energy and water infrastructure developments.

Iberdrola Operation

The US$4.2 billion transaction for Iberdrola's assets, which MBN reported on July 31, 2025, was part of the Spanish company's plan to fund its investments in the United States and the United Kingdom.

The sale to Cox included 15 power plants with a combined capacity of 2.6GW, as well as the company's commercial activities and generation projects under development in the country. The agreement implied a valuation multiple of US$1.6 million per operational MW.