Cox acquires Iberdrola Mexico assets for $4.2 B
Grupo Cox buys 15 plants and 12 GW pipeline for $4.2 B, boosting its expansion plans and partnering with Mexico’s state utility CFE.
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Spanish utility and infrastructure firm Grupo Cox has acquired Iberdrola’s Mexican assets for $4.2 B, marking a significant move in the country’s energy sector. The deal includes 15 power plants with a combined capacity of 2.6 GW – 1,368 MW from combined-cycle and cogeneration units, and 1,232 MW from renewables.
Cox will also take control of a 12 GW project pipeline, commercial operations, and the largest qualified user supplier in Mexico, which has a 25 % market share and delivers over 20 TWh to more than 500 major customers.
The acquisition supports Cox’s broader $10.7 B investment plan for Mexico between 2025 and 2030, which includes over $4 B in new energy assets and up to $1.5 B in water concessions. The company also aims to co-invest in future generation projects with the national utility, CFE.
Cox expects the transaction to increase annual revenues by more than $1.5 B (€1.3 B) and EBITDA by over $578.9 M (€500 M).
On the other side of the deal, Iberdrola will redirect its focus towards regulated transmission and distribution networks in the US and UK. The company plans to invest $63.7 B (€55 B) to nearly double its regulated asset base to $104.2 B (€90 B).
The deal follows Iberdrola’s $5.5 B (€5 B) acquisition of UK’s Electricity North West in 2024. The Cox-Iberdrola transaction is pending regulatory approval.
Source: Smart Energy International
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