The Spanish water and renewable energy company Cox has announced the acquisition of Iberdrola’s power assets in Mexico for US$4.2bn. The deal includes 2,600 MW of operational capacity across 15 power plants, comprising 1,368 MW from combined-cycle and cogeneration plants, and 1,232 MW from renewable sources (six wind parks and three solar parks). It also covers a 12 GW project pipeline and the acquisition of Mexico’s largest qualified user supplier, which holds a 25% market share and supplies over 20 TWh annually to more than 500 large customers.

Mexico is a strategic market for Cox, which plans to invest over US$10.7bn in the country between 2025 and 2030, including this acquisition. In February 2024, Mexico’s antitrust regulator, the Federal Economic Competition Commission (Cofece), approved the acquisition by the Mexican Government of 13 Mexican power plants owned by Iberdrola for US$6bn (MXN102.34bn). The transaction included 12 CCGT power plants with a total 8,436 MW installed capacity (Monterrey I & II, Altamira III & IV, Altamira V, Escobedo, La Laguna, Tamazunchale I, Baja California and Topolobampo II & III, operated under the Independent Energy Generator regime, plus the private CCGT plants Monterrey III & IV, Tamazunchale II and Enertek) and the 103 MW La Venta III wind park.