Cox Finalizes $4 Billion Iberdrola Mexico Acquisition, Boosts Renewable Energy Portfolio to 12,000 MW - News and Statistics

Apr 29, 2026

Cox has closed its $4 billion purchase of Iberdrola Mexico, a move that adds 2,600 MW of operational capacity and positions the company as the country’s largest private power supplier, backed by a renewable project pipeline of 12 GW.

The transaction, originally unveiled in July 2025, brings 2,600 MW of installed capacity into Cox’s portfolio, elevating it to the top private electricity provider in Mexico and boosting its renewable energy holdings to roughly 12,000 MW. The group has operated in Mexico for over a decade.

Included in the deal are power generation and retail operations, along with more than 800 employees. Cox reports that the retail segment commands over 25% of the market, with annual electricity sales of 20 TWh and a client base exceeding 500 large-scale users.

The acquisition also encompasses renewable energy projects at varying stages of development, totaling approximately 12,000 MW. Among the operational capacity, over 2,600 MW is split between 1,368 MW from combined-cycle and cogeneration facilities and 1,232 MW from wind and solar PV installations. These assets are situated in the Mexican states of Coahuila, Nuevo Leon, Queretaro, Tamaulipas, Puebla, Guanajuato, Sonora, and San Luis Potosi.

Funding for the purchase came via a syndicated loan arranged by seven banks: Citi and Goldman Sachs in the United States, Barclays and Deutsche Bank in Europe, Santander and BBVA in Spain, and Bank of Nova Scotia in Canada. Cox noted that any amount not covered by the loan will be financed through equity and institutional investor contributions.

The company plans to keep Iberdrola Mexico’s management team in place and incorporate its staff. Mexico is set to be a key focus of Cox’s 2026-2028 Americas strategy, leveraging the newly acquired assets and its large-customer supply business.

This deal is part of Iberdrola’s broader divestiture approach in Mexico. In 2024, the utility finalized the sale of a 55% interest in its Mexican energy holdings to Mexico Infrastructure Partners for $6 billion, a transaction first announced in February 2023.

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