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Iberdrola Sells Mexican Assets too Cox for $4.17 Billion
Iberdrola has finalized an agreement to sell its remaining assets in Mexico to the Spanish company Cox for $4.17 billion (approximately €3.64 billion). this sale follows Iberdrola’s earlier divestment of combined cycle plants, a move necessitated by the Mexican government under former President Andrés Manuel López Obrador.
The acquired assets include 15 plants with a total capacity of 2.6 Gigawatts (GW). Of this, 1.166 GW are combined gas cycle plants, and 1.232 GW are renewable energy facilities, comprising wind, solar, and cogeneration. The deal also encompasses Iberdrola Mexico’s commercial operations, its workforce of over 800 employees, and ongoing projects that Cox will complete.
Iberdrola plans to reinvest the proceeds, along with funds from the earlier forced sale in Mexico, into its global investment plan. The company will allocate $55 billion to projects primarily in the United States and the United Kingdom thru 2031.
For Cox, this acquisition is a meaningful strategic move, accelerating its objectives by three years. The company anticipates closing the year with approximately €3 billion in revenue and an EBITDA of €750 million. Cox views Mexico as a strategic market with legal certainty within its new energy regulatory framework and plans to invest over $10.7 billion (around €9.36 billion) in the country by 2030. This includes nearly half of that amount for the Iberdrola Mexico purchase, which also includes mexico’s largest electricity supplier, serving over 500 large customers. Cox has also budgeted an additional $4 billion for new energy assets and up to $1.5 billion for water concessions.
Cox states that this transaction is “transformational,” elevating the company’s strategic scale and positioning it as an integrated utility with a leading role in the Mexican electricity market. The acquisition is expected to bring Cox’s annual revenue close to €3 billion and its EBITDA to €750 million by the end of the year.