Cox closes acquisition of Iberdrola México for $4.0 billion

Type: Acquisition · Technology: Solar, Onshore Wind, Gas · Country: Mexico · Value: $4B · Announced: 2026-04-27

Cox finalized the acquisition of Iberdrola México for $4.0 billion, acquiring 2,600 MW of operational capacity and a renewable project pipeline of 12,000 MW. The deal includes 1,368 MW of combined cycle and cogeneration plants alongside 1,232 MW of wind and solar assets across eight Mexican states. Iberdrola México, the country's largest private supplier, contributed over 25% market share, 20 TWh of annual commercialization, and 500+ large customers to Cox's portfolio. Financing was structured as a syndicated loan led by seven top-tier banks, including Citi, Goldman Sachs, and BBVA México, with the remainder covered by Cox's equity and institutional investors. The transaction strengthens Cox's position in Mexico's energy market, where it has operated for over a decade, and aligns with its 2026-2028 strategic plan for Latin America.

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