Cox closes acquisition of Iberdrola México for $4.0 billion

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.

Counterparts (9)

Lender

BBVA México

company · 1 deals

BBVA México is the largest financial institution in Mexico by assets and deposits, holding a significant market share across retail, corporate, and investment banking sectors. It serves as a major financier for infrastructure projects nationwide.

Santander México

company · 1 deals

Deutsche Bank

company · 5 deals

Deutsche Bank is a global financial institution that provides a range of financial services to corporations, institutions, and private clients. It focuses on sustainable and transition finance, aiming to support the low-carbon transition and ecosystem conservation.

Bank of Nova Scotia

company · 1 deals

Toronto-headquartered Canadian multinational bank offering corporate and investment banking, capital markets, and commercial banking services across 30+ countries, with a global workforce of 90,000.

G

Goldman Sachs

company · 1 deals

Barclays

company · 4 deals

Barclays is a diversified bank with a strategy to achieve net zero emissions by 2050. It focuses on financing clients' transition to sustainable practices and scaling climate technology.

Citi

company · 1 deals

Citi is a global investment bank and financial services company dedicated to providing financial services to enable growth and economic progress. They offer a range of products and services as an integrated institution.

Seller

I

Iberdrola México

company · 1 deals

Buyer

Cox

company · 1 deals

Cox Enterprises is a global company with major divisions in communications and automotive industries. They are entering additional spaces like cleantech and healthcare to build a better future for the next generation. The company is committed to reducing its impact on the planet.