Cox Completes $4 Billion Iberdrola Mexico Acquisition
Spanish water and energy utility Cox Group has completed its $4 billion acquisition of Iberdrola Mexico, calling it a perfect strategic fit for the group. The transaction, first announced in July 2025, adds a platform with 2.6 GW of operational capacity across 15 wind, solar PV, combined-cycle, and cogeneration power plants, along with a renewable energy project pipeline of around 12 GW, at various stages of development. The deal brings Mexico’s ‘largest’ private energy supplier to Cox, with over 25% market share, 20 TWh of sales, and more than 500 large customers, it said.
According to the Spanish group, the deal enhances Cox’s scale, execution capabilities, and revenue stability, supported by recurring income and strong cash generation. It also brings over 800 employees into the group, with the existing management team set to be retained. The acquisition, explains Cox, aligns with its strategy to focus on priority regions, positioning Mexico as a central hub for its growth in Latin America.
COFIDES Supports Renewable Energy Expansion in Peru
Spain’s state-owned development finance company Compañía Española de Financiación del Desarrollo (COFIDES) is supporting Navarra-based Enhol in developing the 396 MW Illa Solar PV plant in Arequipa, Peru, set to become the country’s largest solar facility. The project involves over $350 million in investment, with COFIDES contributing $40 million through Fund for Foreign Investment (FIEX) and syndicated financing.
About 80% of the electricity generated by the facility will be sold under a long-term agreement with local energy company Kallpa Generación, ensuring a stable, clean power supply. According to COFIDES, the plant is expected to expand the share of renewable energy in Peru, create over 600 jobs, and strengthen Enhol’s presence in Latin America’s energy sector.
