Cox Reaches 1,000 MW in Mixed Contracts

The Spanish company Cox is laying the groundwork to increase its installed electricity generation capacity in Mexico to 38%, reaching 3,600 megawatts in the country.

The CEO of Cox Mexico, Jose Antonio Hurtado, said that the company has developed projects totaling at least 1,000 megawatts of renewable energy that it plans to operate over the next twenty years under mixed contracts with the Federal Electricity Commission (CFE).

The rating agency Moody's Mexico explained that adjustments still need to be made before the contracts can be signed, as this is the award that has been received.

Similarly, it considers that the current government's legal framework for attracting investment in strategic infrastructure is appropriate and necessary for the timeframe during which the projects will be implemented, extending beyond the six-year term.

“The foundations for attracting investment are already in place and very clear; the pressure lies in the timing required by the projects, which are highly sophisticated both technically and in terms of regulations and may not be so easy to get off the ground before 2030 or 2031,” said the executive.

By the end of 2025, Cox will have become the largest private player in Mexico’s electricity generation sector. Following its Extraordinary General Shareholders’ Meeting, the company approved the acquisition of 100% of Iberdrola Mexico for US$4.2 billion.

With this acquisition, Cox, a Spanish company that has been operating in Mexico for more than a decade, gained access to a platform with 2,600 megawatts of operational installed capacity and became the country’s largest private supplier, with a 25% market share, generating more than 20 terawatts-hour distributed among more than 500 customers.