Iberdrola SA has completed the sale of its Mexican assets, including 2.6 gigawatts of installed capacity, to Cox Abg Group SA for $4 billion, the Spanish companies said.

“The transaction forms part of Iberdrola’s strategy to focus its investments on its regulated transmission and distribution network businesses and generation operations with long-term contracts, as well as on key markets such as the United States and the United Kingdom”, power and gas utility Iberdrola said in an online statement.

The divestment included 1,368 megawatts (MW) of installed combined-cycle and co-generation capacity and 1,232 MW of installed solar and wind capacity, Iberdrola said.

The transaction gives Cox the biggest private electricity supplier in Mexico with a share of over 25 percent, Cox said separately.

The transfer also includes 12,000 MW of renewable projects in different stages of development, Cox said.

Cox said it is incorporating the existing workforce of more than 800 people.

“In proforma terms, the Group would have achieved revenues of EUR 2,551 million [$3 billion] and an EBITDA of EUR 786 million in 2025, multiplying the 2025 figures by 2 and 3, respectively”, Cox said. “Furthermore, operating cash flow would stand at approximately EUR 592 million, a fourfold increase, reinforcing its cash generation capacity and long-term financial profile”.

“The acquisition consolidates Latin America as the group’s main geographical focus and positions Mexico as a strategic hub for its growth and expansion in the region, supported by sustained energy demand, solid macroeconomic stability, and high potential for infrastructure development”, Cox added.

Cox said January 26 it had secured $2.65 billion in syndicated financing for the purchase. The group of lenders comprised the Bank of Nova Scotia, Banco Bilbao Vizcaya Argentaria SA, Banco Santander SA, Barclays PLC, Citigroup Inc, Deutsche Bank AG and Goldman Sachs Group Inc.

In 2024 Iberdrola sold over half of its Mexican footprint at the time to a trust led by Mexico Infrastructure Partners for around $6.2 billion.

At the end of the first quarter of 2026 Iberdrola grew its installed power production capacity to 58,877 MW, up 3.8 percent from the same period a year ago, according to provisional data published by the company April 17.

“Notable increases in capacity were recorded in the United States (+693 MW), Spain (+552 MW), Australia (+537 MW) and other European countries (+377 MW)”, Iberdrola said. “Generation capacity also increased in the United Kingdom (+192 MW)”.

Offshore wind rose by 16.2 percent to 2,621 MW. Solar grew 12.7 percent to 9,013 MW. Battery energy storage expanded 157.6 percent to 683 MW.

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