*Spanish energy company Iberdrola has agreed to sell its businesses in Mexico to fellow Spanish firm Grupo Cox in a US$4.2bn deal. The deal comes as Iberdrola is looking to raise money as it plans to invest €55bn (US$62.8bn) in its transmission and distribution grid subsidiaries, primarily in the US and the UK. The transaction includes 15 plants with 2.6 gigawatt (GW) of capacity – 1.37GW in combined-cycle and cogeneration plants and 1.23GW in wind and solar assets – commercial activity, and a portfolio of projects under development, which Iberdrola states Cox intends to put into operation in the future. Cox described the deal as “transformational”, stating it had targeted Mexico as a strategic market “due to its strong legal framework under the new energy regulatory plan”, in reference to President Claudia Sheinbaum’s Plan México economic programme. Cox said it plans to invest more than US$10.7bn in Mexico between 2025 and 2030, including the Iberdrola México acquisition. The sale comes after Iberdrola sold a large part of its portfolio in Mexico to a government-backed trust in 2023 for around US$6bn after years of political pressure from former president Andrés Manuel López Obrador (2018-2024).
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