Global utility company Cox, specializing in water and energy, has secured a syndicated financing of $2.65 billion to acquire Iberdrola México's assets. This transaction strengthens Cox's position as a strategic leader in the Mexican electricity market. Although the physical infrastructure is located in Mexico, the scale of the operation has direct repercussions for Panama and the region. The country reaffirms its role as a financial and corporate hub from which insurance, legal services, and advisory services linked to the regional energy transition are managed. This investment also boosts the competitiveness of Panamanian engineering and consulting firms operating in the renewable energy market. The acquisition includes an operational installed capacity of over 2,600 MW, a development portfolio of 12 GW, and the largest private energy marketer in Mexican territory, which holds a market share of around 25% with more than 500 large corporate clients. This deal represents one of the most significant milestones for the energy transition on the continent. The financing structure involved the participation of seven top-tier banking institutions, including Citi, Barclays, BBVA, Deutsche Bank, Goldman Sachs, Santander, and Scotiabank. These funds are intended to complete the acquisition of Iberdrola México's assets after obtaining all relevant regulatory approvals. The shortfall not covered by the banking sector will be completed through the company's own capital and the participation of institutional investors. As part of the integration process, Cox will incorporate approximately 700 technical professionals from Iberdrola México to ensure operational continuity. This financial coalition underscores the confidence of global markets in Cox's strength and the growth potential of the Latin American energy sector. The transaction already has the approval of Mexico's National Energy Commission and National Antitrust Commission. Enrique Riquelme, CEO of Cox, highlighted that this acquisition positions the company as a strategic leader in the Mexican electricity market. The operation consolidates Cox as a fundamental player in the energy transition of Latin America, adding a project portfolio of 12 GW. With the closing of this transaction, Panama reinforces its position as a hub for corporate and financial services for large-scale energy infrastructure projects in the region.
