COX Group

What COX Group does

Cox ABG Group, S.A. (BME: COXG) is a vertically integrated global water and energy utility headquartered in Seville, Spain, with operations across more than 30 countries and roughly 6,000 employees. The company runs two core verticals — Cox Water (full water cycle: desalination, potabilization, wastewater treatment and reuse, industrial water, irrigation) and Cox Energy (photovoltaic, solar thermal/thermosolar, bioenergy, combined-cycle gas generation) — plus a Transmission & Electrical Infrastructures line that has built more than 31,000 km of high-voltage lines and 330+ substations over 25 years. Its flagship Taweelah reverse-osmosis plant in Abu Dhabi is the world's largest at 909,218 m³/day and is powered by an integrated 70+ MWp solar field; together with Agadir, Jubail 3A, Rabigh 3 and Accra, the portfolio represents approximately 10% of global installed desalination capacity.

The group monetizes through long-term (20–30 year) Build-Own-Operate/Transfer concessions with capacity payments and tariffs, EPC + O&M service contracts to third parties, and — since the April 2026 closing of the US$4.2 billion Iberdrola México acquisition — B2B electricity supply to more than 500 major Mexican customers (20 TWh annually, ~25% private market share). Revenue is project-based and concession-priced; there is no published price list. FY2025 reported revenue was €1,140 million (+62% YoY) with €225 million of EBITDA (20% margin) and a 0.9x Net Financial Debt / EBITDA ratio; pro-forma revenue after the Iberdrola close is guided to €2,551 million. The company sells to governments, state-owned utilities, multilateral development banks and large industrial counterparties via direct enterprise field sales, supplemented by strategic JVs (notably AMEA Power for the Middle East and Africa) and capital-markets distribution (€3.6B syndicated facility, US$2B U.S. bond issuance).

Name

COX Group

Legal name

Cox ABG Group, S.A.

Website

https://grupocox.com/en/home

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Cox ABG Group is a vertically integrated global water and energy utility operating across 30+ countries, delivering the full water cycle (desalination, potabilization, treatment, irrigation) alongside renewable and conventional power generation, high-voltage transmission, and EPC + O&M services to governments, state utilities, and large industrial customers.

Ownership category

akta.pro rank

Product category

Water and Energy Infrastructure / Integrated Utility Services

NAICS

Electric Power Generation, Transmission and Distribution (2211), Water Supply and Irrigation Systems (22131), Utilities (22)

SIC

Water Supply (4941), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Combined Cycle & Cogeneration (CHP) EPC (EUAEAAAB)

akta.pro secondary industries

Wind Power Plant EPC (Onshore/Offshore) (EUAEAAAF), Wind Balance-of-Plant EPC (Crane Pads, Turbine Foundations, Internal Roads) (EUAEADAI)

Keywords

• Water desalination concessions
• Renewable power generation
• Electricity transmission infrastructure
• EPC and O&M services
• Integrated water and energy utilities

Headquarters

HQ city

Seville

HQ country

Spain

HQ region

Europe

Offices12 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Infrastructure, Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Water concessions (AssetCo): Long-term (20-30 year) Build-Own-Operate (BOO) / Build-Own-Operate-Transfer concessions for desalination, potabilization, and wastewater treatment plants, generating capacity payments and water tariffs (e.g., Taweelah, Agadir, Rabigh, Accra, Jubail 3A, Taiwan).
2. Energy generation (AssetCo): Ownership and operation of generation assets — combined-cycle gas (El Carmen 866 MW in Mexico), wind (Santiago 105 MW), photovoltaic (Santiago 232 MWp, Hermosillo 137 MWp, Cuyoaco 274 MWp), solar thermal, and bioenergy — selling electricity under PPAs and into wholesale markets.
3. Energy supply / retail electricity: Sale of electricity to end customers (over 500 major customers and 25% private supplier market share in Mexico) following the Iberdrola Mexico acquisition; 20 TWh of annual sales.
4. EPC + O&M Services (ServiceCo): Engineering, procurement, construction, and operations & maintenance services for third parties, including 31,000+ km of transmission lines built over 25 years and 330+ substations; recurring O&M contracts and a multi-year services backlog.
5. Transmission infrastructure concessions: Long-term concessions for electrical transmission lines (e.g., €300 million concession for Block 10 in Brazil under Lao Law).

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels8 records

Core offering

Cox ABG Group is a vertically integrated global water-and-energy utility that develops, owns and operates large-scale desalination, potabilization and water treatment plants under long-term concessions, builds and operates renewable (photovoltaic, solar-thermal, bioenergy) and conventional (CCGT) power generation, constructs high-voltage transmission infrastructure, and delivers EPC and O&M services to third parties. Its model is organized around an AssetCo (own/operate infrastructure) and ServiceCo (EPC/O&M/technology) structure executed across 30+ countries under the 'Energy follows water' thesis.

Product overview

Cox ABG Group is a vertically integrated global utility platform built around two complementary verticals — Water and Energy — plus a Transmission & Electrical Infrastructures vertical. Rather than a single software product, the offering is an integrated platform-plus-assets architecture: the Water vertical (Taweelah, Agadir, Jubail 3A, Rabigh 3, Accra plants) delivers the full water cycle (desalination, potabilization, treatment, industrial water, irrigation), while the Energy vertical (São João, Khi Solar One, Solar Power Plant 1, El Carmen CCGT, Santiago Wind, Santiago PV, Hermosillo PV, Cuyoaco PV) covers photovoltaic, solar thermal, bioenergy and combined-cycle generation. The Transmission vertical adds 31,000+ km of high-voltage lines and 330+ substations (including the Brazil Block 10 €300M concession and the Adif Madrid–Barcelona–French border contract). These asset businesses sit on two operating sub-entities — AssetCo (own/operate concessions) and ServiceCo (EPC, O&M, technology & innovation services to third parties) — and are marketed under the dual sub-brands Cox Water (blue) and Cox Energy (coral-orange). The platform is rolled out across 30+ countries with 6,000+ employees and is supported by the €300 million Seville campus redevelopment.

Differentiator

Problem solved

Functional benefit

Brands

• Cox Water: Water business vertical covering desalination, potabilization, water treatment, industrial water, water infrastructure, and irrigation.
• Cox Energy
• Cox Energy Solar

Products and services

• Taweelah Desalination Plant (Abu Dhabi) World's largest reverse osmosis desalination plant, located in Abu Dhabi (UAE), producing 909,218 m³/day of drinking water. Its operation is powered by an integrated photovoltaic solar field exceeding 70 MWp. Winner of Global Water Awards 'Desalination Plant of the Year 2023'. Commenced commercial operation in March 2024.
• Agadir Desalination Plant (Morocco) Largest desalination plant designed for combined drinking water and irrigation use, located in Agadir, Morocco, with capacity of 275,000 m³/day. Recognized in 2019 by the International Desalination Association with the 'Best Public-Private Partnership' award.
• Jubail 3A Desalination Plant (Saudi Arabia) Desalination plant located in Jubail, Saudi Arabia, with a production capacity of 600,000 m³/day. Winner of Global Water Awards 'Desalination Plant of the Year 2024'.
• Rabigh 3 Desalination Plant (Saudi Arabia) Desalination plant located in the city of Rabigh on the Red Sea coast of Saudi Arabia, part of Cox's water desalination portfolio.
• Accra Desalination Plant (Ghana) Seawater desalination plant in Accra, Ghana, producing 60,000 m³/day of drinking water as part of Cox's African water infrastructure portfolio.
• São João Bioenergy Plant (Brazil) Bioenergy plant in Brazil producing bioethanol from sugar, with an installed capacity of 70 MW. Part of Cox's bioenergy generation portfolio.
• San Javier I — PMGD Photovoltaic Plant (Chile) Photovoltaic solar plant of 3 MW located in San Javier, Chile, within Cox's distributed-generation renewable portfolio.
• Khi Solar One (South Africa) Solar thermal (concentrated solar) plant with 50 MW installed capacity, located near Upington in the Northern Cape province of South Africa, backed by a Power Purchase Agreement. Acquired by Cox in December 2024.
• Solar Power Plant 1 — Hassi R'Mel (Algeria) Hybridization thermosolar plant of 150 MW located in Hassi R'Mel, Algeria, integrating solar thermal storage into existing conventional generation.
• El Carmen Combined Cycle Power Plant (Mexico) Combined cycle gas turbine (CCGT) generation plant of 866 MW located in El Carmen, Nuevo León, Mexico. Part of the portfolio acquired from Iberdrola.
• Santiago Wind Farm (Mexico) Wind farm with 105 MW installed capacity located in San Felipe, Guanajuato, Mexico. Part of the Iberdrola México portfolio now owned by Cox.
• Santiago Photovoltaic Plant (Mexico) Photovoltaic solar plant of 232 MWp located in Villa de Arriaga, San Luis Potosí, Mexico. Part of Cox's Mexican renewable generation portfolio.
• Hermosillo Photovoltaic Plant (Mexico) Photovoltaic solar plant of 137 MWp located in Hermosillo, Sonora, Mexico. Part of Cox's Mexican renewable generation portfolio.
• Cuyoaco Photovoltaic Plant (Mexico) Photovoltaic solar plant of 274 MWp located in Cuyoaco, Puebla, Mexico. Part of Cox's Mexican renewable generation portfolio.
• Water Division (Full Water Cycle) Cox's global water vertical covering the full water cycle: desalination, potabilization, wastewater treatment and reuse, industrial water, water infrastructures and irrigation. Cox manages approximately 10% of worldwide installed desalination capacity, with 535,000 m³/day of desalinated capacity built and 253 references spanning decades of experience in the sector.
• Energy Division (Generation) Cox's renewable and conventional generation vertical, covering photovoltaic energy, solar thermal (thermosolar) energy, bioenergy, and conventional generation. Includes 4.5 GW of renewable energy built or under construction, 8.2 GW of conventional installed capacity, +310 MW of renewable references, 622 MW CCGT, and a 3.6 GW generation pipeline across Latin America, Spain and Africa. Also innovates in storage systems (molten salts and BESS).
• Transmission & Electrical Infrastructures Division Cox's electrical infrastructure vertical covering transmission lines, substations and electrification. Includes more than 31,000 km of transmission lines built over the past 25 years and more than 330 substations constructed, including the €300 million Block 10 transmission concession in Brazil and the ADIF high-speed Madrid–Barcelona–French border line contract awarded in February 2024.
• ServiceCo (EPC, O&M and Services) Cox's global services arm providing Engineering, Procurement and Construction (EPC), Operations and Maintenance (O&M) and engineering services to third parties across the geographies in which the group operates. Contributed €80 million of EBITDA in 2025 and holds a significant services backlog. Includes the Cox Technology and Innovation division.
• AssetCo (Asset Holding & Operating Company) Cox's asset-holding and operating company, owning and operating infrastructure assets (water concessions, energy generation, transmission). Contributed €145 million of EBITDA in 2025. Provides long-term cash-flow visibility and stable returns.
• B2B Electricity Supply (Mexico, post-Iberdrola acquisition) Sale of electricity to end customers (over 500 major customers and 25% private supplier market share in Mexico) following the Iberdrola Mexico acquisition; 20 TWh of annual sales from the inherited generation portfolio.

Quantifiable outcome

• 909,218 m³/day drinking water production at Taweelah, the world's largest reverse-osmosis desalination plant, powered by 70+ MWp of on-site solar.
• +5 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Seven partnerships are on record, tiered minor — second-party opinion provider, flagship — transformative deal, flagship — strategic regional jv, flagship — solar thermal partnership, minor — strategic alliance in colombia, historical jv partner and minor — sustainability alliance.

• Serfiexminor — second-party opinion providerOthers · 1 December 2025Provided the second-party opinion validating Cox's Green Promissory Notes ESG criteria and KPIs for the €50-75M MARF programme.
• Iberdrola SAflagship — transformative dealStrategic or Co-development Partner · 1 July 2025Cox acquired Iberdrola's Mexican business for US$4.2 billion, gaining 15 power plants with 2.6 GW operating capacity, 12 GW development pipeline, 20 TWh annual sales to 500+ customers, and ~700 employees. Closed April 2026 after regulatory approvals from Mexico's CNE and CNA.
• AMEA Powerflagship — strategic regional jvStrategic or Co-development Partner · 1 May 2025Joint venture to drive water and energy infrastructure projects across the Middle East and Africa, including a 100,000 m³/day seawater desalination plant cooperation agreement with Angola's Ministry of Energy and Water.
• Glasspointflagship — solar thermal partnershipStrategic or Co-development Partner · 1 November 2024Joint development of the first phase of the world's largest solar thermal plant.
• NG Energyminor — strategic alliance in colombiaStrategic or Co-development Partner · 1 September 2022Strategic alliance to develop renewable-energy projects in Colombia.
• Sonnedix (JP Morgan Asset Management)historical jv partnerStrategic or Co-development Partner · 1 January 2018Former joint venture with Sonnedix in Chile for 160 MW Meseta de Los Andes project and joint signing of 450 GWh/year photovoltaic agreement; relationship evolved into Ibox Energy (Cox 40%, Nexwell 60%).
• UN Global Compact / Caring for Climateminor — sustainability allianceOthers · 1 January 2018Cox adheres to the ten principles of the UN Global Compact and the Caring for Climate initiative led by UN Global Compact, UNEP and UNFCCC.

Scale indicators15 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• Iberdrola: Spanish global renewable and grid utility that divested its Mexican business to Cox for $4.2B. Comparable as an integrated utility and the originating counterparty for Cox's largest single acquisition.
• Veolia: French global water, waste, and energy services group. Closest global comparable to Cox's water utility operations, with comparable concession and O&M service models across multiple continents.
• Vinci: French concessions and construction group with major water, energy, and transport infrastructure concessions globally. Comparable to Cox on long-duration concession business model and project finance capabilities.
• Engie: French global energy and services group operating across power generation, networks, and infrastructure. Comparable to Cox's energy + EPC + O&M service profile with broader geographic reach.
• Enel: Italian multinational integrated electric utility with renewable generation, distribution, and end-customer supply in Iberia, Latin America, and MEA. Comparable to Cox's energy utility platform post-Iberdrola México.
• Ferrovial: Spanish infrastructure operator with major concessions in toll roads, airports, and water (Cadagua). Comparable to Cox on Iberian infrastructure-concession heritage and water-services platform overlap.

Direct peers

• Sacyr: Spanish infrastructure and water concession operator (Sacyr Concesiones / Valoriza Agua) with long-duration concessions in desalination, treatment, and irrigation. Comparable to Cox in business model and concession-heavy revenue mix.
• ACS / Dragados: Spanish construction and infrastructure-services conglomerate with significant EPC capabilities across energy and water projects. Comparable to Cox's EPC ServiceCo arm and similar Iberian concession-development heritage.
• Acciona: Spanish integrated infrastructure group combining water (Acciona Agua) with renewable energy generation. Direct structural twin to Cox, with the same Iberian heritage, similar desalination concessions, and an overlapping global footprint in water-scarce markets.

Emerging players

• Solaria Energía: Spanish pure-play photovoltaic generation developer. Comparable to Cox's PV generation business but lacks Cox's water, transmission, and CCGT diversification.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/grupocox
• YouTubeyoutube.com/@grupocox
• LinkedInlinkedin.com/company/grupocox
• Facebookfacebook.com/cox.grupo

Compliance10 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries3 records

Funding overview

Funding rounds6 records

Investors12 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about COX Group