Cox Energy

What Cox Energy does

Cox Energy is a Spanish-headquartered renewable energy company that operates across the full electricity value chain from generation to commercial supply. Founded in 2014 and headquartered in Madrid, the company is publicly listed on Mexico's BIVA and BMV exchanges under the ticker COXA and previously on Spain's BME Growth, making it the only solar energy company with a dual listing in both markets. Following its March 2026 acquisition of Iberdrola México for approximately €3.6 billion, Cox operates 15 power plants with 2.6GW of installed renewable generation capacity and a 12GW pipeline of solar PV and wind projects in development.

The company's core technology portfolio spans utility-scale solar PV generation, cogeneration (combined heat and power) systems, and battery energy storage systems (BESS). Generation assets are monetized through long-term Power Purchase Agreements (PPAs) with Mexico's state utility CFE, supplemented by direct electricity supply to commercial and industrial customers via Mexico's largest commercial electricity supply business (acquired with Iberdrola México). Additional revenue streams come from industrial energy solutions developed through the Finsolar alliance, which targets 30 large-scale and 400 smaller solar and cogeneration installations by 2028, and from a battery storage joint venture with Bimergen Energy for up to 1 GW of US-based projects.

Cox's business model is contract-driven and infrastructure-based, relying on long-dated offtake agreements and capital-intensive project development rather than volume-pricing. The company has submitted 178 solar PV proposals totaling 26,494 MW and 34 wind projects totaling 9,324 MW to CFE's mixed generation programme. Customer segments are concentrated in industrial and commercial enterprises in Mexico, with CFE as a major counterparty on the supply side. The company is led by President Enrique Riquelme, and is currently undergoing capital structure reorganization, evidenced by its June 2026 exclusion from BME Growth and postponement of its restructuring prospectus.

Name

Cox Energy

Legal name

Cox Energy América, S.A.B. de C.V.

Website

https://coxenergy.com

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

Cox Energy is a Spanish-Mexican renewable energy company operating 2.6GW of solar PV and wind capacity with a 12GW pipeline. Following its 2026 acquisition of Iberdrola México, it runs Mexico's largest commercial electricity supply business serving industrial and commercial customers.

Ownership category

akta.pro rank

Product category

Renewable Energy Generation and Electricity Supply

NAICS

Wind Electric Power Generation (221115), Solar Electric Power Generation (221114), Electric Power Generation (22111), Electric Power Generation, Transmission and Distribution (2211)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Hybrid Wind Power Plants (Wind+Solar+Storage Co-located) (EUACAFAH)

akta.pro secondary industries

Onshore Wind Power Generation (Utility-Scale) (EUACAFAA), Natural Gas CHP (Industrial & Utility-Scale) (EUACAKAA), Retail Supply + DER/Virtual Power Plant Bundles (Solar, Storage, DR) (EUAGABAI), Utility-Scale VPPs & Grid Services Aggregation (Capacity, Frequency, Reserves) (EUAFAHAD)

Keywords

• Renewable energy generation
• Solar power development
• Electricity supply services
• Battery energy storage
• Power purchase agreements

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Personnel, Technology or R&D, Others

Revenue model

1. Power Generation and Sale: Cox Energy generates electricity from 15 operational plants with 2.6GW of installed capacity. Revenue is derived from long-term Power Purchase Agreements (PPAs) with CFE and direct supply to commercial customers. The company operates across the full electricity value chain including generation and supply.
2. Commercial Electricity Supply: Following the Iberdrola México acquisition, Cox Energy operates Mexico's largest electricity supply business for commercial customers, providing energy procurement services to industrial and commercial clients.
3. Industrial Energy Solutions: Development and operation of solar and cogeneration power plants for industrial clients, offering significantly lower electricity costs and increased supply stability under long-term contracts.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Cox Energy is an integrated renewable energy company that generates and supplies electricity in Mexico. It operates 15 power plants with 2.6GW of installed solar PV and wind capacity (acquired from Iberdrola), maintains a 12GW development pipeline, runs Mexico's largest commercial electricity supply business, and develops utility-scale solar, cogeneration, and battery energy storage (BESS) projects for industrial clients.

Product overview

Cox Energy is a Spanish renewable energy company listed on both BIVA and BMV (ticker: COXA*) that operates across the full energy value chain. The company functions as an integrated energy platform combining power generation assets (2.6GW operational capacity plus 12GW development pipeline), commercial electricity supply for industrial customers, and project development services. Key offerings include renewable generation portfolio (solar PV and wind), industrial solar and cogeneration plants developed through the Finsolar alliance, battery energy storage systems via the Bimergen joint venture, and electricity supply services for commercial clients. The company recently expanded significantly through the acquisition of Iberdrola's Mexican operations.

Differentiator

Problem solved

Functional benefit

Products and services

• Renewable Energy Generation Portfolio Operating portfolio of 15 power plants with 2.6GW of installed capacity, comprising solar PV and wind generation assets acquired from Iberdrola México. Provides renewable electricity under long-term PPAs and direct supply arrangements for industrial and commercial customers.
• Commercial Electricity Supply Mexico's largest electricity supply business for commercial customers, offering power procurement and energy management services to industrial and business clients under the acquired Iberdrola México operations.
• Industrial Solar Power Plants Large-scale dedicated solar PV installations developed for industrial clients, providing lower electricity costs and supply stability under long-term contracts.
• Cogeneration Power Plants Combined heat and power (cogeneration) generation facilities developed for industrial clients as part of the Cox Energy-Finsolar $250 million alliance in Mexico.
• Battery Energy Storage Systems (BESS) Utility-scale battery energy storage system (BESS) projects developed through a joint venture with Bimergen Energy Corporation, with capacity allocation of up to 1 GW, supporting grid stability and renewable energy integration.
• Renewable Energy Project Development Pipeline A 12GW pipeline of renewable energy projects in development, primarily solar PV and wind, positioned for long-term Power Purchase Agreements with CFE and direct supply to commercial customers.

Quantifiable outcome

• 178 solar PV proposals (26,494 MW) and 34 wind projects (9,324 MW) submitted to CFE's renewable programme
• +1 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• Bimergen EnergycoreStrategic or Co-development Partner · 9 December 2025Cox Energy Group established a joint venture with Bimergen Energy for the development of utility-scale battery energy storage system (BESS) projects up to 1 GW capacity across the United States, supporting grid stability and renewable energy integration.
• RelyEZ Energy GroupcoreStrategic or Co-development Partner · 9 December 2025Bimergen Energy established a joint venture with RelyEZ Energy Group for up to 2 GW of utility-scale BESS project development. Cox Energy Group separately has a joint venture with Bimergen for up to 1 GW of BESS projects.
• FinsolarcoreStrategic or Co-development Partner · 26 November 2025Cox Energy and Finsolar formed a strategic alliance to invest $250 million in Mexico developing solar and cogeneration power plants for industrial clients. The partnership aims to build 30 large-scale installations and 400 smaller units by 2028 across multiple industrial regions.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Iberdrola: Spanish-headquartered global renewable and grid operator; Cox Energy directly acquired Iberdrola's Mexican subsidiary (2.6GW operational + 12GW pipeline) in March 2026, making it the closest possible peer on geography, asset mix, and integrated business model.
• Solaria Energía y Medio Ambiente: Madrid-based utility-scale solar PV developer listed on the Spanish continuous market; directly comparable on technology focus (utility-scale solar), Iberian capital-markets listing, and project pipeline-driven growth model.
• Audax Renovables: Spanish renewable energy and retail electricity supply company; closely comparable business model combining renewable generation with commercial/retail electricity supply, and operates in the same Iberian-Mediterranean market footprint.
• Grenergy Renovables: Spanish-listed renewable energy developer with solar, wind, and BESS projects across Iberia and LatAm; directly comparable on solar+storage technology stack, project pipeline-led growth model, and emerging market exposure (Chile, Peru, Colombia).
• Atlantica Sustainable Infrastructure: London-listed sustainable infrastructure company with concentrated renewable and transmission assets in North America and Latin America; comparable on contract-based renewable revenue model and emerging-market asset exposure.

Broad incumbents

• Acciona Energía: Spanish-listed pure-play renewable IPP with global wind and solar assets; comparable to Cox on Iberian listing, project development pipeline, and operating capacity scale, though substantially larger and more geographically diversified.
• Enel: Global integrated utility with major renewable generation, distribution, and retail operations in Latin America (especially Mexico via Enel Green Power); comparable on integrated generation-to-supply model and Latin America renewable exposure, though at materially larger scale.
• EDP Renováveis (EDPR): Global wind and solar developer with significant presence in Latin America including Mexico; comparable on technology mix (wind/solar), PPA-driven revenue model, and global pipeline conversion strategy, though backed by a larger parent (EDP).
• NextEra Energy: Largest renewable IPP globally with substantial wind and solar pipeline plus the largest US BESS portfolio; comparable on technology stack (wind/solar/storage), long-term PPA economics, and pipeline-to-revenue conversion model, though operating in a different regulatory regime.
• ENGIE: Global energy major with renewable generation, cogeneration, and retail energy operations across Latin America (including Mexico); comparable on integrated generation-to-supply model and exposure to industrial cogeneration, though much larger and more diversified across geographies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/Cox_Energy
• LinkedInlinkedin.com/company/15145205

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

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 Energy