Iberdrola Mexico
Iberdrola Mexico, a subsidiary of Spain's Iberdrola S.A., operates 15 renewable and gas power plants with 2.6 GW of installed capacity supplying electricity to industrial customers across Mexico via the Wholesale Electricity Market and on-site solar installations. Acquired by Cox Energy in March 2026 for $4.2 billion.
- Company typePrivate
- Founded1999
- HeadquartersMexico City, Mexico
- Headcount501–1,000
- GTM typeB2B
- OfferingServices
What Iberdrola Mexico does
Iberdrola Mexico is a Mexico City-headquartered renewable energy company and subsidiary of Spain's Iberdrola S.A., founded in 1999 and operating for approximately 25 years. The company operates 15 power plants with 2.6 GW of installed generation capacity spanning solar, wind, and natural gas, plus a 12 GW development pipeline. It is Mexico's largest private electricity supplier for commercial customers, holding approximately 25% market share in the private supply segment. The company serves industrial customers including manufacturers (e.g., Maxion Wheels), port terminals (e.g., APM Terminals Lázaro Cárdenas), and mining operators across Mexico through direct B2B power purchase agreements and electricity supply via the Wholesale Electricity Market (MEM).
The company's product portfolio includes Smart Solar on-site photovoltaic installations for industrial customers, grid-connected renewable electricity supply through Mexico's MEM, hybrid solar-wind-battery storage solutions for remote mining operations, and green hydrogen projects in development. Notable technical assets include the 766-MW Topolobampo III combined-cycle gas-fired power plant in Sinaloa, the first facility in Mexico powered by GE Vernova's 7HA.01 gas turbine, which entered commercial operation in January 2024. Iberdrola Mexico operates through subsidiaries Iberdrola Generación México (power generation), Iberdrola Renovables México (renewable energy), and Fundación Iberdrola México (CSR).
The business model combines recurring electricity supply revenue from long-term industrial contracts and MEM trading with one-time project-based revenue from on-site solar installations. Distribution is direct enterprise sales targeting large commercial and industrial buyers. In July 2025, Spain-based Cox Energy announced its acquisition of Iberdrola Mexico for approximately $4.2 billion, backed by $2.6 billion in syndicated debt financing from Goldman Sachs and seven banks; the transaction closed in March 2026, after which Iberdrola Mexico operations were integrated into Cox and rebranded under the Cox name. Post-acquisition, Cox became Mexico's largest private electricity supplier.
Iberdrola Mexico firmographics
Firmographics- Name
- Iberdrola Mexico
- Legal name
- Iberdrola México
- Website
- https://iberdrolamexico.com
- Company type
- Private
- Founded year
- 1999
- Operating status
- Acquired
- Headcount range
- 501–1,000 employees
- Short description
- Iberdrola Mexico, a subsidiary of Spain's Iberdrola S.A., operates 15 renewable and gas power plants with 2.6 GW of installed capacity supplying electricity to industrial customers across Mexico via the Wholesale Electricity Market and on-site solar installations. Acquired by Cox Energy in March 2026 for $4.2 billion.
- Ownership category
- akta.pro rank
Iberdrola Mexico industry classification
Industry- Product category
- Renewable Energy Generation and Supply
- NAICS
- Electric Power Generation, Transmission and Distribution (2211), Electric Power Generation (22111), Solar Electric Power Generation (221114), Wind Electric Power Generation (221115)
- SIC
- Electric Services (4911), Cogeneration Services & Small Power Producers (4991)
- akta.pro primary industry
- Green Tariffs & Utility Renewable Supply Programs (EUAGADAJ)
- akta.pro secondary industries
- Renewable Distributed Generation (Rooftop/Onsite Solar, Small Wind, Small Hydro) (EUACALAJ), Electrical Systems O&M (Substations, Transformers, Switchgear, Protection & Controls) (EUAMAGAH)
Keywords
Where Iberdrola Mexico is headquartered
LocationHeadquarters
- HQ city
- Mexico City
- HQ country
- Mexico
- HQ region
- Latin America
Offices4 records
Markets served
Iberdrola Mexico business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Operations, Personnel, Supply Chain, Technology or R&D
Revenue model
- Electricity Generation and Supply: Iberdrola México generates and supplies electricity through its portfolio of power plants. The company provides electricity supply services to commercial and industrial customers, operating Mexico's largest private electricity supply business for commercial customers.
- Renewable Energy Solutions (Smart Solar): Development and installation of on-site solar photovoltaic systems for industrial customers, providing renewable electricity generation with approximately 919MWh annual output per installation.
Go-to-market motion2 records
Distribution channels2 records
Marketing channels3 records
Iberdrola Mexico product offering
Product offeringCore offering
Iberdrola Mexico generates and supplies electricity to commercial and industrial customers in Mexico through a portfolio of solar, wind, and natural gas power plants with 2.6 GW of operational capacity. The company sells renewable electricity via Mexico's Wholesale Electricity Market (MEM), develops on-site Smart Solar photovoltaic installations for industrial clients, and operates hybrid solar-wind-storage projects and green hydrogen initiatives for industrial decarbonization.
Differentiator
Problem solved
Functional benefit
Brands
- Iberdrola Generación México: Power generation subsidiary focusing on electricity production from various energy sources including natural gas and renewables.
- Iberdrola Renovables México
Products and services
- Smart Solar On-site solar photovoltaic system development and installation service for industrial customers, providing dedicated renewable electricity generation directly at the customer's manufacturing or operations site.
- Wholesale Electricity Market (MEM) Renewable Supply Grid-based renewable electricity supply service to large commercial and industrial electricity consumers in Mexico, delivered through Power Purchase Agreements and supply contracts on the MEM.
- Green Hydrogen Projects Green hydrogen production project development service for industrial customers seeking low-carbon hydrogen for industrial processes and energy applications.
- Hybrid Solar-Wind Energy Storage Solutions Integrated hybrid solar-wind-battery energy systems designed for remote industrial operations, particularly mining sites requiring reliable 24/7 renewable power and diesel displacement.
Quantifiable outcome
- 617tCO2 emissions prevented annually per solar installation
- +2 more outcomes
Companies that use Iberdrola Mexico
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles3 records
Iberdrola Mexico technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Iberdrola Mexico partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered minor and core.
- APM Terminals Lázaro CárdenasminorAPM Terminals Lázaro Cárdenas signed an electricity supply contract with Iberdrola México to power its container terminal on Mexico's Pacific coast with 100% renewable electricity starting Q3 2026. The arrangement will make it the first container terminal in Mexico to operate on 100% renewable electricity.
- GE VernovacoreGE Vernova supplied its 7HA.01 gas turbine technology for the 766-MW Topolobampo III power plant, built by Iberdrola. This was the first facility in Mexico powered by this turbine model, which entered commercial operation in January 2024.
- Maxion WheelsminorOngoing partnership between Iochpe-Maxion and Iberdrola México for solar installations. Maxion Wheels commissioned a 499kW on-site solar PV system at its San Luis Potosi facility, the ninth solar project implemented by the company worldwide as part of its Roadmap Zero sustainability program.
Scale indicators7 records
Recent moves7 records
Expansion highlights5 records
Iberdrola Mexico competitors and assessment
Company assessmentOthers
- GE Vernova: Equipment OEM that supplied the 7HA.01 gas turbine technology for Iberdrola Mexico's Topolobampo III plant. Functions as a technology/infrastructure supplier rather than a direct competitor, but indicative of the supply chain ecosystem.
Broad incumbents
- NextEra Energy Resources: World's largest renewable energy generator with wind and solar operations across multiple geographies. While primarily US-focused, comparable in scale of utility-scale renewable project development and PPA origination strategy.
- Iberdrola S.A. Spanish parent company and one of the world's largest renewable energy utilities. Previously the parent of Iberdrola Mexico before divesting to Cox; provides comparable scope of renewable generation, transmission, and supply capabilities globally.
- CFE (Comisión Federal de Electricidad): Mexican state-owned electric utility that dominates generation, transmission, and distribution in Mexico. Functions as both a regulator-cum-competitor and the dominant counterparty in the Wholesale Electricity Market where Iberdrola Mexico trades.
Direct peers
- Atlas Renewable Energy: Latin American-focused renewable energy developer and operator with utility-scale solar projects in Mexico. Direct competitor in solar project development, PPA origination, and corporate renewable energy supply in Mexico.
- Cox Energy (Abengoa/Cox): Spain-based water and energy utility that acquired Iberdrola Mexico for $4.2B in March 2026. Now operates as the parent of the subject company, providing integrated water and energy solutions in Mexico and Iberia.
- Enel Green Power Mexico: Italian utility Enel's renewable energy arm operating wind and solar generation in Mexico. Directly competes with Iberdrola Mexico in utility-scale renewable generation and C&I renewable PPAs under similar regulatory frameworks.
- Acciona Energía Mexico: Spanish renewable energy developer with wind and solar operations in Mexico. Direct competitor in utility-scale renewable project development and PPA origination with industrial customers in Mexico.
- Engie Mexico: French multinational utility with significant Mexican operations spanning natural gas, renewables, and electricity supply. Comparable to Iberdrola Mexico's diversified generation portfolio (gas + renewables) and C&I supply business model.
Emerging players
- Enerfin (Elecnor): Spanish renewable energy developer subsidiary of Elecnor with wind farm operations expanding into Latin America. Emerging player in the same Spanish-rooted renewable developer space as Iberdrola Mexico's parent lineage.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Iberdrola Mexico social profiles
Digital presenceIberdrola Mexico financial estimates
Financial estimateRevenue estimate
Valuation estimate
Iberdrola Mexico leadership team
Management profileNumber of profiles
Iberdrola Mexico subsidiaries and ownership
Company hierarchySubsidiaries3 records
Iberdrola Mexico funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Iberdrola Mexico M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Iberdrola Mexico
What does Iberdrola Mexico do?
Iberdrola Mexico generates and supplies electricity to commercial and industrial customers in Mexico through a portfolio of solar, wind, and natural gas power plants with 2.6 GW of operational capacity. The company sells renewable electricity via Mexico's Wholesale Electricity Market (MEM), develops on-site Smart Solar photovoltaic installations for industrial clients, and operates hybrid solar-wind-storage projects and green hydrogen initiatives for industrial decarbonization.
Is Iberdrola Mexico a public or private company?
Iberdrola Mexico is a private company. It is classified as corporate owned and is currently acquired.
When was Iberdrola Mexico founded?
Iberdrola Mexico was founded in 1999. It employs 501 to 1,000 people.
Where is Iberdrola Mexico based?
Iberdrola Mexico is headquartered in Mexico City, Mexico, in the Latin America region.
How does Iberdrola Mexico make money?
Two revenue lines are on record. Electricity Generation and Supply is the primary driver. The others are renewable Energy Solutions (Smart Solar).
Who are Iberdrola Mexico's main competitors?
GE Vernova is listed as an others. Broad incumbents are NextEra Energy Resources, Iberdrola S.A. and CFE (Comisión Federal de Electricidad). Direct peers are Atlas Renewable Energy, Cox Energy (Abengoa/Cox), Enel Green Power Mexico, Acciona Energía Mexico and Engie Mexico. Enerfin (Elecnor) is listed as an emerging player.
Does Iberdrola Mexico have an API?
No public API is recorded for Iberdrola Mexico.
What industry is Iberdrola Mexico in?
Iberdrola Mexico's product category is Renewable Energy Generation and Supply. Its primary akta.pro industry code is EUAGADAJ, Green Tariffs & Utility Renewable Supply Programs, with a secondary code of EUACALAJ, Renewable Distributed Generation (Rooftop/Onsite Solar, Small Wind, Small Hydro). Its NAICS code is 2211 and its SIC code is 4911.