Cox, a Spanish company, plans to invest $6.4 billion in Mexico through 2028.

Cox, a Spanish energy company, announced on Thursday that it will invest 5.5 billion euro ($6.4 billion) through 2028 in renewable energy and water. Almost half of the investment will be in Mexico. The company's strategy update follows a July agreement to purchase Iberdrola Mexico assets, valued at $4.2 billion (including debt), a deal that CEO Nacho Moreno called "transformational."

Moreno stated on Thursday that up to 80% will be funded by debt, and the remainder with equity.

Cox will contribute approximately 60% of equity while international investors will provide the remainder in exchange for preferred securities.

He said, "We have already engaged two partners and are currently in conversation with another three."

Investors and analysts were informed that the company's investment plan for 2028 would be supported by some asset sales.

Moreno stated in August that his company had plans to invest more than $10 billion by 2030 in renewable energy and water in Mexico. This included the acquisition of $4.2 billion worth of assets.

Cox expects revenue and earnings in 2028 before taxes, depreciation and amortisation to more than double from the levels anticipated for this year.

(source: Reuters)