Spain's Cox prepares multibillion investment plan focused on Mexico
This figure includes the company's $4.2 billion acquisition of Iberdrola's (IBE.MC), opens new tab assets in the country, a "transformational" deal that allowed Cox to already reach targets it had set for 2028, Moreno said.
The new plan is expected to be presented on September 25.
The Iberdrola deal included 15 power plants with 2.6 gigawatts of capacity and an 11.8-GW pipeline of renewable projects.
Cox will develop at least two or three gigawatts from this pipeline, Moreno said, and has already identified six desalination projects it will prioritise, which require an investment of around $1.5 billion.
"The power demand and the water demand are only growing" in Mexico, he said. "Through this acquisition, we are extremely well-placed to capture both."
Moreno expects synergies between Cox's water and energy operations and its unit offering services like engineering and operating and management of facilities and infrastructure. The services unit, for example, will handle engineering for the new capacity it will develop, he said.
Cox expects the acquisition will more than double revenue estimates for this year to around 2.7 billion euros ($3.15 billion) and more than triple expected earnings before interest, taxes, depreciation and amortisation to 720 million euros.
Operating cash flow should rise to around 450 million euros from around 100 million euros expected previously.
"When you generate $500 million of cash flow, clearly you're jumping to another league," Moreno said.
The acquisition, 75% of which will be funded with debt and the rest with equity, will be carried out through a new company owned by Cox.
Cox will inject capital for the equity, along with two international investors which will get preferred securities, Moreno said, declining to name the investors.
For the debt, Cox has secured support from Citigroup (C.N), opens new tab, Bank of America (BAC.N), opens new tab, Santander (SAN.MC), opens new tab, Barclays (BARC.L), opens new tab and BBVA (BBVA.MC), opens new tab, he said.
($1 = 0.8573 euros)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
39 minutes ago
- Daily Mail
'I can't sell my house': Locals furious over plans for giant solar farm nearly double the size of their village 'putting off' people buying their homes
Plans for a massive solar farm almost double the size of a neighbouring village in scenic Yorkshire countryside have sparked uproar from residents. Situated between Leeds and Harrogate, the village of Weeton was mentioned in the Domesday Book and is today home to around 1,000 people. But proposals for the facility, covering 87 acres of farmland a short walk from the village, have been opposed by locals and a campaign group, who say it will 'transform' the 'cherished' natural landscape into an industrial site. Abei Energy's 'Juniper Farm' project will be bigger than the Weeton village itself, and plans to install a large-scale solar farm and battery energy storage system at Juniper Farm in North Yorkshire. Brigid Flannery lives on top of the field where the proposed solar farm will be. Her £2.4m Weeton home has been on the market since January. Brigid argues the planned solar farm installment, which will replace the views of the brook she once enjoyed from her conservatory window, has completely put potential buyers off. Brigid told the Daily Mail: 'Our house has been on the open market since January and we've only had one offer. It's definitely putting people off from buying. 'Before it was beautiful stunning countryside; our conservatory backed right onto the field and we used to get deer, owls and wild animals in our garden. 'Now, there'll be wagons and trucks up these narrow country lanes for months and it'll completely destroy the wildlife. 'Every year the crops grow and are harvested in that field - this was the first year they weren't and it was heartbreaking.' Brigid added: 'It's spoilt not only our house but the beautiful landscape for people in the whole village. 'The whole reason we moved here over 16 years ago was because of the views, the peacefulness and quietness of the area.' A local campaign group has set up a donations page which has so far gathered £2,399 from supporters in their protest against the plans. Situated between Leeds and Harrogate, the village of Weeton was mentioned in the Domesday Book and is today home to around 1,000 people 'This is a beautiful unspoilt landscape with spectacular views in all directions,' said villager Bernie May, 68, who is semi-retired from his digital marketing career. 'It's extremely popular with walkers, cyclists and horse riders, so the idea of carpeting it with solar panels is just unimaginable. 'It would have a massive effect not just on the people of Weeton but residents of other nearby villages as well. 'On top of that is the loss of productive farmland would be a real waste. 'We're not opposed to solar energy, but beautiful greenbelt countryside is the last place that panels should be installed. 'We also fear that if this application is allowed to go ahead, it would encourage nearby landowners to lease their fields as well, creating a massive series of solar farms.' Opponents say the proposal - dubbed Juniper Solar Farm - would 'utterly transform the landscape, overwhelming Weeton and the surrounding villages and stripping the area of its rural character'. According to the campaign's website, constructing 'a vast industrial installation in a place of such beauty and agricultural value would not only affect residents but all those who visit and cherish the countryside'. Highlighting how it would dwarf the village itself, they say it is 'abundantly clear that this is the wrong place for a project of this magnitude'. Instead, the campaigners say that while they are supportive of green energy, panels should be installed on industrialised land, rooftops, and transport corridors wherever possible, rather than sacrificing precious farmland and unspoiled countryside'. So far hundreds of local residents have expressed their opposition to the solar plan, which was submitted to North Yorkshire Council last month. The campaign is now gathering guidance to share with villagers to ensure their objections are based on grounds considered valid by planners. Ministers want to triple solar power generation in the UK by 2030 as part of a drive to meet net zero targets. But attempts by developers to carpet stretches of countryside with solar panels have met with fierce opposition in parts of the country.
Reuters
5 hours ago
- Reuters
Mexico sets minimum export prices for fresh tomatoes
MEXICO CITY, Aug 10 (Reuters) - Mexico has set minimum export prices for fresh tomatoes to protect its domestic production and ensure internal supply after a bilateral agreement with the U.S. expired, Mexico's economy and agriculture ministries said in a joint statement on Sunday. The decision follows Washington's withdrawal in July from a 2019 deal between the two countries which regulated Mexican tomato exports to the U.S.. The Trump administration on July 14 announced a duty of about 17% on imports of fresh tomatoes from Mexico. While the new pricing rules apply exclusively to definitive exports, they don't restrict export volumes or impose maximum prices. Prices will be reviewed annually or sooner if market conditions demand, the Mexican ministries said. Minimum export prices per kilogram are set at $1.70 for cherry and grape tomatoes, $0.88 for Roma tomatoes, $0.95 for round tomatoes, and $1.65 for round tomatoes with stems. Other varieties, such as cocktail and heirloom tomatoes, will also have a minimum price of $1.70. According to official figures, Mexico exported $3.3 billion of tomatoes last year. "This action reinforces the government's commitment to agricultural competitiveness, dignified rural employment, and food sovereignty," the ministries said. The ministries added that Mexican associations of tomato producers have expressed support for the agreement, which entered into force immediately after its publication on August 8 in the government's official gazette.
BBC News
18 hours ago
- BBC News
Haddon solar farm appeal as council fails to reach decision
An appeal has been launched to try to get permission to build a new solar farm after a decision was not issued by a council in Solar Energy (WSE) wants to install 40,000 solar panels on farmland near Haddon, in District Council failed to make a decision within the allotted timeframe, and the project will now be referred to the government Planning the council has recommended officers oppose the development on grounds of the potential impact on nearby Sibson Aerodrome. A report published ahead of a council meeting on 18 August states: "The application has failed to demonstrate that it would not materially harm the safe functioning of Sibson Aerodrome or private flying strips through adverse impacts of glint and glare, and the loss of land necessary to facilitate emergency landings."WSE said the Haddon Road Solar Park would be able to export up to 25 megawatts, providing energy for up to 7,600 households a project follows similar plans for a larger solar farm of 65,000 solar panels, which was blocked by the district council last year after more than 100 objections were received.A planning inspector later upheld this decision at an appeal, concluding that the development would cause "significant harm" to the has said its latest proposals for a smaller solar farm address the concerns raised about the previous project, the Local Democracy Reporting Service company said it accepted the proposed solar farm would have some impact on the area, but measures were proposed to minimise this, including strengthening field boundaries and retaining hedges. Follow Cambridgeshire news on BBC Sounds, Facebook, Instagram and X.
