Cox Energy, a Spanish renewable energy company, solar photovoltaic, has requested the National Banking and Securities Commission of Mexico, the listing on the Institutional Stock Exchange (BIVA) of its wholly owned subsidiary, Cox Energy America. The launch of the company, the first to be carried out by a photovoltaic company not only in Mexico but in all of Latin America, will be carried out using the OPS (Public Subscription Offer) formula and the new funds raised will be entirely dedicated to making strategic investments, as well as to finance expansion projects of the company, as explained by the company chaired by Enrique Riquelme.
The value of the capital increase to be carried out will amount to about 45 million euros. It is the first photovoltaic solar energy company to start a listing process in the stock market in Mexico, as well as in Latin America.
Cox Energy started its activity in July 2014 and has a presence in more than 10 countries. Its business strategy has made it the first Spanish company to close in 2018 the largest PPA (Power Purchase Agreement) private for 20 years in Europe (660 MW with Audax, one of the main electricity trading companies in the Iberian Peninsula), develop at the time the largest photovoltaic plant in Latin America and, now, request the listing of Cox Energy America in the Institutional Stock Market in Mexico.
Cox Energy America, founded in 2019, was born as part of the strategy designed by the company to achieve the maximum development of its business in the two continents where it has a presence: Europe and Latin America. In the first of these, all its photovoltaic parks are and will be backed by PPAs and it operates them with a partner, Ibexia Development, through Ibox Energy. In Latin America, the company develops the facilities alone, with smaller parks and more efficient financing to sell the electricity generated to the spot market or, with larger projects together with strategic partners. Cox Energy América is one hundred percent Cox Energy group and has a portfolio of 36 solar parks, an electricity generation capacity of more than 1,800 MW, has no debt and has contracts for the sale of electrical energy for more than 350 million dollars (319 million euros).
Cox Energy America is one of the few solar energy companies that is present throughout the value chain: From project development, financing, purchase of materials, operation and maintenance, to asset management and power supply. This business strategy has allowed him to have solid information on the evolution of the market, meticulous cost control and the possibility of maximizing value at each stage of the process. “Mexico has a lot of potential for photovoltaic energy, due in large part to its excellent levels of solar radiation. In addition, it should be noted that Mexico has 21 GW of additional electrical capacity that is expected to be installed by 2028, according to the Development Program of the National Electric System in the period 2019-2033, "said Enrique Riquelme, founder, president and CEO from Cox Energy.
Cox Energy America's generation portfolio is diversified in the countries with the greatest possibility of solar development: 57% in Mexico; 32% in Chile; 6% in Colombia and 5% in Central America and the Caribbean, with predictable and safe returns.
Chile and Mexico have an annual energy demand growth rate of over 5%, being two of the fastest growing Latin American markets in terms of photovoltaic energy. “Mexico is our most important market, since 57% of our portfolio is concentrated in the region in this country. We have five projects in Mexico at different stages of development, "said Riquelme.