Cox wins transmission projects in Chile and Brazil worth 109 million euros

Cox strengthens its presence in the Latin American electricity transmission market after being awarded two projects in Chile and Brazil with a combined estimated investment of 109 million euros , with which it expects to generate more than 440 million euros in accumulated nominal regulated revenues during their respective periods of operation.

The contracts include a 30-year concession in Brazil , with an investment of €64.5 million, and an initiative in the Coquimbo Region of Chile, requiring an additional €44.5 million. Both projects aim to expand the capacity of the electricity grids and strengthen security of supply.

In this regard, Enrique Riquelme , CEO of Cox, points out: "These awards reinforce Cox's position as a developer, investor and operator of essential electrical infrastructure in Latin America."

"Our priority is to combine industrial capacity, investment discipline, and operational excellence to develop assets that provide security to the system and create sustainable long-term value," he added.

Riquelme.

Brazil and Chile: new investments to strengthen electricity grids

In Brazil , Cox was awarded lot 6 of the electricity transmission auction held on October 30, 2026 by the National Electric Energy Agency (ANEEL), with an estimated investment of 396 million Brazilian reais , equivalent to 64.5 million euros.

The initiative includes the construction of the Iguaçu substation, with a transformation capacity of 900 MVA , and approximately four kilometers of connections with existing transmission lines in the state of Paraná.

Located in Santa Terezinha de Itaipu , near Foz do Iguaçu, the infrastructure will strengthen the reliability of the water supply in the western and southwestern regions of the state. Its construction is expected to take 42 months and, according to company estimates, will generate more than 1,300 jobs .

The concession establishes an initial Permitted Annual Remuneration (PAR) of 37.85 million Brazilian reais , approximately 6.2 million euros, and a projection of 316 million euros in nominal regulated revenues accumulated during the estimated operating period.

With this award, Cox expands a Brazilian portfolio that already includes more than 2,500 kilometers of transmission lines in various stages of development and seven substations distributed across six states.

Meanwhile, in Chile , the company submitted the winning economic offer for Group 3 of the tender for new transmission works , linked to Exempt Decree No. 354/2025 of the Ministry of Energy.

The project, located in the Coquimbo Region , includes the construction of the Los Boldos and Panul substations, connected by a 12.57-kilometer double-circuit transmission line.

The new infrastructure will have a minimum capacity of 80 MVA per circuit at the Panul substation and will allow for strengthening the electricity supply capacity, facilitating future connections and supporting the growth of regional demand.

With an estimated investment of $50 million , the offering establishes an initial Annual Transmission Value per Tranche (ATTV) of $5.087 billion and projected cumulative nominal regulated revenues of approximately $145 million , equivalent to about €130 million, over 20 years.

The maximum execution period will be 54 months from the publication of the award decree , once the corresponding administrative review by the National Energy Commission of Chile has been completed.

Cox reorganizes its management structure and focuses on Latin America

The awards coincide with a reorganization of Cox's management and business structure , announced on November 5, 2026, after the company communicated the early completion of its strategic roadmap.

The new phase will focus on Mexico and the rest of Latin America as the main drivers of growth , through an organization geared towards strengthening project execution and expanding its international presence.

In this context, the Board of Directors appoints Patxi Sáez as the new CEO of the Cox Group , with the responsibility of leading the next phase of expansion and development of its businesses.

The executive has more than 25 years of international experience in energy and infrastructure and has held management positions in companies such as ACWA Power, Al Toukhi, Isolux Corsán, Técnicas Reunidas and Mitsubishi Power.

"Cox has reached a new dimension and has a platform with great potential to continue growing profitably and sustainably," says the new CEO.

"I take on this responsibility with the will to strengthen our execution capabilities, promote an increasingly efficient, integrated organization that is closer to priority markets, and advance a new stage of development for the Group based on operational excellence, financial discipline and value creation," says Sáez.

For his part, Ignacio Moreno , until then CEO, maintains his connection with Cox as a proprietary advisor on the Board of Directors , from where he will participate in the guidance and structuring of strategic corporate operations.

He will also assume leadership of Riquelme Capital , Enrique Riquelme's family office , to drive new projects and investments. Meanwhile, José Olivé will become an advisor to the CEO.

Regarding this reorganization, Riquelme states: "Cox has met its roadmap ahead of schedule and has exceeded growth expectations for this year."

"Today we have a company of a much larger size and the opportunity to open an even more ambitious stage," Riquelme points out.

The new structure will be organized into three business verticals: Cox Mexico, Cox Latam and Service Co. , with differentiated responsibilities in asset management, project development and the provision of industrial services.

Cox Mexico will concentrate the group's activities in that market, which became its main strategic destination after the acquisition of Iberdrola Mexico.

The operation incorporated more than 2,600 MW of installed operating capacity , a portfolio of more than 500 large customers and power generation projects under development for approximately 12 GW .

From this platform, the company plans to expand its investments in energy and water infrastructure and take advantage of the synergies between both businesses.

Furthermore, Cox Latam, based in Panama , will be responsible for the development, investment and management of critical water and energy infrastructure in the rest of Latin America.

This division will focus on new concession opportunities and long-term projects in Chile, Brazil, Ecuador, Peru, Colombia and Central America , markets in which the company seeks to strengthen its operational presence.

In this sense, the recent transmission awards in Chile and Brazil align with Cox Latam's strategy to increase its portfolio of regulated assets and expand its participation in regional electricity infrastructure.