Cox / Cox acquires 24 MW solar plant in Panama and accelerates inv...

Cox acquires 24 MW solar plant in Panama and accelerates investment plan in assets

The project includes a 10-year dollar-denominated PPA with an investment-grade offtaker rated BBB+ by Fitch Ratings

Comprising two solar facilities already in operation since early 2025, it will supply around 10,000 homes over the next decade, saving 24,500 tons of CO₂ annually

The investment amounts to USD 20 million, with 80% secured through local bank project financing

Madrid, April 21, 2025. Cox, a water and energy utility company, strengthens its position in Central America—one of its eight key growth regions—through the acquisition of Solar Pro, a 24MW solar plant in Panama with a 10-year dollar-denominated Power Purchase Agreement (PPA).

Solar Pro consists of two 12MW solar plants—Solar Pro I and Solar Pro II—both fully operational since early 2025. Over the next ten years, the project will provide clean energy to approximately 10,000 homes, resulting in an estimated annual reduction of 24,500 tons of CO₂. This directly supports the country’s environmental sustainability and community well-being. Strategically located in the western region of the country, near the Costa Rican border, it addresses the area’s growing energy demand by tapping into its strong solar potential.

The investment amounts to USD 20 million, with long-term project financing (fifteen years) of approximately USD 16 million secured through a local bank. The project is backed by a 10-year dollar-denominated PPA with an investment-grade offtaker rated BBB+ by Fitch Ratings, providing strong financial stability and reliability.

Additionally, the acquisition of Solar Pro underscores Cox’s support for Panama’s energy diversification, where over 60% of current electricity generation comes from hydropower. Panama plays a key role in Central America thanks to its commitment to renewable energy.

As Enrique Riquelme, Executive Chairman of Cox, explains: “This operation reflects our strong commitment to the energy transition, promoting sustainable prosperity in the areas where we operate. Where others see challenges, we see opportunities to innovate, grow, and build a fairer, more efficient, and environmentally respectful future. Solar Pro boosts the country’s development by creating jobs and contributing to a greener, more resilient economy.”