Cox

Cox / Cox drives Colombia’s energy transition with the devel...

Cox drives Colombia’s energy transition with the development of 15 distributed generation projects in the country

  • These are 15 distributed generation projects of 1 MW each, with entry into operation scheduled for 2025 and 2026 
  • The company has closed a financing agreement with Bancolombia for the first 15 MW 
  • The energy generated will be marketed through a 15-year PPA contract with Terpel Energía, an investment grade company 
  • The set of plants will produce 41 GWh per year, the equivalent of the electricity consumption of about 23,000 Colombian homes 
  • A major milestone for the company in Colombia, where it has been present since 2021 and has a portfolio of more than 150 MWp under development, of which 54 MW are expected to be ready for the start of construction in 2025, reinforcing Cox’s commitment to the Americas as one of its key regions .

 

Madrid, May 5 2025. Cox,  a water and energy utility, has reached a new milestone in Colombia with the development of 15 solar photovoltaic plants of 1 MW each, some of them already under construction. The distributed generation projects reinforce the company’s commitment to a decentralized, sustainable and inclusive energy model.  

These facilities will be distributed in six key departments for the country’s energy transition: Atlántico, La Guajira, Magdalena, Córdoba, Cesar and Sucre. They are scheduled to enter commercial operation (COD) during 2025 and 2026. 

In this line, Cox has formalized a financing agreement for the first 15 MW with Bancolombia, a leading bank in Colombia, with a presence in Panama, Guatemala and El Salvador, and has signed a 15-year power purchase agreement (PPA) with Terpel Energía, one of the most prominent industrial companies in Colombia, which has investment grade (Investment Grade). 

Together, the projects will generate 41 GWh per year, enough energy to supply more than 23,000 Colombian homes, helping to reduce the country’s carbon footprint and promoting a low-emission economy.  

“Undertaking a new project in Colombia, a country that has enormous potential to lead the growth of renewable energies in the region, represents a new challenge for us that we face by contributing all our knowledge, cutting-edge technology and commitment to sustainability. Once again, we are presented with a new opportunity to achieve the sustainable prosperity for which we have been working every day. Our focus is to move decisively towards a green economy, generating environmental and social benefits,” said Enrique Riquelme, Executive Chairman of Grupo Cox. 

Cox, a key player in America 

Present in Colombia since 2021, Cox actively explores new business opportunities in different sectors. In the field of water, the company seeks to participate in wastewater treatment projects, desalination, drinking water treatment plants (PTAP), as well as in the development of infrastructure for aqueducts and sewerage. 

At the same time, Cox is strongly boosting its presence in the energy sector: it currently has a portfolio of 150 MWp under development, of which 54 MW are expected to reach the RTB (Ready to Build) stage by 2025, reflecting the dynamism and consolidation of its commitment to the Colombian market. To date, there are five projects under construction and another ten are expected to close soon, which will allow it to significantly scale its operating model. The goal is to reach a total of 50 projects under construction and operation by 2026. 

In addition, the group is interested in acquiring projects of up to 20 MWp, expanding its distributed generation model, and leading comprehensive solutions for water treatment, supply and sanitation. 

This development is part of the “Energy Follows Water” strategic model, which seeks to maximize synergies between the water and energy sectors to create value in the communities where Cox operates. In addition to the positive environmental impact, the project will foster local development and the creation of green jobs. According to estimates by the Humboldt Institute, Nature-Based Solutions could generate up to 78,000 direct and indirect jobs in Colombia by 2030. 

With this, Cox reaffirms its role as a key player in the energy transition in the Americas, contributing to a cleaner, more resilient and equitable future for all.  

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Luis Arizaga Zárate

Independent Director

Member of the Audit Committee

Date of appointment: September 17, 2024

Shareholding in Cox Abg Group, S.A.: 11,514 shares

Partner of Exus Management Partners (Exus) and GenuX Power, a global renewable energy platform with offices in nine countries, managing 11GW of installed capacity, including 2.6GW in Mexico between wind and solar energy projects. Holds a Master of Business Administration (MBA) from the Leonard N. Stern School of Business at NYU in New York, and a bachelors degree in Accounting and Finance from ITESM in Mexico.

Prior to joining EXUS in 2019, he founded EIRA Capital, an investment platform focused on Energy and Infrastructure transactions in Mexico, and Latin America. He was also part of Australia’s Macquarie Group in Latin America, where he spent more than 7 years in the Macquarie Capital and Macquarie Funds divisions, working on fund capital raising, equity investments, asset management activities, as well as third party advisory roles on energy and infrastructure transactions in Mexico and Latin America. During his years at Macquarie, he also held board positions in the several investments made by Macquarie which covered energy, public private partnerships, roads, and telecom companies. In addition, his previous involvement at financial institutions include positions in the investment banking teams of Deutsche Bank’s M&A group in New York, and Citibank’s M&A group in Mexico.

Other former relevant positions include his role as independent member of the investment committee of the Instituto del Fondo Nacional de la Vivienda para los Trabajadores (Mexican mortgages and housing government agency).

Enrique Riquelme Vives

Presidente Ejecutivo

Fecha de nombramiento: 17 de septiembre de 2024

Participación en el capital social de Cox Abg Group, S.A.: 50.612.744  acciones

COX

Presidente Ejecutivo de Cox, tras iniciar su andadura profesional en el sector inmobiliario y de la construcción, en 2010 fundó Grupo El Sol en Panamá, especializado en operaciones de minería, cemento, infraestructuras y energía. Con el tiempo, la empresa se convertiría en el mayor proveedor de arena de la UTE responsable de la ampliación del canal de Panamá. Posteriormente, pasó a liderar las fases de oferta y desarrollo de Rainbow 50: el proyecto fotovoltaico de mayor envergadura ejecutado en América Latina hasta aquel momento.

Ha recibido varios galardones por su contribución al mundo empresarial en España, entre ellos el Premio del Certamen Nacional de Jóvenes Emprendedores 2018. También ha sido distinguido como uno de los «100 latinos más influyentes comprometidos con la acción climática» y uno de los «100 españoles más creativos del mundo de los negocios» según la revista Forbes. Actualmente, es miembro del Consejo Internacional de la San Telmo Business School y preside el Consejo Asesor de la Fundación Scholas para Panamá, Centroamérica y Caribe.