Skip to main content

Cox

Cox reorganizes its management and business structure to drive growth in Latin America and the United States

  • Cox is reshaping its management structure to embark on a new phase of growth, with Mexico and the rest of Latin America as its main priorities, after achieving its current strategic roadmap ahead of schedule in 2026.  
  • Cox’s Board of Directors appoints Patxi Sáez as the Group’s new CEO to lead its next phase of growth and international development.  
  • Nacho Moreno will remain involved with Cox as a proprietary director on the Board of Directors, where he will lead the direction and structuring of strategic corporate transactions. He will also head Enrique Riquelme’s family office to drive new projects and investments.   
  • The new structure, built around three distinct business verticals—Cox México, Cox Latam and Service Co.—will strengthen the company’s execution capabilities and enable it to develop a more ambitious strategic proposal tailored to its new scale.

Madrid, November 5, 2026. The Board of Directors of Cox Infrastructure Group, S.A. has approved a reorganization of the company’s management and business structure with the aim of embarking on a new phase of growth and defining a more ambitious strategic proposal, following the early achievement of its current roadmap. As part of these organizational changes, Nacho Moreno has been appointed a proprietary director of the Cox Group and will lead Riquelme Capital, while Patxi Sáez takes over as the Group’s Chief Executive Officer (CEO).

This restructuring strengthens Cox’s ability to meet the demands of its expanded corporate and operational scale following the growth it has experienced in recent months. It will focus the company’s efforts on consolidating its growth in the United States and Latin America, with particular emphasis on Mexico. The new phase will focus on operational excellence, financial discipline, proximity to priority markets and sustainable value creation for shareholders and investors.

In his new role leading Riquelme Capital, Moreno will drive new strategic projects and investments for Enrique Riquelme. He will also remain involved with Cox as a proprietary director on the Board of Directors, representing the Chairman, to lead and advance the direction and structuring of strategic corporate transactions.

During his successful tenure as Cox’s CEO, Moreno oversaw some of the key milestones in the company’s development, including its stock market listing in November 2024, the strengthening of its financial structure and the progress of its international expansion, culminating in the acquisition of Iberdrola México in April 2026. These achievements have enabled the Group to significantly increase its scale and consolidate its position as an integrated water and energy utility.

Patxi Sáez, for his part, will assume full executive responsibility for the Group as Chief Executive Officer (CEO) and will lead Cox’s next phase of growth. His priorities will be to drive profitable growth, strengthen operational excellence, improve the execution of the investment, construction and services businesses, and align the organization with the company’s current ambitions and scale.

Sáez has more than 25 years of international experience in the energy and infrastructure sectors, with an extensive track record in the development, management and execution of major projects. Before joining Cox, he held senior positions at ACWA Power, where he served as Senior Vice President of Technical & Project Execution and Chief Technical Officer, leading investment in and execution of energy and water projects worldwide. Previously, he was President and CEO of Al Toukhi in Saudi Arabia and held various management positions at Isolux Corsán, Técnicas Reunidas and Mitsubishi Power.

In the words of Patxi Sáez: “Cox has reached a new scale and has a platform with significant potential to continue growing profitably and sustainably. I take on this responsibility with the commitment to strengthen our execution capabilities, foster an increasingly effective, integrated organization that is closer to our priority markets, and move the Group into a new phase of development based on operational excellence, financial discipline and value creation.”

As part of these organisational changes, José Olivé will take on a new role within the Group as Advisor to the Chairman, stepping down as Chief Financial Officer and reporting directly to the Chairman. This appointment will strengthen the Group’s institutional and strategic capabilities while ensuring that José Olivé’s extensive financial and business experience continues to contribute to the organisation. In his new role, he will play an active part in shaping and executing the Group’s strategic corporate transactions, bringing a valuable cross-functional perspective to the development and implementation of the new strategic plan.

The management reorganization follows a 2026 financial year marked by significant progress in implementing the strategy and by corporate and financial milestones that have strengthened the company’s position. These include the acquisition of Iberdrola México, a transaction that has significantly increased the scale, recurring nature and visibility of the business, consolidating Cox’s position as an integrated water and energy utility. Cox has also strengthened its access to international markets through a US$2 billion bond issuance and an US$800 million hybrid capital issuance. Together, these transactions attracted orders of approximately US$11 billion from institutional investors. This market support reflects confidence in the Group’s strategy and its ability to embark on its next phase of growth.

A new business structure organized around three verticals

 Alongside the management changes, Cox will reorganize its business structure around three distinct verticals: Cox México, Cox Latam and Service Co. This model will enable the organization to adapt to the Group’s new scale, strengthen asset management and expand its ability to develop and execute projects, through a structure that is closer to the markets in which it operates.

Cox México will consolidate the Group’s activities in the country, which has become its main strategic market following the acquisition of Iberdrola México. This vertical will manage the Group’s power generation and retail businesses and assets, as well as develop new investment opportunities in energy and water infrastructure. The transaction has added more than 2,600 MW of operating installed capacity to Cox, along with Mexico’s largest private electricity supplier, serving more than 500 major customers, and a generation project pipeline of approximately 12 GW. Building on this platform, the company will drive new investments and leverage synergies between its water and energy businesses to expand its activities in the country.

Cox Latam, headquartered in Panama, will be the vertical responsible for the development, investment and management of critical water and energy infrastructure across the rest of Latin America. Through this structure, the company will promote new concession projects and long-term investment opportunities, strengthening its presence in markets such as Chile, Brazil, Ecuador, Peru, Colombia and Central America. This organization will bring operations closer to countries across the region and facilitate the identification and execution of new growth opportunities.

The third vertical will be Service Co, headquartered in Seville, which will bring together engineering, procurement and construction (EPC), as well as infrastructure operation and maintenance (O&M) activities. This division will continue to develop projects both for the Group itself and for third parties, with the aim of expanding its contract portfolio, strengthening its industrial capabilities and improving operational efficiency.

Spain will remain Cox’s headquarters and global corporate management center, where the Group’s strategy, corporate policies and central services for the entire organization will continue to be defined. On this basis, the company will move towards a more coordinated, results-oriented model that combines a global corporate vision with greater proximity to markets, customers, projects and assets.

Enrique Riquelme, Executive Chairman of Cox, said: “Cox has achieved its roadmap ahead of schedule and exceeded its growth expectations for this financial year. Today, we are a much larger company and have the opportunity to embark on an even more ambitious phase. This reorganization of our management and business structure enables us to strengthen the Group’s leadership, adapt the organization to its new reality and lay the foundations for a strategic proposal focused on the markets where we see the greatest growth opportunities, particularly Mexico and the rest of Latin America.”

In this context, over the coming months the company will put forward a new strategic proposal aimed at consolidating its growth and concentrating its capabilities in the geographies with the greatest development potential. This new roadmap will include a policy of rotating and divesting non-strategic assets, including certain assets in regions such as Africa, in order to optimize capital allocation and direct more resources towards the main investment opportunities in Latin America, while maintaining financial discipline and creating long-term value for shareholders.

Share this article

Related articles

The multinational achieves, thanks to its proven experience in water resources management, its first award in the country

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 Infrastructure Group, S.A.: 50.612.744  acciones

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.