The Board of Directors of the Cox Group has approved a reorganization of the company's management and business structure with the aim of addressing a new stage of growth and defining a more ambitious strategic proposal, following the early completion of its current roadmap.
As part of these organizational changes, Nacho Moreno has been appointed as a proprietary advisor of the Cox Group and will lead Riquelme Capital , and Patxi Sáez assumes the position of Chief Executive Officer (CEO) of the Group.
This restructuring strengthens Cox's ability to address its new corporate and operational dimensions, following the expansion experienced in recent months, and will focus the company's efforts on consolidating its growth in the United States and Latin America, with a particular emphasis on Mexico. This new phase will center on operational excellence, financial discipline, proximity to priority markets, and the creation of sustainable value 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 maintain his connection with Cox as a proprietary advisor on the Board of Directors, representing the Chairman, to lead and promote the direction and structuring of strategic corporate transactions.
During his successful tenure as CEO of Cox, Moreno has been involved in some of the company's key milestones, including its IPO in November 2024, the strengthening of its financial structure, and the development of its international expansion process, culminating in the acquisition of Iberdrola México in April 2026. These advances have allowed the Group to significantly expand its size and consolidate its position as an integrated water and energy utility.
Patxi Sáez 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 ambition and scale.
Sáez has over 25 years of international experience in the energy and infrastructure sector, with a proven track record in the development, management, and execution of large-scale projects. Prior to joining Cox, he held senior positions at ACWA Power, where he was Senior Vice President of Technical & Project Execution and Chief Technical Officer, leading the investment and execution of energy and water projects globally. 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 dimension and has a platform with great potential to continue growing profitably and sustainably. I take on this responsibility with the aim of strengthening our execution capabilities, fostering an increasingly efficient, integrated organization that is closer to our priority markets, and advancing a new stage of development for the Group based on operational excellence, financial discipline, and value creation.”
As part of this evolution in the organizational structure, José Olivé's responsibilities within the group have shifted, and he will assume the role of Advisor to the Chairman, leaving his position as Chief Financial Officer and reporting directly to the Chairman. This move strengthens the company's institutional and strategic area, ensuring the continuity of José Olivé's financial and business expertise. In his new role, he will be involved in the design and execution of the group's strategic corporate operations, contributing a key cross-functional perspective to the development of the new strategic plan.
The management reorganization follows a 2026 fiscal year marked by significant progress in strategy execution and corporate and financial milestones that have strengthened the company's position. Among these, the acquisition of Iberdrola México stands out, a transaction that has significantly increased the scale, recurrence, and visibility of the business, consolidating Cox as an integrated water and energy utility. Cox has also strengthened its access to international markets with a $2 billion bond issuance and an $800 million hybrid capital offering, transactions that together received orders of approximately $11 billion from institutional investors. This market support reflects confidence in the Group's strategy and its ability to navigate its next phase of growth.
A new business structure organized into three verticals
Alongside the management changes, Cox will reorganize its business structure around three distinct verticals: Cox Mexico, Cox Latam, and Service Co. This model will allow the organization to adapt to the Group's new size, strengthen asset management, and expand its project development and execution capabilities, with a structure more closely aligned with the markets in which it operates.
Cox Mexico will concentrate the Group's activity in the country, which has become its main strategic market following the acquisition of Iberdrola Mexico. This division will manage the power generation and trading assets and businesses, as well as the development of new investment opportunities in energy and water infrastructure. The transaction has given Cox an installed operating capacity of over 2,600 MW, making it the largest private supplier in Mexico, with more than 500 major customers, and a pipeline of generation projects of approximately 12 GW. Building on this foundation, the company will drive new investments and leverage synergies between its water and energy businesses to expand its operations in the country.
Cox Latam, headquartered in Panama, will be the division responsible for the development, investment, and management of critical water and energy infrastructure throughout the rest of Latin America. From this structure, the company will drive 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 allow for closer operational proximity to the countries in the region and facilitate the identification and execution of new growth opportunities.
The third vertical will be Service Co, headquartered in Seville, which will concentrate engineering, procurement, and construction (EPC) activities, as well as the operation and maintenance (O&M) of infrastructure. 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, from where the Group's strategy, corporate policies, and central services for the entire organization will continue to be defined. On this foundation, the company will move towards a more coordinated and results-oriented model, combining a global corporate vision with greater proximity to markets, customers, projects, and assets.
Enrique Riquelme, CEO of Cox, states: “Cox has met its roadmap ahead of schedule and exceeded growth expectations for this year. Today, we have a much larger company and the opportunity to embark on an even more ambitious phase. This reorganization of our management and business structure allows us to strengthen the Group's leadership, adapt the organization to its new reality, and lay the foundations for a strategic approach focused on markets where we see the greatest growth opportunities, especially Mexico and the rest of Latin America.”
In this context, the company will implement a new strategic proposal in the coming months aimed at consolidating its growth and concentrating its capabilities in the regions with the greatest development potential. This new roadmap will incorporate a policy of rotating and divesting non-strategic assets, including certain assets in regions such as Africa, with the goal of optimizing capital allocation and dedicating more resources to key investment opportunities in Latin America, while maintaining financial discipline and creating long-term value for its shareholders.
By Energía Estratégica
By Emilia Lardizabal
By Ailén Pedrotti
