Spanish Group Cox Secures $350 Million Wind Power Deal in Panama

Posted on 2026-08-05

Cox, the Spain-based water and energy infrastructure group, has landed a major contract in Panama’s clean energy market. The company won a public tender organized by the State Power Transmission Company (ETESA) to supply wind power for the next 20 years, a deal valued at over $350 million.

Under the agreement, Cox will deliver approximately 5.22 terawatt-hours (TWh) of electricity over the two-decade term to help meet the growing demand of the country's main distribution companies.

Harnessing the Wind: The Santa Cruz Wind Project

To fulfill the contract, Cox will build the Santa Cruz Wind farm, featuring an installed capacity of 68.4 megawatts (MW). Powered by 12 high-capacity turbines, the facility is expected to generate roughly 260 gigawatt-hours (GWh) per year.

Beyond injecting fresh renewable capacity into the national grid, the project will help displace fossil fuel generation and cut carbon emissions.

The move aligns with Cox’s broader growth strategy across Central America and the Caribbean, a target region where the firm is expanding its portfolio of long-term infrastructure assets.

Martín Sucre Champsaur, Cox’s Regional Manager for Central Arch, called Santa Cruz Wind a "flagship project for Cox in Panama," noting that the tender win solidifies the group’s footprint in the country's utility-scale renewable sector.

Backed by Strong First-Half Financials

The Panama announcement follows a strong financial performance by Cox in the first half of 2026, boosted by the integration of power assets previously acquired from Iberdrola Mexico.

The company reported revenues of €1.243 billion for the first six months—2.5 times higher than the same period last year—while EBITDA tripled to €245 million. Operating cash flow climbed to €129 million, driven largely by its core infrastructure division.

Listed on the Spanish Stock Exchanges since late 2024, Cox operates across the Americas, Europe, the Middle East, and Africa, managing long-term water and energy assets from development and engineering to operation.