Cox, the Spanish energy and water services company expanding rapidly in Mexico, denied on Wednesday having entered a US$250 million investment agreement with the Mexican cleantech firm Finsolar for distributed generation and storage projects. The clarification came hours after Finsolar announced what it described as a strategic alliance between the two companies.

According to Cox spokesperson Luis Herrero, the company has not signed an agreement with Finsolar despite the public announcement circulated earlier in the day. Herrero said that the information was released without consulting Cox and that no formal partnership exists. The statement also contradicted quotes attributed to Cox executive Lamberto Camacho in Finsolar’s release. Herrero confirmed that Camacho works at Cox but reiterated that the companies have not formalized any deal.

Finsolar had stated that the partnership would finance up to 450MW of distributed solar and battery storage capacity, including 30 large-scale installations for major industrial users and as many as 400 smaller units for medium-size firms by 2028. The company described the planned investment as part of a growing push to provide lower-cost and more reliable electricity to industrial and commercial clients across regions such as Bajio, Jalisco, Nuevo Leon, and the Yucatan Peninsula. Finsolar did not issue an immediate response to Cox’s denial.

The announcement came against the backdrop of Cox’s broader expansion in Mexico. On July 31, 2025, Cox disclosed an investment plan of US$10.7 billion through 2030, including the acquisition of Iberdrola’s Mexican assets for US$4.2 billion. That transaction added 15 power plants comprising combined-cycle facilities, cogeneration units, and renewable assets. The company has also expressed interest in further renewable generation, energy storage development, and water infrastructure projects.

Finsolar describes itself as a Mexican climate-tech firm providing turnkey solar solutions and distributed energy systems for corporate clients. The company has highlighted growing demand for on-site renewable generation, driven by rising electricity prices, grid reliability concerns, and pressure to meet corporate emissions targets.

The confusion surrounding the alleged partnership comes at a time of continued industrial demand for distributed generation in Mexico. Private firms, especially in manufacturing corridors, have been expanding on-site generation to reduce energy costs by as much as 30 to 40% and to secure supply amid grid congestion. These trends are reinforced by nearshoring dynamics and by pressure to integrate clean electricity into export-oriented supply chains.

The energy sector context is also shaped by regulatory uncertainty. Recent policy changes have strengthened the role of CFE and shifted the permitting environment for private generation projects. Investors continue to assess how the evolving framework affects timelines, grid interconnection, and access rights. Announcements of large-scale private investment, whether confirmed or disputed, are often interpreted by market observers as indicators of investor confidence in the Mexican regulatory landscape.