Image：COX
Cox has sealed an investment agreement with the Government of El Salvador to advance solar, battery energy storage, natural gas and drinking‑water infrastructure under a USD 2.9‑billion‑valued program. The contract was inked at the presidential palace by El Salvador’s President Nayib Bukele and Enrique Riquelme, executive chairman of Cox.
Co‑developed with the Executive Hydroelectric Commission of the Lempa River (CEL), the solar portfolio covers two photovoltaic plants with an initial combined capacity of 200 MW, expandable to 400 MW. Cox has not disclosed site locations, technical parameters or target commissioning timelines for the solar facilities.
Grid‑connected battery energy storage systems (BESS) are also included in the package. The initial storage capacity will sit between 440 MWh and 500 MWh, with potential expansion up to 1 000 MWh. According to Cox, these assets will boost grid stability and facilitate higher shares of renewable power integration.
President Bukele noted that solar projects will draw USD 200 million in investment, while battery storage will receive USD 300 million. Together, solar and energy storage account for USD 500 million of the whole program.
Natural‑gas‑related infrastructure claims the largest share of financing at USD 1.8 billion. Cox intends to construct an LNG regasification terminal and a 380 MW combined‑cycle power plant. Besides domestic supply, the facilities are designed to serve industrial clients and third‑party operators, and may enable natural‑gas exports to neighbouring nations, per the Salvadoran government.
The remaining USD 600 million will go toward drinking water and sanitation schemes to upgrade water‑supply networks, widen service coverage and improve service quality.
Bukele highlighted that the new energy build‑out will cut the country’s reliance on petroleum‑fired power plants and bring down electricity tariffs, though the government has not released concrete figures or timelines for prospective tariff adjustments.
The Salvadoran state will act as a project partner for energy developments. Cox plans to deploy project‑finance mechanisms and seeks participation from international financial institutions, multilateral bodies and export‑credit agencies. Cox will take charge of full‑cycle responsibilities covering development, construction, operation and maintenance of all infrastructure assets.
The whole program is envisaged for implementation within three years. Its execution hinges on required regulatory approvals and separate subsidiary agreements, which Cox aims to push forward in the coming weeks.
The deal comes amid fast‑growing solar deployment across El Salvador. Official data from the General Superintendency of Electricity and Telecommunications (Siget) shows the nation reached 846.62 MW of installed solar PV capacity by the end of 2025, representing 26.4 % of total generation capacity and making solar the country’s top installed power source.
This agreement marks Cox’s latest move in Central America. In Guatemala, the firm secured a supply contract for a 76 MW solar‑plus‑storage facility in August and closed USD 36 million financing for the 75.2 MWp Chiquimulilla solar plant. Roughly 95 percent of Cox’s business is concentrated in Latin America, where it holds over USD 7 billion in water‑ and energy‑sector investment commitments. Earlier this April, Cox completed its USD 4‑billion acquisition of Iberdrola México.
