Mexico City, October 28th, 2022. – COX ENERGY AMÉRICA, S.A.B. DE C.V. (“Cox”, “Cox Energy”, “Cox Energy América” o “the Company”) (BIVA/BMV: COXA*), a company dedicated to the development and management of solar photovoltaic renewable energy projects reports its results for the quarter and ninth-month period ending on September 30th, 2022. All figures included in this report are in nominal Mexican pesos and are in line with the International Financial Reporting Standards (IFRS).
HIGHLIGHTS
- At the end of the third quarter of 2022, Cox Energy had an active portfolio, at different development and construction stages, of 1,620 MWp. Additionally, the Company was analyzing an opportunities portfolio of +800 MWp. During the quarter, the Company increased its presence in Chile, Colombia, and Central America, having more than 70.0% of the Company’s projects in these regions.
- During the quarter, two new PMGD projects totaling 18 MWp were added in Chile. In Colombia, six projects under development, totaling 395 MWp were added to the portfolio, seeking to strengthen the Company’s presence in one of the fastest growing countries in the industry. Finally, in Central America, two projects under development were added to the portfolio for a total of 70 MWp.
- Consolidated revenues for the first nine months of 2022 increased historically, reaching $291.9 million pesos, in line with the expected growth. This increase was mainly driven by the energy sales and supply business in Mexico.
- During the quarter, the Company obtained authorization to operate as an agent in the Colombian Wholesale Electricity Market, through its subsidiary Cox Energy Comercializadora S.A.S. With this approval, Cox Energy America will be able to negotiate energy supply and purchase contracts in the Colombian electricity market.
- For the Sol de Vallenar project (308 MWp) in Chile, a financing structuring mandate was signed. Once the financing has been granted, the construction work for the first phase of the project will begin, which is expected to be completed in early 2023.
- During the quarter, the Management team continued to handle the processes for the financing structuring mandate for the first package of PMGD projects in Chile. This will allow the rest of the projects in the portfolio to begin construction during 2023.
- During the quarter, the Company advanced to the final stages of the dual listing process between the Mexican and Spanish stock exchanges. The initial listing date for COXA on Spain’s BME Growth is expected to be within the next few weeks, due to delays in the regulatory processes, as it is the first time in history that a dual listing has been made between these two markets.
MESSAGE FROM THE CEO
José Antonio Hurtado de Mendoza, Chief Executive Officer of Cox Energy América, said: “The Company marked its third quarter of consecutive growth at the end of September. We continue actively working to be a leader in the renewable energy industry, especially in the countries where we operate, while ensuring that our value proposition satisfies the demands of a very challenging global environment. I am convinced that we will continue to overcome the challenges that may arise by leveraging our team’s talent, our solid business model, and the resilient approach that our reputation is built on.”
He added: “We continue in the final stages of the dual listing process to list the Company’s shares on Spain’s BME Growth, milestone that will transform the Company’s history.”
Miranda Newswire – Full Press Release: Download PDF
Contact Details
Enrique González
Investor Relations
inversores@coxenergyamerica.com