The Spanish company specialized in water and energy, Cox, has decided to establish its new regional headquarters for America in Panama, attending to the "strategic weight" that this market has for the group, where it concentrates 95% of its business and where it plans to allocate more than 7 billion dollars (6.068 billion euros) in investments.
With the new organization, the global corporate parent will remain in Spain, from where the central headquarters will be located and the 'Service Co' will be managed. For its part, the "regional platform" located in Panama will assume the coordination of the development and management of key projects and major investments on the American continent through the 'Asset Co'.
As the company pointed out this Wednesday in a statement, Cox Mexico will continue to lead the direct management of all assets in the country, including those acquired from the Mexican subsidiary of Iberdrola. Likewise, the executive president, Enrique Riquelme, will continue at the head of the group alternating his activity between Spain and Panama.
With this reorganization, the firm aims to "closely accompany" initiatives such as the awarding in Mexico of the Rosarito desalination plant, set to be the largest in Latin America; a long-term wind energy supply contract in Panama; its first concession for electric transmission networks in Brazil; or renewable generation and storage projects in Guatemala.
"The creation of Panama as a regional 'hub' for Cox for the Americas materializes a decision fully aligned with the strategic roadmap approved by the group, where it is key to be closer to our markets, our financial and institutional partners, and the major projects that will define the future of water and energy in the region," Riquelme explained.
"This geography is our great strategic priority and this bet consolidates a closer, agile organization prepared to accelerate transformative investments, strengthen our execution capacity, and continue generating sustainable long-term value," he added.