Cox Energy América, S.A.B. de C.V., Reports Third Quarter 2021 Results

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Mexico City, October 28, 2021 – COX ENERGY AMÉRICA, S.A.B. DE C.V. (“Cox”, “Cox Energy América” or “the Company”) (BIVA/BMV: COXA*), a company dedicated to the development and management of solar photovoltaic renewable energy projects, and its value chain, reports its results for the quarter ending September 30, 2021. All figures included in this report are in nominal Mexican pesos and are in line with the International Financial Reporting Standards (IFRS).

HIGHLIGHTS

  • In the third quarter, Cox Energy America continued with the execution of its Strategic Plan, maintaining a positive outlook for the energy industry in the short and long term, as a result of a diversified portfolio in Latin America (66.0% Central and South America and 34.0% North America).
  • In 3Q21, total revenue for the quarter increased to $7.34 million pesos, a result of serving more clients in the wholesale energy market.
  • As part of maintaining a disciplined and well-managed development portfolio, the Company decided to make an adjustment to its project portfolio during the quarter to reflect feasibility more accurately at different stages of development. At the end of 3Q21, Cox Energy America had a portfolio of 30 projects in different stages of development, with a total attributable capacity of 1.98 GWp in Latin America.
  • Cox Energy America estimates additional growth from already identified opportunities in the portfolio, stemming from several strategic agreements in high-potential regions. As a result, by 2022 the total investment is estimated to exceed $2.4 billion pesos, of which at least 65.0% must be completed through different financing schemes. If the projects established for the year are completed, EBITDA generation is expected to exceed $400 million pesos.
  • During the quarter, Cox Energy America signed a strategic agreement under the concept of a power purchase agreement with an energy distribution company in Colombia. The agreement establishes the possibility of jointly executing a series of projects focused on renewable energy within the Atlantic Coast area, which are in the initial development stage and are conditioned in compliance with the processes and regulations in force.
  • The Company will release a detailed update to its Strategic Plan for the 2021-2025 cycle, seeking to integrate current market conditions, and thus improve expected results in the short and long term. The details of the Strategic Plan will be announced to the market before year end.

 

MESSAGE FROM THE CEO

José Antonio Hurtado de Mendoza, Chief Executive Officer of Cox Energy América, commented:We ended the third quarter of 2021 with the discipline and management that characterizes us and we reaffirmed our short and long-term strategic vision, which will enhance our ability to achieve our goals. Despite the macroeconomic and regulatory challenges in the region, we continue to position ourselves as a resilient player with a responsible and experienced team, which has allowed us to manage resources and challenges responsibly and efficiently, always under the highest ESG standards. We have enough experience to adapt to changes with current regulations in the different countries and regions where we operate, and we will continue working to generate value for our stakeholders through profitable, efficient and sustainable projects.”

He added:We are focused on satisfying the needs of our customers and strategic partners by always seeking to obtain the highest returns for our shareholders and stakeholders, and we are doing that by building a market-leading portfolio in Latin America that will enable us to respond quickly to the evolution of the renewable energy sector in the region.”

 

Miranda Newswire – Full Press Release: Download PDF

 

Contact Details

Enrique González

e.gonzalez@coxenergy.com

Investor Relations

inversores@coxenergyamerica.com

 
About Cox Energy América
Cox Energy América is a photovoltaic renewable solar energy generation company, listed on the Mexican Institutional Stock Exchange (“BIVA”). COX develops, promotes and operates photovoltaic plants in several Latin American countries, with a presence in Mexico, Chile, Colombia, Guatemala, Central America and the Caribbean. It has a unique portfolio of projects at different stages of development and has identified opportunities to carry out its activity within a sustainable development framework.
Forward Looking Statements
This document contains certain statements related to the comprehensive overview of Cox Energy América (COX) regarding its activities to the present day, as well as assumptions and information currently available for the Company. The statements contained herein reflect the current views of COX with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause future results, performance or achievements of COX to differ from those expressed or implied by such forward looking statements, including, among others, economic or political changes and global business conditions, risks related to the COVID-19 global pandemic impact, changes in exchange rates, the overall state of the industry, changes in demand for photovoltaic energy, raw material costs, the Company’s ability to execute commercial continuity plans as a result of the COVID-19 pandemic, among others. COX does not intend nor assume any obligation to update the statements presented in this document.

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