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Latin Times
Latin Times
Business
Azucena Salazar

Spain's Cox Energy Just Made El Salvador History With a Record $2.9B Infrastructure Bet

Cox El Salvador Nayib Bukele Spain United States Electricity
El Salvador's President Nayib Bukele speaks during an announcement highlighting Spanish investment and economic cooperation in the country at the Presidential House in San Salvador on October 13, 2026. (Credit: Photo by MARVIN RECINOS / AFP via Getty Images)

The Briefing

  • Cox Energy, a Spain-based global utility, signed a $2.9 billion investment agreement with El Salvador on October 13 — the single largest private sector deal in the country's recorded history, surpassing the previous two top commitments combined.
  • The program covers solar generation, battery storage, a natural gas terminal, and water infrastructure; President Bukele has pledged electricity rate cuts once the new plants come online.
  • With El Salvador on pace to receive $10.46 billion in remittances in 2026, a stronger domestic economy could gradually shift the calculus for the 1.5 million Salvadoran-born migrants living in the United States.
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