SAN SALVADOR — President Nayib Bukele signed a $2.9 billion agreement with Spain’s Cox on October 13. The deal covers a natural gas terminal and power plant, battery storage, solar generation and water and sanitation projects. Bukele called it “the largest private investment in the entire history of El Salvador.”

Cox says the agreement still depends on government approvals and further agreements.

The agreement was signed at the Presidential Palace by Bukele and Enrique Riquelme, Cox’s executive chairman, according to Infobae and Cox’s own announcement.

Spain’s ambassador and cabinet members attended. The Salvadoran outlet described it as an “entendimiento,” or preliminary understanding. Cox says execution depends on “relevant approvals and specific agreements,” which it expects “in the coming weeks,” with work to follow over three years.

Breakdown of the $2.9 billion deal:

Gas: $1.8 billion for a roughly 380-megawatt power plant and a land-based fuel storage terminal. Cox describes this as a liquefied natural gas (LNG) regasification terminal with a combined-cycle plant.

Water & Sanitation: $600 million, which Bukele called the largest such investment in the country’s history.

Battery Storage: $300 million initially, with capacity expandable to 1,000 megawatt-hours.

Solar: $200 million for Cox’s own plants.

Cox describes the solar component as two plants with an initial capacity of 200 megawatts, expandable to 400, developed with the state-run Lempa River Hydroelectric Executive Commission (CEL).

The company says it will develop, build, operate and maintain all of the projects.

Bukele said the new capacity would reduce reliance on bunker fuel, and that savings could reach household electricity bills once the plant is running. “This will directly benefit Salvadoran families,” Reuters quoted him as saying.

Bukele also floated exporting gas or electricity to neighbors including Guatemala. Riquelme said El Salvador would become “the epicenter of gas, of gas import and distribution for the region,” according to Infobae.

Cox says it will structure project financing with international financial institutions, multilateral organizations and export credit agencies. It expects the Salvadoran state to take part as a partner in the energy segment. Bukele said no new public funds are being committed, according to Cox.