The Spanish energy and infrastructure firm and Mexico's state power utility signed an agreement to pursue joint renewables projects back in 2015.
The organization has issued a report on the country's energy sector watchdogs.
Proceeds will be used to finance investment plan and refinance debt.
A drop in power demand and electricity rates Brazil did little to dent Iberdrola's 2016 profit increase.
The Mexican unit of US firm Sempra Energy achieved its 2016 financial goals and is making progress on project construction, having added two wind farms and Gasoductos de Chihuahua's assets to its portfolio.
The energy regulatory commission has highlighted the energy investment opportunities in the northwestern state.