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EXHIBIT 21.1

CONSOLIDATED WATER CO. LTD.

Subsidiaries of the Registrant

The following list includes all of the Registrant’s wholly-owned subsidiaries, majority-owned subsidiaries and affiliates as of December 31, 2025. All subsidiaries of the Registrant appearing in the following table are included in the consolidated financial statements of the Registrant.

Subsidiaries

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Jurisdiction of Organization

 

 

 

Aguas de Rosarito S.A.P.I. de C.V. (100%)

 

Mexico

 

 

 

Aerex Industries, Inc. (100%)

 

United States of America

 

 

 

Aquilex, Inc. (100%)

 

United States of America

 

 

 

Cayman Water Company Limited (100%)

 

Cayman Islands

 

 

 

Consolidated Water (Bahamas) Limited (90.9%)

 

The Bahamas

 

 

 

Consolidated Water Cooperatief, U.A. (100%)

 

Netherlands

 

 

 

Consolidated Water U.S. Holdings, Inc. (100%)

 

United States of America

 

 

 

DesalCo Limited (100%)

 

Cayman Islands

 

 

 

N.S.C. Agua, S.A. de C.V. (99.9%)

 

Mexico

 

 

 

Ocean Conversion (BVI) Ltd. (Affiliate)

 

The British Virgin Islands

 

 

 

Ocean Conversion (Cayman) Limited (100%)

 

Cayman Islands

 

 

 

PERC Water Corporation (100%)

 

United States of America

Kalaeloa DesalCo LLC (100%)

United States of America

Ramey Environmental Compliance, Inc. (100%)

United States of America