Spanish renewable energy group Cox Energy submitted its offer to buy the assets to the Commercial Court of Seville this Monday. abengoa.
In the statement made by the company, this offer was made within the court-authorized acceptance period regarding the bankruptcy of 33 Abengoa subsidiaries on November 10, 2022.
Cox Energy so he joins Urbas, Ultramar, and Sinclair on the last day of the term. who started their own offerings in Abengoa in the previous weeks.
Vitality and geographic weight
Cox Energy’s proposal proposes to purchase all of Abengoa’s business and corporate spaces, presenting a “solid industrial plan that guarantees”. viability of the company in the short, medium and long term”.
From Cox, they explained that this industrial plan allows Abengoa and its headquarters in Seville to maintain 9,505 jobs, while also benefiting from the geographic complementarity of both entities. Abengoa will reach countries where Cox Energy is already available. This is the case in regions such as North America, Central America or the Caribbean to form a “lead” engineering group.
Cox Energy’s activities in Spain and Latin America, particularly Chile, have allowed it to propose a financial and industrial plan for the next three years, with immediate and definite workloads in excess of €3,200 million under the ‘Cost plus’ programme. Guaranteed profitability for Abengoa.
Also, this will increase with urgent projects A new portfolio of high visibility initiatives for the 2026-2030 periodThis will also represent the workload that Cox Energy will contribute directly to Abengoa under the same guaranteed profitability scheme.
“Considered” and “solid” offer
The proposal from Cox Energy was “thought out” after conducting an in-depth analysis of Abengoa in recent weeks with Cox’s financial and legal advisers, Arcano and Medina Cuadros Abogados, and through meetings with the management team. Andalusian company and labor union representatives.
“These conversations understand the financial and operational reality of the company“And in this way, deliver a solid proposal, accompanied by an industrial plan that maximizes the complementary capacities of both companies, ensuring the future of Abengoa,” said Enrique Riquelme, president and co-founder of Cox Energy.
Likewise, Riquelme at Cox Energy “Aware” of Abengoa’s financial difficulties however, he was “convinced” that his proposal constituted a “present and future solution” for Abengoa and the start of a new phase in which the company “returns to be a benchmark in Spain and abroad.”