Cox Energy submitted a EUR 564 million offer to acquire all of Abengoa’s businesses and corporate headquarters. Headed by Enrique Riquelme from Alicante, the industrial group, which has a presence in Spain and Latin America, will pay a minimum of 27.3 million to the competition with a mechanism that will increase this value in the future. According to the assessment made by the bankruptcy administration to the creditors, 100% of the loans are privileged. Cox Energy will also take on €206 million of outstanding debt and guarantees for Abengoa projects, as well as €252 million of “Project Financing” debt that the Sevillian engineering company attributes to other assets.. It will also take responsibility for the €22.8 million pending payments in social security and guarantee 100% repayment of concessional loans to creditors.
Moreover, The financial plan includes a series of guarantees worth 300 million euros and the resulting workload reduces Abengoa’s treasury needs by two-thirds. In addition, Cox Energy is committing up to €50 million of the €2.5 million allocated to pay the late payroll of the Andalusian company’s employees.withCox Energy has committed an additional €7.5 million, which, if awarded, will be paid from the moment the award decision is announced until the acquisition of the company.
This is stated in Cox Energy’s proposal for improvement submitted to the bankruptcy administration last Friday. “Abengoa is a strategic company for Spain and we want it to become a benchmark once again, both in Spain and in international markets.. “We believe our proposal will make it possible to form a leading group for the development of energy solutions for clean energy generation worldwide,” said company president Enrique Riquelme, after making the proposal public.
Far from staying in a summary of intentions, Cox Energy’s commitment has already begun to materialize with the direct award of a €200m contract to Abengoa for the construction of the Sol del Vallenar photovoltaic plant in Chile.. The project will be developed for 18 months and will provide employment for up to a thousand people.
In this respect, this contract is just one example of the excess of 3,200 million euros announced by the company.It will be realized within the scope of ‘cost plus’ guaranteed profitability plan with 8% profit margin. “This is the first of the contracts to be augmented in the coming weeks with a portfolio of new high-visibility projects for the period 2026-2030, which will be carried out in both Chile and Spain under the same programme. guaranteed profitability,” explained Riquelme.
A solid business plan
The initiatives involved in the improvement proposal confirm that Cox Energy’s proposal is the only one that includes a solid industrial plan for Abengoa, which guarantees the company’s viability in the short, medium and long term. This industrial plan makes it possible for Abengoa to secure more than 9,500 jobsIt expands Abengoa’s presence to countries where Cox Energy is already present, such as North America, Colombia, Central America and the Caribbean, keeping its headquarters in Seville while benefiting from the geographic complementarity of both entities. In Riquelme’s words, “Cox Energy’s ultimate goal is to create a world-leading Spanish engineering group”