Cox Energy, Alicante’s renewable energy company, saw its stock market debut in Spain this Monday as Enrique Riquelme unveiled a notably higher offer than the initial reference price. The first trading update showed a share price at 2.04 euros, an 18.4 percent rise from the 1.73 euros set in the Market Establishment Document, and it reached 2.07 euros by mid-day, signaling strong investor interest.
Investors backed the group’s strategy following its April acquisition of assets from Abengoa, the Andalusian multinational currently in bankruptcy. These assets are not public domain properties; they belong to another entity within the Cox Energy holding.
At the bell marking the listing start on BME Growth, Cox Energy’s leadership expressed that the move would consolidate and expand the company’s position as a solar photovoltaic leader and accelerate the transition to a more sustainable energy model. The company’s entry into BME Growth is seen as a catalyst to improve liquidity, broaden the shareholder base, and strengthen the financial structure to support ongoing growth. Alberto Zardoya accompanied Riquelme on the trading floor; Zardoya Otis is a long-time shareholder in the firm.
Dual listing
In Spain, the listing also used a binary approach, with Cox Energy already listed on BIVA since June 2020, the Mexican exchange that hosts the company’s registered office location.
Enrique Riquelme founded Cox Energy in 2015 in Mexico to consolidate renewable energy projects after building wealth as a supplier. The company has expanded across Latin America, including ventures tied to the Panama Canal region. Riquelme explained at a recent Alicante conference that the current portfolio exceeds 6 billion euros, with approximately 3.5 billion euros of executions planned by 2026. The goal is to commission about 5,000 megawatts across southern Europe and Latin America.
Later in Alicante, Riquelme highlighted the portfolio value and growth trajectory as key drivers of the company’s listing strategy. A recent report cited a broad project backlog and ongoing development across multiple markets, underscoring the company’s expansion ambitions.
Cox Energy becomes the first Latin American company to trade on both the Spanish market and BME Growth, marking a notable milestone in cross-market access for the solar sector.
Cox Energy will be showcased on the Spanish Stock Exchange with a valuation of 285 million Euros
The listing follows recent judicial approvals related to the Abengoa assets, which were part of a broader recovery plan. Cox Energy undertook the bid process against construction firms to acquire the remaining business units from Abengoa. The bids were led by Cox Energy and other contenders, and the process culminated in a tender decision favoring Cox Energy.
The proposed terms place Cox Energy’s involvement in the management of Abengoa’s commercial and corporate domains, including turnkey engineering projects spanning infrastructure, energy, water, and telecommunications. Within weeks, the company expanded its workforce to around 1,700 employees, and leadership projected employment could exceed 11,200 after the resumption of several projects that had been paused during the resolution process.