visibility
Cox Energy, led by Enrique Riquelme from Alicante, will be showcased at the fair. In the next days, after the Spanish Stock Exchange regulator approved trading for expanding companies, the Market Establishment Certificate remains in process. This step signals that the company’s newly acquired assets from the multinational Abengoa in Andalusia will be listed on the Mexican market for the first time, with shares freely trading on BIVA as of July 2020 and also on the Spanish market.
As reported by BME Growth, the Market Coordination and Integration Committee meets all requirements. The listing is expected to occur next week, given its importance for inclusion on the Madrid stock exchange.
In this context, the board of directors must begin the contracting process for the shares. The price is set at 1.73 euros per share, based on an independent expert valuation determined in the procedure. This pricing reflects the renewable energy company as a whole, valued at 285 million euros.
The company’s registered advisor is Singular Bank, and the designated liquidity provider is Gestión de Patrimonios Mobiliarios.
operational outlook
Enrique Riquelme, chairman of Cox Energy, emphasizes the significance of a Spanish stock market listing. A signal to investors in Spain and Latin America, the listing is expected to boost visibility and shareholder value. Riquelme notes that Cox Energy already possesses the structure to operate actively in both Mexico and Spain, underscoring the company’s readiness to engage with a broader investor base.
The enterprise traces its origins to 2015 when the Cox Energy brand was created in Mexico to consolidate renewable energy projects. Before that, the founder built wealth as an energy supplier and later expanded into various Latin American markets. He relocated after the real estate downturn in Spain to pursue new opportunities in renewable energy and infrastructure.
Alicante’s Cox Energy América advances toward listing in Spain
Presently, the company manages a portfolio of 56 photovoltaic projects at various development stages and a rated capacity of 4,321 megawatts, according to market filings. Of these, 27 projects total 1,620 megawatts. The remaining projects span Latin American nations such as Chile, Colombia and Mexico, with 29 projects in Spain totaling 1,901 megawatts. The company also identifies investment opportunities totaling 800 megawatts.
Cox Energy began trading on the Mexican Stock Exchange (BIVA) on July 8, 2020, and signaled ambition to debut on the Spanish market in October 2021. If realized, it would mark the first Latin American firm to trade in both markets concurrently under Cox Energy.
The listing came shortly after a decision by the Seville Commercial Court, which approved the allocation to the producing unit within the Abengoa bankruptcy proceedings. Cox Energy won the tender by beating bids from Urbas and Terramar, RCP and Ultramar.
The offer by Cox Energy totalled 564 million euros, covering all business areas and including Abengoa’s turnkey engineering projects for infrastructure, energy, water and telecommunications construction. The court highlighted the company’s multiple protective commitments, the protection of thousands of jobs, and a projected three-year workload benefiting the company by billions of euros. Abengoa entities will not be consolidated with Cox Energy in the listed environment.
Cox Energy stands as the fifth company to join BME Growth this year.