Cox Energy is set to receive support from the state through Abengoa’s restructuring framework. The government clarified that Industry Minister Héctor Gómez announced a package of assurances, including a credit line of at least 150 million euros, to help secure Cox Energy’s access to international markets during this transitional period.
Gómez made the remark during a meeting at Abengoa’s Monitoring Committee held at the company’s Seville headquarters. The session followed the transfer of Abengoa’s assets to the new ownership led by Enrique Riquelme, an entrepreneur from Alicante, after the holding’s bankruptcy proceedings. Riquelme attended alongside members of the Andalusian Government, including the Minister of Industry, Energy and Mines Jorge Paradela, Seville’s mayor Antonio Muñoz, and former minister Reyes Maroto, among others.
The minister underscored that the award to Cox Energy represents a pivotal step in a long process of dialogue and negotiation between public authorities and private entities. Employees stand to gain the most from the commitment to preserve jobs and continue productive activity, maintaining headquarters in Seville and preserving the existing workforce and regions of operation.
The head of industry emphasized that the priority in this transition is to sustain as many jobs as possible and ensure the future growth of the new enterprise, maintaining a presence both in Spain and on international markets. The government also indicated it would use all available levers to support the chosen project once Cox Energy obtained the award. The company announced a minimum guarantee of 150 million euros to back Abengoa’s international activities.
Enrique Riquelme (Cox Energy): “We face this stage with humility and determination, qualities so common in Cox and Vega Baja”
Jorge Paradela, representing the Andalusian Government, expressed satisfaction with the Abengoa workers and the long-standing talent that has sustained ongoing contracts. He stated that Abengoa has been a beacon of engineering and energy on both national and international levels and will continue to shape the sector’s trajectory for years to come.
Paradela noted that the project portfolio represents a promising avenue for Cox Energy and Abengoa to create synergies that align with the green transition and the deployment of renewable energy projects in Andalusia.
Following the Monitoring Committee meeting, Gómez met with workers to convey support for restarting the company through the process now underway, accompanied by the adviser and former minister Reyes Maroto and Seville’s mayor Antonio Muñoz, emphasizing the international dimension of the initiative.
Prize
Earlier on Tuesday, it was disclosed that the Third Commercial Court of Seville had decided to recognize Cox Energy as the manufacturing unit responsible for the assets of roughly thirty Abengoa subsidiaries. The court deemed the Cox Energy proposal the most suitable among those presented during the bankruptcy proceedings.
The winning bid, submitted by Enrique Riquelme’s team, valued the assets at 564 million euros. The proposal envisages a minimum cash payment of 27.3 million to the contest, with a mechanism to increase this amount later. In addition to this payment, Cox Energy faces around 206 million euros in debt and collateral linked to Abengoa projects. Other project financing debts total approximately 252 million euros, tied to entities associated with the Seville-based firm.
Cox Energy doubles commitment to Abengoa and offers 564 million
In parallel, Cox Energy agreed to an additional 22.8 million euros in obligations, with Social Security guarantees ensuring full repayment of concessional loans to creditors. The company noted that it had already transferred eight million euros on March 30 as part of the initial loan repayments related to the bankruptcy proceedings.
The financial plan includes guarantees totaling 300 million euros and a commitment to reduce Abengoa’s treasury needs by about two-thirds. Once the award was announced, Cox Energy indicated that its direct contribution would help generate approximately 3.2 billion euros in activity over the next three years, reflecting the scale of the anticipated economic impact through sustained employment and renewed project activity.