Cox Energy, the Spanish renewable energy group, has submitted its bid to purchase Abengoa’s assets to the Commercial Court of Seville this Monday, marking a key move in the ongoing bankruptcy proceedings. This offer comes during the court-approved acceptance window for the bankruptcy of 33 Abengoa subsidiaries on November 10, 2022, signaling Cox Energy’s readiness to formalize its interest as the process unfolds.
With this step, Cox Energy joins other suitors such as Urbas, Ultramar, and Sinclair, who also launched their own offers on the last day of the submission period. The competitive timing has intensified the stage for buyers to present plans that could redefine Abengoa’s future.
Vitality and geographic weight
Cox Energy’s proposal envisions acquiring the entire Abengoa operation, including its business lines and corporate framework, backed by a robust industrial plan that seeks to ensure the company’s viability across the short, medium, and long term. The bidder asserts that the plan will allow Abengoa and its Seville headquarters to retain 9,505 jobs, leveraging geographic synergies between the two groups. Abengoa would expand into regions where Cox Energy already operates, notably North America, Central America, and the Caribbean, to form a leading engineering group with a broader footprint.
Across Spain and Latin America, with particular emphasis on Chile, Cox Energy proposes a three-year financial and industrial roadmap. The plan projects immediate and sustained workloads surpassing €3,200 million under a Cost Plus model, delivering guaranteed profitability for Abengoa. The strategy also includes a fast-tracked portfolio of high-visibility projects planned for 2026 through 2030, representing the workload Cox Energy would contribute directly to Abengoa under the same profitability guarantees.
“Considered” and “solid” offer
The Cox Energy proposal emerged from a thorough review of Abengoa conducted over recent weeks with the company’s financial and legal advisers, Arcano and Medina Cuadros Abogados. The process included meetings with Abengoa’s management team, Andalusian employees, and union representatives. The company states that these conversations clarified the financial and operational realities of Abengoa and enabled the presentation of a solid proposal aligned with an industrial plan that unlocks complementary strengths between the two entities and secures the company’s future.
Enrique Riquelme, president and co-founder of Cox Energy, described the offer as a careful synthesis of analysis and ambition. He explained that the plan maximizes the productive synergy between both groups while safeguarding Abengoa’s path forward. Riquelme also noted that although Abengoa faces financial challenges, the Cox Energy proposal constitutes a practical solution for the present and for building a new era in which Abengoa can regain leadership in Spain and beyond.