Overview of Cox Energy’s bid for Abengoa
A bid has been put forward by Cox Energy to acquire all of Abengoa’s business and corporate spaces for a total of 564 million euros. The bid was disclosed in a statement accompanying Cox Energy’s offer, outlining the strategic rationale and financial mechanics behind the proposal.
The proposal comes from an industrial group operating across Spain and Latin America, led by Enrique Riquelme. The bid includes a minimum payment of 27.3 million euros to the competition authorities, with a mechanism designed to increase this amount over time. It also guarantees full repayment of preferred loans, a commitment aligned with the bankruptcy administrator’s assessment of creditors.
Cox Energy indicates that it would assume 206 million euros of outstanding debt and guarantees tied to Abengoa projects, in addition to 252 million euros of Project Financing debt that the Seville-based engineering firm attributes to other assets. The plan also covers 22.8 million euros in social security liabilities and guarantees the complete repayment of concessional loans to creditors.
In parallel, the financial plan includes a 300 million euro guarantee line. This provision is expected to reduce Abengoa’s treasury needs by two-thirds, easing liquidity pressures during the transition.
Salary payments and near-term cash commitments
As part of the improvement proposal submitted to the bankruptcy administration, Cox Energy indicates a commitment of up to 50 million euros to ease cash requirements. Of this total, 2.5 million euros would be allocated to pay overdue salaries for employees of the Andalusian operation, ensuring minimal disruption to personnel during the consideration period.
Additionally, Cox Energy pledges a further 7.5 million euros if the opportunity proceeds. This amount would be paid in the window between the tender decision announcement and the actual acquisition, signaling a strong commitment to stabilizing the workforce during the transition.
Enrique Riquelme, president of Cox Energy, framed the bid as a strategic move for Spain, noting that the proposal aims to position the group as a leading force in developing energy solutions. He asserted that the plan would enable the consolidation of Abengoa into a robust platform capable of sustaining profitability and job security in the near and medium term.
Early traction in Chile
Rather than remaining at the level of intention, Cox Energy’s commitment has already materialized through the direct award of a 200 million euro contract to Abengoa for building the Sol del Vallenar photovoltaic plant in Chile. The project is scheduled for completion over 18 months and is projected to create employment for more than a thousand workers.
Riquelme signaled that additional contracts of a similar nature would follow in Chile and Spain in the coming weeks, supported by a growing portfolio of high-visibility projects. The plan envisions continued profitability through 2026-2030, with guarantees designed to sustain returns across planned developments.
Observers note that Cox Energy’s bid stands out for incorporating a clearly defined industrial plan that emphasizes long-term viability, alongside assurances that help protect nearly 9,500 jobs. Abengoa’s future, under this framework, would hinge on maintaining operations and a solid order book while addressing financial and regulatory considerations.
Beyond Cox Energy, several other firms—Urbas, Ultramar, RCP, and Terramar—are also pursuing strategic options for Abengoa, highlighting the competitive dynamic surrounding the potential restructuring and future ownership of the company.
[Source attribution: Cox Energy press materials and related disclosures.]