There is no time to waste. Enrique Riquelme of the Cox Group announced this Thursday that Abengoa’s workforce has expanded by around 1,700 employees. The assets of the Andalusian multinational were rewarded for participating in projects in the portfolio, many of which were paused, particularly in South America. As a result, the company now employs about 11,200 people, up from 9,500 at the conclusion of the bankruptcy process.
Riquelme revealed the development at a conference organized by the Alicante Chamber of Commerce, where he also outlined the other major arm of the group. Cox Energy, which will focus on implementing renewable energy projects, is set to debut next Monday on BME Growth with a strategic plan to invest roughly 3.5 billion euros by 2026.
“We grew the workforce mainly because several Latin American projects were terminated. Decisions had to be made, and we joined this company not to preserve it, but to drive its growth,” said Riquelme. He added that when the Commercial Court of Seville resolved the bankruptcy, it awarded the assets of the former Andalusian subsidiaries to the Cox Group on April 18. The group intends to demonstrate that these companies are stronger today and poised to move forward without delay.
Riquelme argued that Abengoa is now debt-free and possesses substantial potential, thanks in part to 255 patents across desalination, telecommunications infrastructure, satellites, and even defense technologies such as hydrogen fuel cells for submarines.
The new leadership has drafted a fresh strategic plan for the multinational, with plans to be presented shortly and made public. The company’s recovery strategy centers on leveraging existing assets and accelerating growth in key markets.
Riquelme confirmed that following the Abengoa restructuring, Cox Group now owns two major sister entities. One focuses on Andalusian assets and operational continuity, while Cox Energy concentrates on solar projects in South America and Spain. A listing on BME Growth is anticipated next Monday, supported by a strong business plan. A dual listing is contemplated since this segment is already listed on the Mexican stock exchange where the group operates.
Cox Energy to be valued at 285 million euros on the Spanish Stock Exchange
The executive reiterated that Cox Energy envisions a portfolio exceeding 6 billion euros in value, with approximately 3.5 billion euros to be executed by 2026. The plan includes adding around 5,000 megawatts across Southern Europe and Latin America, reinforcing the company’s growth trajectory.
Despite pursuing a public listing, the Alicante-based leader noted that 85 percent of Cox Energy’s shareholders support the move. The listing decision aligns with a commitment to transparency and robust governance, while recognizing that financing remains essential to growth and attracting talent.
During the conference, Riquelme reflected on his career, recalling how his father once insisted he work at a family-owned gas station to learn the value of effort. He spoke of a formative journey that included ventures in Panama, where the firm supplied materials for the canal expansion, and later pivoting to renewables after exploring opportunities in various markets.
Panama’s interest in solar energy emerged during a drought and rising power shortages amid a period of rapid growth. “If there is sun, put up panels,” he quipped, noting early projects in Guatemala helped shape the path toward solar development.
The president of Cox Energy addressed questions from attendees, a gathering where Carlos Baño and Jesús Navarro, president and first vice president of the Chamber, introduced discussions about local opposition to large solar deployments. The emphasis was placed on environmental protections and the necessity of these projects in Spain, with particular attention to the Valencian Community. While acknowledging some concerns, Riquelme underscored projects that meet all warranties and highlighted the need for affordable energy to keep industries competitive, noting that Cox Energy currently has a project portfolio valued at about 700 million euros.
Entrepreneurship from a cement past to sunny horizons
The conference also touched on the tougher moments in Riquelme’s career, including a time when he had to pawn a watch given by his father to cover payroll to keep a business afloat. The experience reinforced the importance of entrepreneurial resilience and the values instilled by his family and his homeland, Vega Baja.
Cox Energy and Sonnedix are involved in one of Chile’s largest solar plants, the Meseta de los Andes project, a 160-megawatt facility. This venture, a joint effort with Sonnedix, is backed by institutional investors and managed by JP Morgan. It will create roughly 450 jobs and supply enough energy to power about 186,000 homes, underscoring the influence of sustainable energy investments in the region.