A roadmap for rapid yet sustainable growth, with prudent but ambitious targets, and a strong commitment to social responsibility shaping the company’s daily life. This describes Coxabengoa’s strategic plan, led by Enrique Riquelme from Alicante and born from the merger of Grupo Cox and Abengoa. The aim is to exceed 3,000 million euros in turnover by 2027 and to expand its footprint across the Valencian Community, especially in the Vega Baja region of Enrique Riquelme.
In this new phase, the group is organized into five clearly defined divisions. Coxabengoa Energy covers engineering, procurement and construction, electricity generation, and the marketing of energy assets. Coxabengoa Water focuses on hydraulic infrastructure and desalination projects, including the Agadir plant in Morocco, notable as the largest desalination facility in Africa. Coxabengoa Infra is the infrastructure division, with a focus on transmission lines and substations, tracing its origins to Sevillian engineering established in 1941. Coxabengoa Services handles its own infrastructure and third-party operation and maintenance, while Coxabengoa Tech concentrates on innovation and holds a portfolio of 255 patents. Together, these units augment Abengoa’s workforce of 11,200 employees, with 1,700 recently recruited following the acquisition by Cox. [Cite: Coxabengoa corporate communications]
Looking at the plan’s targets, turnover is projected to rise from 736 million euros and 109 million euros in EBITDA in the initial phase of the year to 1,203 million euros in revenue and 175 million euros in EBITDA the following year. By 2025, revenues are forecast at 2,101 million euros and EBITDA at 368 million euros; 2,685 million in revenue and 533 million in EBITDA in 2026. By 2027, the goal is to reach 3,020 million euros in revenue and 609 million euros in EBITDA, tripling the 2024 baseline. The energy division will receive particular focus, as it forms the origin of Cox and Cox Energy, while also driving water and infrastructure missions. [Cite: Coxabengoa financial plan]
Growth is not limited to numbers. The group aims to deepen its presence in the Valencian Community, with a priority on Vega Baja. From the outset, the executive chairman has emphasized that Seville will remain a hub for Abengoa, while Cox operates from Madrid. The headquarters shift is not the focal point; what matters are the professionals and the jobs created for them. The leadership remains committed to sustaining employment in Seville and Madrid even as the company expands its footprint elsewhere. [Cite: Enrique Riquelme interview]
On a personal note, the Valencian roots of the CEO influence the strategy. The executive envisions continued investment in the region and ongoing job creation. The new government has pledged transparency, and the company plans to invest in the Valencian Community and Vega Baja, strengthening regional industrial activity. The aim is to grow Abengoa verticals within the Valencian Community and Murcia, expand water and desalination sectors, and scale local delegations to fuel growth, talent, and training. [Cite: regional economic plan]
To drive the plan forward, Ignacio Moreno has been appointed chief executive officer. Moreno brings extensive financial sector experience, including tenure at Credit Suisse and Barclays, underscoring the group’s emphasis on financial discipline and strategic execution. [Cite: corporate leadership announcement]
Applied in more than 30 countries worldwide
The Abengoa and Cox Energy merger positions Coxabengoa as a truly global player, with a presence in more than 30 countries. The focus now includes entering new markets while maintaining operations in established ones, with particular attention to the United States. The company operates extensively in Latin America, including Mexico, parts of the Caribbean and Central America, Colombia, Chile, Argentina, and Brazil. In Europe, Coxabengoa maintains activity in Portugal, Spain, Italy, France, and the United Kingdom. Projects reach as far as Ukraine, where transmission work is underway, and the group maintains activities in Algeria, Morocco, South Africa, Kenya, Egypt, and throughout the Middle East. In Africa, the Agadir desalination plant is complemented by another facility in Ghana. The goal remains a stronger focus on water and desalination, aiming to become a major player in the Spanish market, especially through Coxabengoa Water. The leadership envisions becoming the largest global desalination group with proprietary technology. [Cite: global expansion plan]