enrique riquelme leads abengoa assets sale in seville
Enrique Riquelme, based in Alicante, orchestrated the acquisition of Abengoa’s assets in Seville, marking the largest single operation by a regional businessman to date. The winning bid came from Cox Energy, a renewable energy company chaired by Riquelme that operates across Spain and Latin America. The offer surpassed competing proposals from the Urbas Group, a U.S. fund, and Resource Project Management from Portugal. The buyer also secured the entire production unit of the holding, which includes around thirty subsidiaries, while several partial bids were submitted as well.
The court handling Abengoa’s bankruptcy in Seville emphasized several factors behind the decision. A central point was Cox Energy’s promise to continue operations and, crucially, to protect jobs. The company currently employs 9,505 workers. Judge Jesús Gabaldón highlighted Cox Energy’s commitment to injecting liquidity and considered its proposal grounded, credible, and feasible. The ruling indicated that continuing the process with this offer best serves the interests of the contest.
Because of Abengoa Innovación’s contracts with Navantia and the five-day period granted to privileged creditors such as Santander, CaixaBank, Credit Agricole, BBVA, and Bankinter, the transaction awaits clearance from the Ministry of Defense. The decision also required consent from HSBC for the transfer to proceed.
The award marks a milestone in the history of a company built by Enrique Riquelme. In a relatively short time, Cox Energy has become one of the leading renewable energy operators across Latin America, where it was listed on the Mexican stock exchange, while accumulating a broad project portfolio in Spain as well.
The bid by Cox Energy totals €564 million and covers all business and corporate areas of Abengoa. This includes the turnkey development of infrastructure projects in energy, water, telecommunications, and related sectors. The court noted this operation complements Cox Energy’s core business, which focuses on developing and commissioning solar power plants.
numbers
The proposal provides for a minimum payment of €27.3 million to the contest, with a mechanism to increase the amount over time. More importantly, Cox Energy assumes €206 million of Abengoa’s outstanding project debts and guarantees, plus €252 million of project financing liabilities attributed to other assets. The bid also commits to paying €22.8 million owed to the company through social security and to fully cover concessional loans for creditors. Cox Energy had already transferred €8 million on March 30 to begin meeting bankruptcy-related payments.
The financial plan includes guarantees totaling €300 million and a pledge to reduce Abengoa’s treasury needs by two thirds. The plan anticipates that direct work contributions will generate about €3.2 billion in the next three years, helping stabilize the company’s finances and operations.
Additionally, Cox Energy underscored its commitment to the workforce, reaffirming the goal of preserving 9,505 existing jobs across Spain and abroad. The transfer included a payment of €2.5 million on February 24 to cover late payroll obligations for Abengoa’s employees.
eight-year decline
Abengoa has long stood as a flagship of the Andalusian industrial scene. Its downturn began in 2015 due to heavy debt tied to investments in renewable energy and biofuels. The company filed for bankruptcy in 2015, briefly recovered, and then embarked on a prolonged decline marked by multiple restructurings that failed to restore balance. The business was repeatedly reorganized into numerous subsidiaries, while the parent company entered bankruptcy in 2021 and moved toward liquidation last June. The subsidiaries continued operating until they too neared a pre-bankruptcy state after government delays in injecting rescue funds into a dedicated solvency program last July.
In October, executives filed for definitive bankruptcy for the subsidiaries, with Grupo Urbas bidding to acquire the production unit. New bidders joined the process, and Cox Energy ultimately presented the most convincing offer to the court. Portugal’s RCP had proposed the best price of €35 million, but the court judged there was insufficient knowledge of the business plan and required intra-group waivers among group companies.
The real estate sector recognized in Urbas’s bid remains relevant, particularly for the assets tied to the Alicante construction firm Ecisa, yet it does not fully address the assets Abengoa must manage and assume.
staff celebrates end of firm’s crisis
According to EFE, Abengoa workers celebrated the transfer of assets and liabilities to Cox Energy, signaling relief after years of uncertainty. Laura Rodríguez, head of the Abengoa Energía works council, noted that employees welcomed the positive news and the prospect of preserving thousands of jobs across Spain and internationally. Reyes Maroto, the former Industry Minister and a Madrid mayoral candidate, praised Cox Energy’s commitment to workers and to public administrations. The wider sentiment was that a robust industrial future could emerge as Abengoa maintains its role as a global benchmark.