Cox Group is undergoing a strategic reorganization following a successful acquisition of Abengoa, signaling an imminent consolidation of its energy division. The move positions Cox Energy Holding, a renewables-focused company with listings in both Spain and Mexico, to strengthen its footprint across the energy sector.
The board of Cox Energy announced that the company, led by Enrique Riquelme from Alicante, is evaluating a range of options including further acquisitions, integration, or consolidation. This assessment centers on CA Infraestructuras Energía 2023 SL, known as Abengoa Energía, a firm with a consolidated net worth exceeding 60 million euros and an expected EBITDA of around 50 million euros for 2023.
The holding company emphasized that the operation will particularly benefit the shareholders of the listed entity by advancing its strategic plan, expanding its asset base, and increasing production capacity.
As noted previously, Cox Group has accumulated notable milestones, including interactions with Abengoa subsidiaries in the course of a bankruptcy auction. The acquisition, effected through Cox Infraestructuras, occurred outside the circle of Cox Energy’s listed affiliates. At a conference in Alicante last summer, Riquelme outlined that the operation would reorganize the group into two major segments: Cox Energy, focused on developing and managing renewable energy projects, and Abengoa-related assets now rebranded under Cox Abengoa.
The announcement strengthens Cox Energy’s business portfolio and places similar entities under one corporate roof. Among the assets to be integrated is Abengoa Bioenergy in Brazil, a cogeneration energy company operating a bioethanol facility with significant capacity, along with Abener Algeria, which runs a hybrid combined-cycle facility featuring solar thermal technology to generate electricity, with an output of 150 megawatts.
Cox Energy plans further unification of its portfolio to accelerate growth. The executive highlighted that the consolidation will help strengthen the listed company’s position and improve competitiveness, ultimately delivering greater value to shareholders. The strategic intent is to accelerate investments and position the group as a leader in clean energy technology development.
more value
Enrique Riquelme, president of Cox Abengoa and founder of Cox Energy, stated that the operation aims to create more value for shareholders and advance the listed company’s strategic plan. He noted that integrating Abengoa’s assets with Cox Energy will enhance the group’s energy businesses and improve competitiveness while enabling faster investments to drive innovation in clean energy production.
Cox makes a strong start with Abengoa: hiring 1,700 new workers to develop projects across the portfolio
With the ongoing integration of energy assets, Cox Energy’s project portfolio now includes more than 4.7 gigawatts of installed capacity as of mid-2023 and spans Spain, Chile, Colombia, Mexico, and parts of Central America and the Caribbean. Among these projects is Meseta de los Andes, a 160-megawatt photovoltaic plant in the Valparaíso region of Chile, recently selected in a tender issued by the Guatemala National Electric Energy Commission. The development climate for these assets reflects Cox Energy’s ambition to diversify and scale its renewable energy activities across the region.
The consolidation process is subject to regulatory approvals and requires careful coordination with market authorities to ensure seamless integration and compliance across all jurisdictions.