Cox Energy offers 564 million euros for Abengoa

It will assume the financial debt and the payment of the arrears payroll of the employees.

Cox Energy offers 564 million euros for Abengoa

It will assume the financial debt and the payment of the arrears payroll of the employees

MADRID, 7 Mar. (EUROPA PRESS) -

Cox Energy has presented an offer of 564 million euros to acquire all of Abengoa's business and corporate areas, as reported in a statement containing its proposal.

The industrial group chaired by Enrique Riquelme, with a presence in Spain and Latin America, will make a minimum payment of 27.3 million to the contest with a mechanism that would allow this value to be increased in the future, also guaranteeing the payment of 100% of the privileged credits according to assessment of the bankruptcy administration to creditors.

In its proposal, Cox Energy has indicated that it will assume the 206 million euros of outstanding debt and guarantees for Abengoa projects, as well as another 252 million euros of 'Project Finance' debt that the Sevillian engineering company has associated with other assets. It will also take charge of the 22.8 million euros of pending payments to social security and guarantees the payment of 100% of the privileged credits to creditors.

On the other hand, the financial plan includes a line of guarantees worth 300 million euros and the workload that will be provided reduces Abengoa's treasury needs by two thirds.

As stated in the improvement proposal that Cox Energy presented last Friday before the bankruptcy administration, the company has also committed up to 50 million euros to reduce the need for cash, of which 2.5 million euros have already been destined to pay the delayed payrolls of the employees of the Andalusian company.

At the same time, Cox Energy has committed an additional 7.5 million euros which, if awarded, will be paid from the time the award decision is announced until the takeover of the company.

"Abengoa is a strategic company for Spain and we want it to be a benchmark once again. We are convinced that our proposal will allow us to form a leading group for the development of energy solutions," said the president of Cox Energy, Enrique Riquelme, after making the proposal public. .

Far from remaining a compendium of intentions, Cox Energy's commitment has already begun to materialize with the direct award to Abengoa of a contract for the construction of the Sol del Vallenar photovoltaic plant in Chile worth 200 million euros. Said project will be developed for 18 months and will employ more than 1,000 people.

"This is the first of the contracts that will materialize in the coming weeks both in Chile and in Spain and that will increase with a new portfolio of highly visible projects for the period 2026-2030, which will be executed under the same scheme of guaranteed profitability", Riquelme clarified.

From Cox Energy they have highlighted that their offer is the only one that contains a "solid" industrial plan for Abengoa that guarantees the viability of the company "in the short, medium and long term", allowing the maintenance of the company's more than 9,500 jobs .

In addition to Cox Energy, four other companies are competing for Abengoa's future, these being Urbas, Ultramar, RCP and Terramar.

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