From pv magazine Spain
Spanish energy company Cox Energy has finalized the acquisition of Spain-based renewable energy developer Abengoa.
Cox Energy's business plan has garnered support from worker and union organizations, public administrations, the bankruptcy administrator, and a consortium of lenders including Santander, Caixabank, Crédit Agricole, BBVA, Bankinter, and HSBC. This consortium provided €150 million ($163.2 million) of guarantees.
In April, Cox Energy successfully acquired Abengoa's assets. However, Spanish investment firm Urbas, another bidder for the assets, lodged two appeals alleging that Cox Energy had disclosed “business secrets” of Abengoa during the insolvency proceedings.
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The confirmation of the award to Cox Energy for Abengoa's assets took place in June, following intervention by Spain's General Treasury of Social Security (Tesorería General de la Seguridad Social – TGSS) to ensure the proper handling of Abengoa's debt status.
Abengoa initiated insolvency proceedings for its main unit in May 2022. Its request for a temporary €249 million state aid package was declined by the Spanish government.
Cox Energy has been listed on BME Growth, a sub-market of Bolsas y Mercados Españoles, since July 3. The company has more than 4.7 GW of installed PV capacity across 60 projects.
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