Abengoa solution

COX ENERGY GROUP presented an offer of €564 million to acquire all business areas of the Spanish energy and infrastructure company Abengoa.

The Spanish multinational, which specialises in energy transmission and distribution, has been in financial crisis since 2014 when its shares plummeted by 50 per cent.

Cox Energy, which is based in Mexico City and is present in Latin America and Spain, has indicated its willingness to as­ sume Abengoa’s €206 million of debt and guarantees for outstanding projects.

In addition, it would take on the engineering firm’s project financing debt of a further €252 million, as well as €22.8 million in outstanding Social Security quota, while guaranteeing payment of 100 per cent of Abengoa’s privileged credits.

A Cox Energy communique also pointed out that its offer guaranteed 9,500 jobs and would allow Abengoa to maintain its headquarters in Sevilla.