A judge in Spain has awarded Abengoa, a multinational company in the green infrastructure and water sectors, which was under insolvency proceedings, to Cox Energy, a Spanish firm engaged in renewable energy generation, reports Reuters.
According to a press release, Cox Energy had submitted a bid valuing Abengoa at 564 million euros ($618 million) that won over other several total and partial offers.
Cox Energy also assumes Abengoa's 206 million euros of debt and outstanding guarantees for Abengoa projects, as well as a further 252 million euros of project finance debt associated with other assets.
The industrial plan presented by Cox Energy guarantees the maintenance of Abengoa's more than 9,500 employees and provides the company with employees and provides the company with 3.2 billion euros of workload for the next three years with guaranteed profitability.
“We are ready to begin a new stage in Abengoa's history by driving its growth to become once again a leading company in the technological development of clean energy generation," said Enrique Riquelme, Executive President of Cox Energy, after learning of the Judge's decision.
In June 2022, Abengoa had begun insolvency proceedings for the main unit, after Spain had rejected an aid package that would have given the firm more time to evaluate a takeover bid from private equity firm TerraMar Capital LLC.