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Riquelme seeks a place in Europe for Cox Energy with the support of Alberto Zardoya

Date: June 17, 2024 Time: 04:41:05

The Spanish stock market starts the second half of the year with a historic event. As of this Monday, it has a new member that is listed in Spain and Mexico simultaneously, something unprecedented to date in the national history of the financial market. This is Cox Energy, a group specialized in the development and commercialization of photovoltaic solar energy, which has debuted in BME Growth, the SME market, in which it represents the largest exit to the park this 2023, with a valuation of 285 million .

Behind this company with a long history in Latin America is its president, Enrique Riquelme, the businessman from Alicante who has risen to the forefront of the corporate world after acquiring Abengoa’s assets last April, which are left out of this debut. . Coming from a family of businessmen, his great support in this journey is Alberto Zardoya, considered the 108 richest person in Spain with a net worth of 575 million, according to the list prepared by the newspaper ‘El Mundo’.

This Basque from the Zardoya Otis clan has accompanied Riquelme in the traditional ‘bell ringing’, which they have carried out jointly, as a sign of the weight he has in the company, in which he appears as a reference shareholder. Although the issuance prospectus does not specify his participation, financial sources suggest that it is slightly less than 5%, which is added to the more than 20 shareholders who have a similar or lower percentage in their hands. Despite this, the bulk of its capital is in the hands of Riquelme, which indirectly concentrates 56.84% in Cox Energy Solar.

The debut has had great investor support, after registering an acceleration of more than 25% yesterday, which led it to raise its market capitalization above 320 million, equivalent to 2.17 euros per title. A step forward that will allow them to “improve” their liquidity and have a presence in Europe, where renewables are experiencing a golden age. This leap, for which it has carried out a corporate restructuring in which Cox Energy Latin America has acquired 100% of Cox Energy Europe, comes nine years after it was founded in Madrid, from where it made the leap to Mexico to expand throughout Latin America, where it operates in the self-consumption and energy commercialization business.

The rise in revenue by 66%, to 132.2 million Mexican pesos (around seven million euros at current exchange rates) and net losses of around 10,500 million Mexican pesos (just under 600,000 euros) during the first quarter of the year, compared to the moderate profits of 2.5 million Mexican pesos (134,000 euros in the final stretch of 2022), 70% come from Central America and South America, regions in which they concentrate the bulk of their portfolio, locations mainly in Chile and Colombia. In Spain, the sale of 619 megawatts (MW) of photovoltaic assets by Nexwell Power and Ibox Energy -owned by Cox Energy- in China Three Gorges Spain stands out.

In its roadmap to 2025, it contemplates managing a total of 2,150 MWp in 21 projects in Spain. In Latin America, Chile stands out with 858 MWp under management, 18% of its planned portfolio, Colombia (432 MWp, representing 9% of the total); Mexico (713 MWp, 15% of the total) and Central America (568 MWp, 12%). At present, more than 50% of the 2,420 MWp included in its portfolio are in the development phase, a factor that Cox Energy itself marks as a risk, since their development may be “subject to “definitions and unexpected cancellations, not being, an indicator of future income or earnings”.

To this we must add the Impossibility of acquiring Additional Solar Parks that help them expand their heritage of a driver losar losar losar losar losar losar losar TOS As An Additional Threat, As The Said Brochure Points Out, Which Can Condition Its Trajectory In The Coming years. In addition to landing on the Spanish Stock Market, among its most immediate objectives for this 2023 is to achieve a positive ebitda at the end of this year from the 700,000 euros that they have recorded between January and March.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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