Cox Energy plans €3 billion investment in renewables over the next three years

During this year's Alicante talent presentation at Opendir, Enrique Riquelme, CEO of Cox Energy, a renewable energy giant born in the Alicante province, shared his journey. The Alicante native built an empire through hard work and bold ventures, culminating in the acquisition of Abengoa and a stock market debut.

The Alicante entrepreneur addressed over a thousand executives, sharing his success story. He recounted his adventures when, at twenty, he moved to Panama, laying the groundwork for what would become Cox Energy, a company now employing over 11,000 people, generating €1.2 billion in revenue, and producing more than a third of Spain's energy consumption.

Riquelme provided several insights into the company, which focuses on both desalinated water generation and renewables, particularly photovoltaic energy. Cox Energy plans to invest €3 billion in renewable projects over the next three years.

The company has already planned new assets, such as the expansion of the Agadir plant in Morocco, which will include an adjacent energy plant, and new projects in Chile. These are joined by other acquisitions, such as the Khi Solar One thermosolar plant in South Africa, acquired in December 2024, and two new transmission concessions in Brazil, set to begin operations in the coming years.

With forecasts for 2025 predicting a profit of €80 million and an investment of €600 million of the €3 billion, Riquelme shared three keys to his business success: example, demand, and humility.

The Alicante native decided at just 20 years old to move to Panama after mortgaging a family apartment. There, he set up a concrete factory and faced tough times without payment, even pawning a watch his father gave him to afford a few days in the country. Despite these challenges, he persevered, and upon receiving his dues, an opportunity arose.

It was following the Panama Canal expansion in 2012 that Riquelme made a name for himself in the country by monopolising a necessary sand for the works. After these projects, he realised the country's growth was not matched by its energy sector, prompting him to focus on this area.

With projects in Panama and primarily in Guatemala, Cox Energy expanded and began developing products in Mexico, Chile, and Spain, with photovoltaic energy and water as the two main pillars of its work. However, it was not until the acquisition of Abengoa that the group could start competing with major players. "With Abengoa came the opportunity to compete; that integration was also key," Riquelme explained.