Cox

Cox formalizes the acquisition of Khi Solar One in South Africa

  • The facility, with a net installed capacity of 50 MW, is located in the Northern Cape province and is backed by a PPA signed until 2036 guaranteed by the Government of South Africa.  

 

  • A solar thermal power plant with central tower technology and a field of 4,120 heliostats, featuring thermal storage, making it the first solar plant in Africa to operate continuously for 24 hours.  

 

  • Khi Solar One will be incorporated into the company’s perimeter in December 2024 and will represent an annualised EBITDA of 21-23 million euros.  

 

  • Cox will maintain the operation and maintenance services of the plant until the end of the PPA (2036). 

 

Madrid,  December 2nd, 2024. Cox has formalized the agreement to acquire 51% of the Khi Solar One solar thermal plant once all the conditions precedent established in the deed of sale have been met and after receiving approval from the Department of Energy of South Africa and the financing entities. The remaining 49% is held by local partners.  

The Khi Solar One solar thermal plant is located near the South African town of Upington in the Northern Cape province and is part of the country’s first round of the Renewable Energy Independent Power Producer Procurement Programme (REIPPP). A unique solar thermal power plant in the world, featuring central tower technology and a field of heliostats, with a capacity of 50 MW and thermal storage. Khi Solar One began operating in 2016 and is currently one of the leading solar thermal facilities in South Africa, and the first tower plant to become operational on the African continent.  

The plant will be incorporated into the company’s perimeter in December 2024 and will represent an annualized EBITDA of 21-23 million euros.  

Cox will also perform the operation and maintenance of the plant until 2036.  

Additionally, Cox is implementing a program of improvements to increase the plant’s performance. The implementation of these improvements is estimated to be completed in July 2025. These actions aim to increase the current annual generation of 100 GWh by more than 30%.  

The project has a twenty-year PPA signed with Eskom, the South African public energy company, with a government guarantee expiring in 2036. It is financed through a Project Finance arrangement with South African multilateral institutions (DBSA and IDC) and international institutions (EIB, IFC, FMO, and Proparco).  

Enrique Riquelme, Executive Chairman of Cox stated: “We have the talent, expertise, technology, the trust of banks, and the confidence of our clients. This operation we announce today is a clear reflection of these qualities, and I thank IDC and the banks financing the project for their trust and support over these years. I also commend the South African government for their courageous commitment to advancing renewable energies alongside a reliable and secure partner like us.” 

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Luis Arizaga Zárate

Independent Director

Member of the Audit Committee

Date of appointment: September 17, 2024

Shareholding in Cox Abg Group, S.A.: 11,514 shares

Partner of Exus Management Partners (Exus) and GenuX Power, a global renewable energy platform with offices in nine countries, managing 11GW of installed capacity, including 2.6GW in Mexico between wind and solar energy projects. Holds a Master of Business Administration (MBA) from the Leonard N. Stern School of Business at NYU in New York, and a bachelors degree in Accounting and Finance from ITESM in Mexico.

Prior to joining EXUS in 2019, he founded EIRA Capital, an investment platform focused on Energy and Infrastructure transactions in Mexico, and Latin America. He was also part of Australia’s Macquarie Group in Latin America, where he spent more than 7 years in the Macquarie Capital and Macquarie Funds divisions, working on fund capital raising, equity investments, asset management activities, as well as third party advisory roles on energy and infrastructure transactions in Mexico and Latin America. During his years at Macquarie, he also held board positions in the several investments made by Macquarie which covered energy, public private partnerships, roads, and telecom companies. In addition, his previous involvement at financial institutions include positions in the investment banking teams of Deutsche Bank’s M&A group in New York, and Citibank’s M&A group in Mexico.

Other former relevant positions include his role as independent member of the investment committee of the Instituto del Fondo Nacional de la Vivienda para los Trabajadores (Mexican mortgages and housing government agency).

Enrique Riquelme Vives

Presidente Ejecutivo

Fecha de nombramiento: 17 de septiembre de 2024

Participación en el capital social de Cox Abg Group, S.A.: 50.601.230 acciones

Presidente Ejecutivo de Cox, tras iniciar su andadura profesional en el sector inmobiliario y de la construcción, en 2010 fundó Grupo El Sol en Panamá, especializado en operaciones de minería, cemento, infraestructuras y energía. Con el tiempo, la empresa se convertiría en el mayor proveedor de arena de la UTE responsable de la ampliación del canal de Panamá. Posteriormente, pasó a liderar las fases de oferta y desarrollo de Rainbow 50: el proyecto fotovoltaico de mayor envergadura ejecutado en América Latina hasta aquel momento.

Ha recibido varios galardones por su contribución al mundo empresarial en España, entre ellos el Premio del Certamen Nacional de Jóvenes Emprendedores 2018. También ha sido distinguido como uno de los «100 latinos más influyentes comprometidos con la acción climática» y uno de los «100 españoles más creativos del mundo de los negocios» según la revista Forbes. Actualmente, es miembro del Consejo Internacional de la San Telmo Business School y preside el Consejo Asesor de la Fundación Scholas para Panamá, Centroamérica y Caribe.