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Dubai-based Amea Power will subscribe to Spanish energy and water utility company Cox’s upcoming IPO, according to a Cox press release (pdf). The IPO is expected to raise EUR 270 mn.
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Who’s in? Amea Power is joining a group of cornerstone investors for the transaction. Others in the group include Morocco’s Attijariwafa Bank, Spanish copper and aluminum production firm Cunext Group, Spanish businessman and Cox shareholder Alberto Zardoya, and Cox’s founder and primary shareholder, Enrique Riquelme.
Amea and Cunext have each inked binding agreements for their share purchases, the IPO advisors note. Cox, which has 3.6 GW of installed capacity in Latin America, Spain, and Africa, said last week it was planning to offer new shares in an IPO on the Madrid Stock Exchange.
Want to go deeper? Check out Cox’s IPO microsite here or its intention to float announcement here (pdf).
BACKGROUND- Amea Power signed power purchase agreements last month to develop USD 800 mn solar and battery energy storage projects in Egypt. Amea Power is working to secure USD 5 bn in capital to develop 5 GW of renewable energy capacity across Africa by 2030.
