Enrique Riquelme, founder of solar giant Cox Energy, has confirmed he will run for the presidency of Real Madrid, ending Florentino Perez's uncontested grip on the club after more than two decades.
The 79-year-old Perez called early elections on May 12, despite having two years left on his term, following Real Madrid's second consecutive trophy-less season. Arch-rivals Barcelona clinched the LaLiga title, intensifying pressure on the club's leadership.
Riquelme launched Cox Energy in 2014, building a solar empire across Europe and Latin America. The firm manages over 1.2 gigawatts of projects in Spain through its subsidiary Ibox Energy. In 2025, Cox acquired Iberdrola's Mexican assets for $4.2 billion, including debt.
In an open letter to Perez on May 13, Riquelme called for a more democratic electoral process, arguing the best institutions blend "experience and renewal, past and future." Riquelme is an infrastructure mogul and CEO of ACS Group.