Subject to bankruptcy court clearance, Spanish engineering and renewables group Abengoa SA (BME:ABG) will sell five bioenergy plants in the US for a total of USD 355.5 million (EUR 315m), it confirmed on Thursday.
An auction was held on August 22 in which, as previously announced by the company itself, Green Plains Inc (NASDAQ:GPRE) emerged as the successful bidder for three ethanol plants owned by Abengoa Bioenergy US Holding LLC. More specifically, Green Plains will pay USD 200 million for the facilities in Madison, Illinois and Mount Vernon, Indiana, as well as a further USD 37.4 million for the plant in York, Nebraska.
In addition, KAAPA Ethanol Holdings LLC won the right to buy the facility in Ravenna, Nebraska for USD 115 million, while ICM Inc ended up as the successful bidder for the assets in Colwich, Kansas with an offer of USD 3.15 million, Abengoa confirmed.
These transactions need to be approved by the bankruptcy court at a hearing scheduled for August 29. Closing is expected to occur by the end of next month.
The Spanish company commenced insolvency proceedings at home in late November 2015.
Abengoa to sell 5 US bioenergy plants for USD 355.5m