Spain’s struggling renewable energy company Abengoa Bioenergia completed the sale of its four remaining European ethanol plants to private equity fund Trilantic Europe on 1 June.
According to Trilantic, included in the sale were three Spanish plants in Cartagena, La Coruña and Salamanca (40M, 52M and 53M gallons/year respectively) and one plant in Lacq, France (66M gallons/year).
Additionally, the deal included Egoagricola SA, Abengoa’s subsidiary focused on grain purchases and the handling of dried distiller’s grains (DDGS), reported Ethanol Producer.
The sale was originally announced in March, when Abengoa said the deal would be closed once a “number of conditions” had been met.
In early March, Spanish energy company Cepsa purchased Abengoa’s San Roque plan in Spain for €8M (US$8.6M)
The renewables ex-giant also sold off its US assets in 2016 after declaring bankruptcy, the latest among them the sale of the Hugoton, Kansas, ethanol plant to Synata Bio for US$48M, which beat oil juggernaut Royal Dutch Shell’s US$26M offer (see Biofuels News, OFI November/December 2016).
Green Plain Inc bought Abengoa’s Madison, Illinois; Mount Vernon, Indiana; and York, Nebraska, plants for US$237M, while its Ravenna Nebraska was sold to KAAPA Ethanol LLC for US$115M and the Colwich, Nebraska facility to ICM Inc for US$3.15M (see Biofuels News, OFI September/October 2016).
In August 2016, Abengoa presented its updated restructuring plan, which included US$1.3bn worth of new loans and €307M (US$330.4M) worth of bonding lines to enable it to “reinitiate normalised operations”.
Abengoa first announced plans to sell its non-core assets, including its first-generation ethanol plants, in January 2016 as part of a restructuring plan to avoid bankruptcy.