Private equity firm Trilantic Europe has agreed to purchase struggling Spanish renewable energy company Abengoa’s four bioethanol plants in Spain and France.
Included in the sale are the Cartagena, La Coruña and Salamanca locations in Spain and the Lacq plant in France.
The €140M (US$150.6M) deal, including the debt assumed by the buyer and the minority interests, was expected to close once “a number of conditions precedent” had been met, Abengoa said in a statement on 16 March.
The Trilantic agreement, alongside others that the company said were in advanced stages of negotiations, culminates Abengoa’s viability plan to sell all of its European biofuel assets.
Over the past months, Abengoa has announced its agreement with Ericsson for the sale of its subsidiary Abentel, its participation in the solar thermal plant Shams-1 in the United Arab Emirates, as well as the Campo Palomas wind farm in Uruguay, among others.
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”.