Green Plains Inc has completed its previously announced acquisition of three US corn ethanol plants from Abengoa Bioenergy adding 236 million gallons per annum of production capacity.
Green Plains Inc, the world’s second largest consolidated owner of corn ethanol production facilities, has completed its previously announced acquisition of three US ethanol plants from Abengoa Bioenergy. Located in Madison (Illinois), Mount Vernon (Indiana) and York (Nebraska) the plant were acquired for approximately US$237 million in cash plus certain working capital adjustments from Abengoa Bioenergy. All three plants are currently operational and will add 236 million gallons per annum of ethanol production capacity.
– In the past 12 months, we have expanded our ethanol production capacity by approximately 50 percent. Adding the Illinois and Indiana locations provide us with a bigger and more diverse geographic footprint. With nearly 1.5 billion gallons of production capacity, we are moving meaningful volumes across the agricultural and energy supply chains, further positioning us to serve both domestic and international markets efficiently and effectively,” said Todd Becker, President and CEO at Green Plains in a statement.
With the acquisition Green Plains has now 17 dry mill plants along with operations related to ethanol, distillers grains and corn oil production; grain handling and storage; a cattle feedlot; and commodity marketing and distribution services. Green Plains owns a majority stake in Green Plains Partners LP, a fee-based Delaware limited partnership that provides fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses. Green Plains immediately sold the ethanol storage assets from the acquisitions to Green Plains Partners LP for US$90 million.
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