Green Plains announced that it completed the previously announced acquisition of three ethanol plants located in Madison
OREANDA-NEWS. Green Plains Inc. (NASDAQ:GPRE) today announced that it completed the previously announced acquisition of three ethanol plants located in Madison, Ill., Mount Vernon, Ind. and York, Neb. for approximately $237 million in cash plus certain working capital adjustments from Abengoa Bioenergy. The company immediately sold the ethanol storage assets to Green Plains Partners LP (NASDAQ:GPP) for $90 million. All three plants are currently operational and will add 236 million gallons per year 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,” said Todd Becker, president and chief executive officer at Green Plains. “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.”
Husch Blackwell LLP acted as legal advisor to Green Plains in connection with the transaction. Carl Marks Advisors acted as financial advisors and DLA Piper acted as legal advisors to Abengoa Bioenergy.
About Green Plains
Green Plains Inc. (NASDAQ:GPRE) is a diversified commodity-processing business with operations related to ethanol, distillers grains and corn oil production; grain handling and storage; a cattle feedlot; and commodity marketing and distribution services. The company is the second largest consolidated owner of ethanol production facilities in the world, with 17 dry mill plants, producing nearly 1.5 billion gallons of ethanol at full capacity. Green Plains owns a 62.5% limited partner interest and a 2.0% general partner interest in Green Plains Partners LP (NASDAQ:GPP), 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.