Abengoa finalises sale of European bioethanol operations

Spanish renewables and engineering company Abengoa has completed the sale of its bioethanol operations in Spain and France to private equity firm Trilantic Europe.

The buyout firm has acquired the shares of Abengoa Bioenergy France , Biocarburantes de Castilla y Leoon , Bioetanol Galicia , Ecocarburantes Espanoles and Ecoagriicola for  € 140 million, including debt and working capital.

Abengoa maintained that after closing adjustments it will receive €111 million from the sale.

The transaction involved the disposal of Abengoa’s four bioethanol plants in Cartagena, La Coruna, Salamanca and Lacq under the company’s viability plan. Abengoa, which initiated insolvency proceedings at home in November 2015, finalised its financial restructuring process on 31 March, 2017 after conducting a share capital hike and issuing warrants.