Valero bids for bankrupt plant
In south Wisconsin, US, Valero Renewable fuels has purchased a biofuels plant for $72 million (€52.6 million).
The ethanol plant in Jefferson had been in business for six years and had the capacity to produce 110mgy of ethanol, before Renew Energy declared itself bankrupt. 70 employees were threatened with redundancy if a buyer was not found.
Valero was the winning bidder for the plant, after battling with three other competitors. This purchase has now boosted Valero’s plant portfolio to a total of 10 ethanol plants with a combined production capacity of 1.1bgy. Valero is one of the nation’s largest ethanol producers.
The ethanol plant in Jefferson had been in business for six years and had the capacity to produce 110mgy of ethanol, before Renew Energy declared itself bankrupt. 70 employees were threatened with redundancy if a buyer was not found.
Valero was the winning bidder for the plant, after battling with three other competitors. This purchase has now boosted Valero’s plant portfolio to a total of 10 ethanol plants with a combined production capacity of 1.1bgy. Valero is one of the nation’s largest ethanol producers.
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