POET buys Green Plains ethanol plant for $190 million
The sale transaction strengthens Green Plains’ balance sheet by eliminating the company’s junior mezzanine debt and enhancing liquidity.
Green Plains Inc. has announced that it has completed the previously announced sale of its ethanol plant in Rives, Tennessee, to POET Biorefining – Obion, LLC for $190 million in cash. The total includes an estimated $20 million in working capital, to be finalized post-closing.
As per reports, Green Plains itself is a bio-refining firm that has a market capitalization of $603 million.
This transaction strengthens balance sheet of Green Plains by eliminating the company’s junior mezzanine debt and enhancing liquidity. It provides greater financial flexibility consistent with the company’s strategy to optimize its portfolio and advance carbon reduction initiatives.
The sale transaction is expected to close in the third quarter of this calendar year. The information about this sale was shared last August when the company also announced the conclusion of its strategic review process, which began in February 2024.
The officials statement of the company said that Green Plains is reducing the carbon intensity of its products while delivering value to stakeholders through innovation and operational excellence.
POET has specialized in ethanol production across USA & overseas. As per a source, the company produces nearly a fifth of America’s ethanol
About Green Plains Inc.
Green Plains Inc. claims to be a leading bio-refining company advancing the transition to a low-carbon world through the production of renewable fuels and sustainable, high-impact ingredients. The company leverages agricultural, biological, and fermentation expertise to transform annually renewable crops into low-carbon energy and sustainable feedstocks. Green Plains is actively deploying carbon capture and storage (CCS) solutions, with three of its facilities set to begin carbon capture later this year.
