Green Plains completes sale of Texas plant

By Green Plains Inc. | December 29, 2020

Green Plains Inc. on Dec. 28 announced that its subsidiary, Green Plains Hereford LLC, has completed the previously announced sale of its ethanol plant located in Hereford, Texas, to Hereford Ethanol Partners L.P. for $39 million, plus working capital. Additionally, an earnout provision of up to $75 million related to certain value enhancement opportunities, including future earnings from Low Carbon Fuel Standard credits was included as part of the transaction. In conjunction with this transaction, Green Plains Partners LP on Dec. 28 also announced it has completed the sale of the storage assets and the assignment of certain rail transportation assets associated with Green Plains Hereford LLC for $10 million. The proceeds from the transaction were used to repay debt.