Over 350 million! Pacific Ethanol sells Pacific Aurora

American low-carbon renewable energy company Pacific Ethanol (Pacific Ethanol) announced that it has reached a final agreement to sell 74% of its equity in Pacific Aurora to Aurora Cooperative Elevator Company (a U.S. agricultural cooperative company, referred to as Aurora Cooperative), The total value is 52.8 million US dollars (about 354 million yuan).

The sale includes two ethanol production facilities with a total annual production capacity of 145 million gallons; a barn with elevator equipment and storage capacity of 4.1 million bushels; and an integrated rail facility in Aurora, USA Since then, Aurora Cooperative will own 100% of Pacific Aurora. After the acquisition, the company will be renamed Aurora Cooperative Ethanol.

After the adjustment of working capital and settlement of accounts payable, Pacific Ethanol will receive USD 20.2 million in cash (before taxes and fees) and USD 16.5 million in promissory notes.

Pacific Ethanol established the Aurora East plant in October 1995 and began operating the Aurora West plant in 2012. In 2016, Aurora Cooperative and Pacific Ethanol reached an agreement to contribute their own Aurora West barn, circular railway, related land and other assets to Pacific Aurora. Pacific Ethanol contributed factory assets, land and internal circular railway in Aurora.