Spanish renewable energy firm Abengoa has divested five of ethanol plants in the US for $357m.

The sale follows bidding process under the provisions of the US Bankruptcy Code.

Green Plains, which operates 14 plants, has purchased three ethanol plants located in Madison, Illinois; Mount Vernon, Indiana; and York, Nebraska, from Abengoa Bioenergy for $237m.

The three facilities which are being acquired by Green Plains have a combined annual production capacity of 236 million gallons per year.

Green Plains president and CEO Todd Becker said: "We continue to focus on making strategic investments in high quality assets as we expand our production footprint.

"The Madison and Mount Vernon plants will give us access to the Mississippi River, supporting our new export terminal planned in Beaumont, Texas. In addition, we will broaden our product offering globally with industrial alcohol production at the York plant.”

With the acquisition, Green Plains will own and operate 17 dry mill ethanol facilities with combined production capacity of nearly 1.5 billion gallons per year.

In addition, KAAPA Ethanol secured the right to purchase Abengoa’s facility in Ravenna, Nebraska for $115m, following the bidding round.

ICM was also a successful bidder for the shuttered Colwich ethanol facility and property for $3.1m.

Scheduled to be completed by 30 September 2016, the deals are subject to regulatory approval and customary closing conditions.