Vale do Verdão S/A Açúcar e Álcool and Ferrari Agroindústria S.A. won a bid to acquire São Luís ethanol-fired cogeneration plant in Pirassununga, São Paulo state from Abengoa, S.A. (BME:ABG) for approximately BRL 390 million in September 2020. On completion of the transaction, Vale do Verdão S/A Açúcar e Álcool and Ferrari Agroindústria S.A. will share control of the plant. Transaction has been approved by lenders of Agroindústria S.A. Transaction is subject to approval from The Administrative Council for Economic Defense. Abengoa intends to use the proceeds from the transaction for the payment of its debt, besides working capital and other resources for the continuity of Abengoa's companies.