GREEN Plains Renewable Energy Inc. announced Nov. 22 that it completed the acquisition of two ethanol plants — located in Wood River, Neb., and Fairmont, Minn. — from Ethanol Holding Co. LLC, an entity comprised of the preceding owners' lender group.
The acquisition increases Green Plains' production by 28% to more than 1.0 billion gal. of ethanol, 2.9 million tons of distillers grains and 230 million lb. of corn oil per year.
"Our team worked to quickly complete this acquisition and will now move to integrate these two plants into our platform as seamlessly as possible," Todd Becker, president and chief executive officer of Green Plains, said. "We will also continue to execute on our strategy to expand and diversify our business and to build long-term shareholder value."
Green Plains purchased the ethanol plants for approximately $101 million, plus working capital at closing. It intended to fund the purchase with approximately $77 million in term debt and the balance in cash.
Green Plains has said it will work to restart the Fairmont plant, which the company anticipates to have back in production by the end of this year.