Green Plains Renewable Energy Finalizes Purchase of Minnesota Ethanol Plant

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Researched by Industrial Info Resources (Sugar Land, Texas)--Green Plains Renewable Energy Incorporated (NASDAQ:GPRE) (GPRE) (Omaha, Nebraska) announced that it has finalized the acquisition of Otter Tail Ag Enterprise's (Fergus Falls, Minnesota) ethanol production plant in Fergus Falls.

Otter Tail Ag began construction on the $75 million project in early 2007. The plant was completed and operational by the end of that year. However, because of the high cost of corn and declining gas prices, Otter Tail Ag filed for bankruptcy protection on October 30, 2009. The plant remained operational and went up for auction last month. GPRE was the sole bidder, paying $55 million for the plant. This acquisition is the 10th ethanol plant for GPRE, bringing its combined production capacity to about 740 million gallons per year.

The facility is located on a 109-acre campus on 170th Avenue in Fergus Falls, approximately 176 miles northwest of Minneapolis. The facility has a production capacity of 55 million gallons per year and will employ 40 people.

Minnesota currently has 19 operational fuel ethanol plants, producing 1.26 billion gallons annually. Another plant is in the planning stages in the state.

Industrial Info's databases provide a comprehensive outline of all current development activities in the emerging alternative fuels market. Our North American Biodiesel Database covers 136 operational plants and 90 plants under development. Our North American Ethanol Database covers 214 plants currently in operation and 138 plants in various phases of development. Industrial Info's North American Wood Fuel Pellet Database includes 59 operational plants producing more than 25,000 tons annually, and 37 projects under way.

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