Green Plains Renewable Energy Inc, North America’s fourth largest ethanol producer, has announced that it has acquired two ethanol plants in Nebraska and Minnesota from BioFuel Energy Corp. for $101 million plus working capital at closing. BioFuel Energy Corp. has previously agreed to transfer the two plants to a lending entity in lieu of foreclosure. Following the transfer, Green Plains will purchase the plants and related assets from the lending entity. The two plants have a combined production capacity of approximately 220 million gallons of ethanol, 2.9 million tons of distiller grains, and 230 million pounds of corn oil per year. Green Plains plans to fund the purchase with $77 million in tern debt and the balance in cash. The closing is expected to occur in the fourth quarter of 2013 and the Minnesota plant should be operational by the end of 2013.
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