NTR’s GPRE Reports Third Quarter 2010 Financial Results

NTR’s investment in the bio-ethanol sector, Green Plains Renewable Energy, Inc. (Nasdaq:GPRE) announced its financial results for the third quarter of 2010. Net income attributable to Green Plains was $7.4 million, or $0.23 per diluted share, compared to net income of $5.5 million, or $0.22 per diluted share, for the same period of 2009. Revenues were $496 million for the third quarter of 2010 compared to $362 million for the same period of 2009.

“We are pleased to report our sixth consecutive profitable quarter,” said Todd Becker, President and Chief Executive Officer. “All segments of our business contributed to this result with positive operating income. In ethanol production, we continued to take advantage of opportunities to lock away forward margins as they became available. We also had another strong operating quarter, producing over 129 million gallons of ethanol which exceeded our expected capacity due to process improvements implemented over the past year,” Becker added.

Revenues for the nine-month period ended September 30, 2010 were $1,376 million compared to $867 million for the same period of 2009. Net income attributable to Green Plains for the nine-month period ended September 30, 2010 was $31.6 million, or $1.05 per diluted share, compared to a net loss of $3.3 million, or $(0.13) per share, for the same period of 2009.

“In the past few months, ethanol industry operating margins expanded as ethanol prices increased more than the recent increases in corn prices. As a result, we expect an even stronger fourth quarter. We believe improved ethanol margins combined with a solid harvest quarter from our expanded agribusiness segment and a modest contribution from corn oil extraction should drive a solid finish to 2010,” added Becker.

EBITDA, which is defined as earnings before interest, income taxes, noncontrolling interests, depreciation and amortization, was $26.1 million for the third quarter of 2010 compared to $19.3 million for the same period of 2009. Green Plains had $177.0 million total cash and equivalents and $17.6 million available under committed loan agreements (subject to satisfaction of specified lending conditions and covenants) at September 30, 2010. EBITDA for the nine-month period ended September 30, 2010 was $85.6 million compared to $29.9 million for the same period of 2009.

Recent Business Highlights

• On September 28, 2010, Green Plains announced that it had entered into a definitive agreement to acquire Global Ethanol, LLC.  Global owns two operating ethanol plants which are located in Lakota, IA and Riga, MI and have a combined annual production capacity of approximately 157 million gallons (“mmgy”). The acquisition will increase Green Plains’ capacity by 31% to approximately 657 mmgy.  Once the transaction is closed, Green Plains expects to market and distribute more than one billion gallons of ethanol production on an annual basis.
• On October 13, 2010, the U.S. Environmental Protection Agency waived a limitation on selling fuel that is more than 10 percent ethanol for certain vehicles. The waiver applies to fuel that contains up to 15 percent ethanol – known as E15 – and currently only applies to model year 2007 and newer cars and light trucks.
• On October 16, 2010, BioProcess Algae, LLC and Green Plains received final approval of the Iowa Power Fund’s $2.0 million matching grant for Phase II of its Grower HarvesterTM algae project located at Green Plains’ Shenandoah, IA ethanol plant. The expansion is expected to cost $4.7 million and is scheduled to be operational by the end of 2010. The cost of the Phase II project will be shared by the joint venture partners and the matching grant provided by the Iowa Power Fund.  As part of Phase II funding, Green Plains increased its ownership in BioProcess Algae to 35%.
• In October 2010, Green Plains began producing corn oil at one of its ethanol plants and expects to begin corn oil production at two other plants later in the fourth quarter. It is anticipated that implementation at all of its ethanol plants will cost approximately $18.0 million in total and will be completed by the end of the second quarter of 2011.

Ends

Notes to Editors

About NTR plc

NTR plc, the international renewable energy group, builds and runs green energy and resource-sustaining businesses. Founded in 1978, NTR has evolved from being a developer and operator of infrastructure in Ireland to an international developer and operator of renewable energy (wind, solar and ethanol) and sustainable waste management businesses in the USA and Europe. The Group employs over 2,000 people. www.ntrplc.com

About Green Plains Renewable Energy, Inc.

Green Plains Renewable Energy, Inc. (NASDAQ: GPRE) is North America’s fourth largest ethanol producer, operating a total of six ethanol plants in Indiana, Iowa, Nebraska and Tennessee with annual expected operating capacity totaling approximately 500 million gallons. Green Plains also markets and distributes ethanol for four third-party ethanol producers with annual expected operating capacity totaling approximately 360 million gallons. Green Plains owns 51% of Blendstar, LLC, a biofuel terminal operator which operates nine blending or terminaling facilities with approximately 495 million gallons per year of total throughput capacity in seven states in the south central United States. Green Plains operates grain storage facilities and complementary agronomy and petroleum businesses in Iowa, southern Minnesota and western Tennessee. www.gpreinc.com