NTR’s Green Plains Completes Acquisition of Ethanol Plant from Otter Tail Ag Enterprises
Dublin, 25th March 2011: NTR plc’s investment in the bio-ethanol sector, Green Plains Renewable Energy, Inc. (Nasdaq: GPRE), announced today that it has completed the purchase of an ethanol plant from Otter Tail Ag Enterprises, LLC. The plant is located near Fergus Falls, Minnesota and brings Green Plains’ total expected ethanol production capacity to approximately 740 million gallons annually.
“Now that we have completed this acquisition, we will move quickly to fully integrate this plant into our operations and back office systems,” stated Todd Becker, President and CEO of Green Plains Renewable Energy. “We will also begin the process of installing corn oil extraction technology at the Otter Tail plant, which we expect to complete by the end of the third quarter of this year. I look forward to welcoming 40 new employees to our team and working with local community leaders and producers.”
Green Plains has financed the $55 million acquisition with cash and financing from a group of nine lenders, led by AgStar Financial Services.
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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 Ireland. 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 nine ethanol plants in Indiana, Iowa, Michigan, Minnesota, Nebraska and Tennessee with annual expected operating capacity totaling approximately 740 million gallons. Green Plains also markets and distributes ethanol for independent 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