Green Plains Renewable Energy, Inc. 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.