A local ethanol plant in jeopardy of foreclosure has been sold. Green Plains Renewable Energy will acquire the plant in Wood River.
That plant had been owned by BioFuel Energy.
The purchase by Green Plains makes the company the fourth largest ethanol producer in the country.
They also operate plants in Central City, Ord, and Atkinson plus grain handling in Archer and St. Edward.
The Wood River plant is being purchased along with one in Minnesota for $101 million.
The two facilities have a combined annual production capacity of approximately 220 million gallons. The acquisition will increase Green Plains' production capacity to over one billion gallons of ethanol, 2.9 million tons of distillers grains and 230 million pounds of corn oil per year.
Green Plains CEO Todd Becker said, "Our growth strategy remains focused on right location, right technology at the right price for ethanol production assets and this acquisition meets all three criteria."
Becker said this will help with economies of scale in marketing and back office operations for the company.