Green Plains Renewable Energy, Inc. and BioProcessAlgae LLC Complete $2.1 Million Grant Funding for Algae Pilot Project

OMAHA, NE, May 04 (MARKET WIRE) --
Green Plains Renewable Energy, Inc. (NASDAQ: GPRE) and BioProcessAlgae
LLC have executed a grant award agreement with the Iowa Office of Energy
Independence for a $2.1 million research and development grant from the
Iowa Power Fund to build an algae pilot project at Green Plains' ethanol
plant in Shenandoah, Iowa.

"Algae has the potential to become an important carbon sequestration
solution, biofuel feedstock and feed product," said Todd Becker, President
and Chief Executive Officer of Green Plains. "If the pilot project is
successful, BioProcessAlgae will move to expand the photobioreactor system
to full commercial scale. We believe that this pilot project will be one
of the first operational installations of a photobioreactor system at an
industrial plant in the United Sates utilizing emerging technology out of
the laboratory."

The Iowa Power Fund grant provides matching funds to install a series of
photobioreactor units at Green Plains' Shenandoah ethanol plant. Water,
heat and carbon dioxide will be recycled from the ethanol manufacturing
process to support continuous algae production. The grant provides funding
through the end of the first quarter of calendar year 2010 with
installation of the pilot project expected in the third quarter of 2009.

"BioProcessAlgae and its technology partners have made significant
progress in the engineering, design and development of photobioreactor
systems for algae production," said Kevin Lynch, Chief Executive Officer
of BioProcessAlgae. "The project will give us the opportunity to test our
systems on a larger scale. This is a very important step toward system
commercialization of algae technology."

"The Shenandoah algae project is an opportunity to help the environment,
the ethanol industry and the Iowa economy," Becker stated. "Green Plains
is committed to the advancement of next generation technologies and we
appreciate the vision and assistance of Iowa Governor Chet Culver and the
Iowa Office of Energy Independence in the development of this project."

BioProcessAlgae LLC is a joint venture between Green Plains, NTR plc (a
significant shareholder of Green Plains), CLARCOR Inc. and BioProcessH20.

About Green Plains

Green Plains Renewable Energy, Inc. is based in Omaha, Nebraska. Green
Plains is a vertically-integrated, low-cost ethanol producer operating
four ethanol plants in Iowa, Indiana and Tennessee with a combined
expected operating capacity of 330 million gallons of ethanol per year.
Green Plains also operates an independent third-party ethanol marketing
service, with marketing capacity of 305 million gallons of ethanol per
year. Green Plains owns 51% of Blendstar, LLC, a Houston-based biofuel
terminal operator with 6 facilities in 5 states. Green Plains'
Agribusiness segment operates grain storage facilities and complementary
agronomy, feed, and fuel businesses. Green Plains has grain storage
capacity of approximately 22 million bushels.

About BioProcessAlgae

BioProcessAlgae LLC is a joint venture between Green Plains, CLARCOR Inc.
(NYSE: CLC), BioProcessH2O LLC and NTR plc. BioProcessAlgae was created to
commercialize advanced photobioreactor technologies for continuous
production of algal biomass.

Safe Harbor

This news release contains forward-looking statements within the meaning
of the Securities Act of 1933 and the Securities Exchange Act of 1934, as
amended. Such statements are identified by the use of words such as
"anticipate," "estimate," "expect," "project," "intend," "plan," "will,"
"believe," and other words and terms of similar meaning in connection with
any discussion of future operating or financial performance. Such
statements are based on management's current expectations and are subject
to various factors, risks and uncertainties that may cause actual results,
outcome of events, timing and performance to differ materially from those
expressed or implied by such forward-looking statements. Green Plains may
experience significant fluctuations in future operating results due to a
number of economic conditions, including, but not limited to, competition
in the ethanol industry, risks associated with commodity market risks,
financial market risks, counter-party risks, risks associated with changes
to federal policy and/or regulation, the successful completion and
potential contribution of the commercialization of algae production to the
company and other risks detailed in the company's reports filed with the
Securities and Exchange Commission, including its Annual Report on Form
10-K for the period ended December 31, 2008 and in the company's
subsequent filings with the SEC. Green Plains assumes no obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise. The cautionary statements in
this report expressly qualify all of our forward-looking statements. In
addition, the Company is not obligated, and does not intend, to update
any of its forward-looking statements at any time unless an update is
required by applicable securities laws.

Company Contact:
Jim Stark
Vice President - Investor Relations
Green Plains Renewable Energy, Inc.
(402) 884-8700
jim.stark@gpreinc.com

Investor Contact:
John Baldissera
BPC Financial Marketing
(800) 368-1217

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