Green Plains buys two ethanol plants

Sat Nov 23, 2013 10:50am EST

Nov 23 (Reuters) - U.S. ethanol producer Green Plains Renewable Energy Inc said it has completed a previously announced acquisition of two ethanol plants from privately held Ethanol Holding Co.

Terms of the deal were not disclosed.

The acquisition of the two properties, in Wood River, Nebraska, and Fairmont, Minnesota, increases Green Plains' production capacity to more than 1 billion gallons of ethanol per year.

U.S. Environmental Protection Agency on Nov 15 proposed cutting the amount of biofuels - the vast majority of which is corn-based ethanol - that would be blended next year into the fuel supply to 15.21 billion gallons, down from 18.15 billion gallons under the current law.

Agribusiness companies have been restarting ethanol plants in anticipation of a record U.S. corn harvest that is replenishing stockpiles diminished by serious drought last year.

Green Plains owns and operates grain storage assets in the U.S. corn belt as well as biofuel terminals in southern states. The company is also a joint venture partner in BioProcess Algae LLC, which was formed to commercialize technologies for growing and harvesting algae biomass.