Green Plains Renewable Energy, Inc. Completes Acquisition of Nebraska Ethanol Plants

OMAHA, NE, Jul 06 (MARKET WIRE) --
Green Plains Renewable Energy, Inc. (NASDAQ: GPRE) announces that it has
completed the previously-announced acquisition of the two ethanol plants
located in Nebraska. The plants located near Central City and Ord add 150
million gallons of ethanol production capacity per year, making Green
Plains the fourth largest ethanol producer in the U.S. with 480 million
gallons of annual expected capacity. AgStar Financial Services, PCA and
certain other banks (the "Lenders") provided $123.5 million in financing
for the plant acquisitions and the Lenders have supplied $16.0 million in
seasonal revolving loans for working capital needs of the plants.

"We are delighted to close this transaction and look forward to bringing
these plants online as soon as possible," said Todd Becker, Green Plains'
President and Chief Executive Officer. "We welcome over 80 new employees
to the Green Plains team."

"The broad support by Governor Heineman related to production of all forms
of renewable energy was instrumental in our decision to purchase these two
ethanol plants within the State of Nebraska," Becker added. "This
acquisition helps support local and regional economies as well."

About Green Plains

Green Plains Renewable Energy, Inc. is a low-cost ethanol producer
operating six ethanol plants in Iowa, Indiana, Nebraska and Tennessee with
a combined expected operating capacity of 480 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 six facilities in five states. Green
Plains' agribusiness segment operates grain storage facilities and
complementary agronomy, feed, and fuel businesses in northern Iowa and
southern Minnesota.

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," "will," "project," "intend," "plan,"
"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, successful integration and profitable
operation of these acquired facilities, 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.

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

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

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