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Green Plains buys two US Midwest biofuel plants

11.06.2013  | 

Green Plains Renewable Energy, the fourth-largest US ethanol maker, is buying two plants from BioFuel Energy for $101 million. The plants are in Minnesota and Nebraska with capacity of 14,000 bpd.

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By LUCIA KASSAI

OMAHA (Bloomberg) -- Green Plains Renewable Energy, the fourth-largest United States ethanol maker, is buying two plants from BioFuel Energy for $101 million.

BioFuel, backed by investors David Einhorn and Daniel Loeb, is selling the plants in Fairmont, Minnesota, and Wood River, Nebraska, Green Plains said in a statement. The combined capacity of the two distilleries is 220 MMgpy, or about 14,000 bpd.

BioFuel will transfer the plants to a group of lenders represented by First National Bank of Omaha as part of a defaulted loan of about $170.5 million of principal, according to the statement and information on its website. After the transfer is concluded, Green Plains will buy the plants from the group of lenders, according to the statement.

Hedge fund Greenlight Capital, led by co-founder Einhorn, is Biofuel’s largest shareholder with a 26.2% stake, according to data compiled by Bloomberg. Third Point, headed by Loeb, owns 19.2%.



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