Blackhawk completes acquisition of 45 Mgy Illinois biodiesel plant; to convert to multi-feedstock

In Illinois, Blackhawk Biofuels has completed its acquisition of the nearly-completed 45 Mgy Danville biodiesel plant from Biofuels Company of America, and has assigned management to Renewable Energy Group.

Fifth Third Bank and Renewable Energy Group will provide debt financing for the acquisition.

In March, Renewable Energy Group cancelled its $150 million IPO, citing poor market conditions. The company had hoped to use proceeds from the IPO to fund one-third of the construction costs of 180 Mgy in new production capacity at three locations. The company has two 60 Mgy plants under construction in Louisiana and Kansas, owns a 12 Mgy plant, and operates three other plants for other owners with a 120 Mgy capacity.

Under the agreement, REG will oversee completion and ongoing operations at the plant, including conversion to a multi feedstock capability. The plant, which is located next to a Bunge soybean crushing plant, has been designed to use soybean oil as its sole feedstock. REG will also supervise biodiesel marketing.

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