4Rivers Bioenergy to acquire Midwest Renewable Energy, including Nebraska ethanol project

In Kentucky, 4Rivers BioEnergy announced a LOI to acquire the assets of Midwest Renewable Energy including a 28 Mgy corn ethanol plant in Sutherland, Nebraska that is undergoing expansion to a capacity of 70 MGy.

Last February, Ethanex announced that they would acquire the plant, but Ethanex filed for bankruptcy in March after failing to raise $1.5 million in interim financing for a planned $220 million, three-plant acquisition in Nebraska.

Under the final agreement, Ethanex has agreed to acquire the existing 26 Mgy Midwest corn ethanol plant for $50 million, and would subsequently acquire an additional 85 Mgy in production capacity, currently under development by Midwest. Total capacity for the plant has been announced at 111 Mgy upon project completion. The deal was initially announced in November. Capacity expansion has been subsequently curtailed.

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