Green Plains: Acquisition of Hopewell Ethanol Facility
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OMAHA - Green Plains Inc. (NASDAQ:GPRE) announced that it has acquired an ethanol production facility in Hopewell, Virginia, located approximately 20 miles south of Richmond, from Future Fuels LLP. Operating at full capacity, the facility's dry mill ethanol plant will increase the company's annual production capacity by approximately 60 million gallons to nearly 1.1 billion gallons per year.
"We are confident in our ability to significantly improve the plant's production economics by applying our operational and commercial expertise," said Todd Becker, president and chief executive officer. "We plan to make several capital investments before restarting the plant to increase its operational efficiency and production volume. In addition, we anticipate using the site to transload distillers grains that are produced locally and at our other plants located on the Norfolk Southern rail line into containers destined for export markets to further enhance the property's profitability."
Production is expected to resume by the end of the year and corn oil processing is expected to be operational during the second quarter of 2016. When the plant is fully operational, Green Plains expects to offer the Hopewell plant's transportation and storage assets to its master limited partnership, Green Plains Partners LP (NASDAQ:GPP).
About Green Plains
Green Plains Inc. (NASDAQ:GPRE) is a diversified commodity-processing business with operations related to ethanol, distillers grains and corn oil production; grain handling and storage; a cattle feedlot; and commodity marketing and distribution services. The company processes ten million tons of corn annually, producing more than one billion gallons of ethanol, approximately 2.9 million tons of livestock feed and 250 million pounds of industrial grade corn oil at full capacity. Green Plains is the parent company of Green Plains Partners LP (NASDAQ:GPP), a fee-based Delaware limited partnership formed to provide fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses.
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