Renewable Energy to buy Soy Energy biorefinery for $11M cash, $5.6M note

Renewable Energy Group executed a purchase agreement to acquire a 30-million gallon per year capacity biodiesel plant from Soy Energy, LLC. Pursuant to the agreement, REG will acquire the Mason City, Iowa biorefinery for $11M in cash and the issuance of a $5.6M promissory note to Soy Energy. The acquisition is subject to customary closing conditions, including approval of the transaction by the Soy Energy unit holders. REG plans to repair then re-start the refinery and further upgrade the plant in the future. The acquisition would increase REG’s biodiesel production capacity to 257 million gallons annually. REG currently owns seven active biodiesel refineries in five states, including nearby plants in Newton and Ralston, Iowa and Albert Lea, Minnesota.

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