GPRE to merge with VBV

By | July 08, 2008
Omaha, Neb.-based ethanol producer Green Plains Renewable Energy Inc. and Delaware-based VBV LLC, along with its subsidiaries, have entered into a definitive merger agreement. The merger, anticipated to close by late summer or early fall, will place VBV under the GPRE name, and is subject to shareholder and equity holder approvals, as well as customary lender and regulatory consents. VBV was originally called Virgin Bioverda, a joint venture between Virgin Group, Wilon Holdings SA and Ireland-based NTR PLC. It owns two ethanol plants currently under construction: Indiana Bio-Energy LLC in Bluffton, Ind., and Ethanol Grain Processors LLC in Obion, Tenn.

Upon closing, the combined company is expected to have a production capacity of 330 MMgy. Immediate goals of the new entity will include bringing GPRE's Superior Ethanol LLC in Superior, Iowa, on line and completing construction of the two VBV plants.