Rex Stores takes stake in ethanol
January 1, 2008
Appliances and electronics retailer Rex Stores recently invested $50.8 million in One Earth Energy's 100 MMgy ethanol plant being developed in Gibson City, Ill. The investment gives Rex 74 percent equity in the project. First National Bank of Omaha's Renewable Fuels Group closed $110 million of senior secured debt for the project in October. Fagen Inc. is providing complete design, engineering and construction services, using ICM Inc. process technology. Construction is expected to be complete by the spring of 2009. In July, Rex added $10 million to its existing investment in Big River Resources LLC, which recently finished a 40 MMgy expansion in West Burlington, Iowa.
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