REG completes acquisition of 30 MMgy Soy Energy biodiesel plant
Renewable Energy Group completed the purchase of a 30 MMgy capacity biodiesel plant in Mason City, Iowa, formerly owned by Soy Energy LLC. Former Soy Energy unit holders approved the sale in a vote Monday, July 29. Pursuant to the purchase agreement, REG acquired the biorefinery for $11 million in cash and the issuance of a $5.6 million promissory note. Due to a post-closing adjustment, the note was reduced to $5.1 million.
“We are very pleased to bring REG Mason City into our fleet of biorefineries because it helps us move forward with our growth strategy,” said Daniel Oh, REG president and CEO. “We are happy to be restoring jobs to the community and look forward to working with local businesses as we work to reopen the plant.”
REG plans to repair and restart the facility using soybean oil and low free fatty acid feedstocks by the end of the year. The acquisition brings the company’s total annual production capacity to 257 million gallons. REG now owns and operates eight active biorefineries. REG Mason City LLC joins the company’s nearby plants in Newton and Ralston, Iowa, and Albert Lea, Minn. REG also owns active plants in Illinois and Texas.
REG has begun the hiring process and expects to employ 15 to 25 fulltime employees in family wage jobs when the plant is restarted.
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