Rex Stores to invest $50.8 million in One Earth Energy plant in Illinois

In Illinois, Rex Stores announced that it will provide $50.8 million in equity for a 100 Mgy corn ethanol plant in Gibson City. Rex will own 74 percent of the equity in One Earth Energy, which is developing the project. Fagen has been retained as project engineer, and  First National Bank of Omaha is the senior debt lender. The plant will be completed in spring 2009.

In contrast to other states, which have seen plant cancellations and discord among local residents about the future of ethanol in their communities, Illinois remains remarkably bullish on ethanol.

Last week, Agra Industries has awarded the plant engineering, procurement and technology contract for its 55 Mgy corn Western Illinois ethanol plant to Delta-T Corporation, a subsidiary of Bateman Litwin. The $37 million contract covers services over the next 18 months.

Also, the executive director of the Illinois Beef Association last month expressed support for the expansion of the Illinois ethanol industry, as other meat groups were targeting the elimination of ethanol subsidies as a legislative goal.

Free Subscription to the Daily Biofuels Digest e-newsletter

Related Stories

Rex Stores to focus on ethanol interests; shedding electronic, appliance store assets

In Ohio, Rex Stores announced that it is exiting most of its electronics and appliance stores in order to focus on its ethanol interests.  Rex owns 74 percent of the One Earth Energy plant in Illinoi...

Rex Stores announces Q1 losses on ethanol plant financial derivatives

In Ohio, Rex Stores filed first quarter results with the SEC, and reported a $1.73 million loss for the quarter including losses of $60,000 on financial derivatives held by its ethanol subsidiaries Le...

Rex Stores to invest $36.5 million in Ohio’s Levelland/Hockely County Ethanol

In Ohio, Rex Stores has purchased a $36.5 million convertible promissory note in Levelland/Hockley County Ethanol. The note can be converted to equity according to SEC documents filed last week. ...

Rex Stores announces $5 million loss, confirms ethanol-focused strategy

In Ohio, Rex Stores announced losses of $5 million for the first quarter of 2009, and restated its goal of exiting the retail business and focusing on its two ethanol investments in the Levelland Hock...

Today in Biofuels Opinion: “However, if you believe ethanol has a future, Rex Stores (RSC) is a low-risk (dare I say “no risk”) way to invest in the industry.”

Patti Glaza, CEO, CTSI: "While prospects of global climate legislation by Copenhagen are dim, the new Congress is still moving relatively quickly on domestic carbon legislation.  The Waxman-Markey bi...

Agra awards $37 million contract for Western Illinois corn ethanol plant to Delta-T

Agra Industries has awarded the plant engineering, procurement and technology contract for its 55 Mgy corn Western Illinois ethanol plant to Delta-T Corporation, a subsidiary of Bateman Litwin. The $3...