Albany Renewable Energy signs 20-year pact with Port of Albany for $350 million ethanol project; lawsuit filed by Empire State Ethanol

In New York, the saga of Albany Renewable Energy added a chapter with the signing of a 20 year lease, between the company and the Port of Albany, for a $350 million ethanol plant on the port’s riverfront.

The company was selected by the Port of Albany for the project after competitive bidding, in which Empire State Ethanol & Energy was a losing bidder.

Complicating the story, a suit by Empire alleges that the principals of Albany were former consultants employed by for BBI International, who were retained by Empire to conduct a feasibility study. The $72 million lawsuit filed in federal courts alleges that the consultants formed Albany Renewable Energy following the engagement.

The suit also alleges that “ESE hired BBI to conduct a feasibility study in relation to selecting a location in upstate New York and to head-up complete project development shortly thereafter to build an ethanol plant, BBI wrongfully used that information to divert an opportunity at the Port of Albany to their own employees and select group of partners”.

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