REG completes purchase of Soy Energy biodiesel plant in Mason City

In Iowa, Renewable Energy Group completed the purchase of a 30-million gallon per year capacity biodiesel plant in Mason City, Iowa, formerly owned by Soy Energy, LLC.  “We are happy to be restoring jobs to the community and look forward to working with local businesses as we work to re-open the plant.”

Former Soy Energy, LLC 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.