KAAPA Ethanol Holdings, LLC in Minden, Nebraska is pleased to announce that they have successfully closed on the purchase of the Abengoa Bioenergy ethanol facility in Ravenna, Nebraska for $115 million. The facility, now KAAPA Ethanol Ravenna LLC, will begin contracting corn directly from producers today, September 30.
Chuck Woodside, CEO of KAAPA Ethanol, said, “We’re excited about the opportunities that are created through the purchase of the Ravenna facility. It is a plant in a great location with great logistics and its proximity to our Minden facility will give us the opportunity for additional synergies.”
KAAPA Ethanol Ravenna is the first wholly owned ethanol acquisition for the organization. Since inception, they have worked collaboratively with other farmer owned ethanol plants across the Midwest in acquisitions and in ethanol marketing through Renewable Products Marketing Group, currently the third largest ethanol marketer in the United States.
KAAPA Ethanol, LLC also owns KAAPA Grains in Elm Creek, NE along with partial ownership of three ethanol plants in North Dakota, Minnesota, and Ohio.
Mitch Feldman, will join KAAPA Ethanol as Plant Manager, and will have operational responsibility for the Ravenna facility. KAAPA Ethanol has offered jobs to all Abengoa employees who were working at the plant just prior to the acquisition..
The purchase of the Ravenna plant increases KAAPA Ethanol, capacity ownership to over 300 million gallons annually.