220 mgy Ethanol Facility Slated for Indiana

Aventine Renewable Energy Holdings, Inc. and Consolidated Grain and Barge Co., a subsidiary of CGB Enterprises, Inc., signed a memorandum of understanding (subject to negotiation and signing of a definitive agreement) to construct a new ethanol facility in Mt. Vernon, Indiana, with initial production expected by the end of 2008.

Aventine plans to construct and operate a 220 million gallon ethanol facility (mgy) on a 116 acre site at the Ports of Indiana-Mt. Vernon. The plant will be one of three facilities to be built by Aventine with Delta-T as the technology provider and Kiewit Energy Company as the contractor. “This is the biggest single step to date in Indiana to vault us to national leadership in renewable fuels production,” said Indiana Governor Mitch Daniels. CGB will be the exclusive grain originator and Dry Distillers Grain with Solubles (DDGS) export marketer at the facility, as well as the sole provider for ethanol and DDGS loading at the site. CGB will use its approximate 10 million bushel elevator system in the Mt. Vernon area to handle grain for the ethanol plant, and will market the DDGS for export to Europe, Japan and Asia. The planned Mt. Vernon operation will be supported by a network of 10 different CGB grain elevators. The Mt. Vernon port site is located on the lower Ohio River with excellent access to existing roads, rail and dock infrastructure, including river access to the Mississippi, Cumberland, Tennessee and Tombigbee rivers. The combination of inbound and outbound logistics provides a long-term and sustainable competitive advantage for both Aventine and CGB. CGB currently owns and operates 65 grain elevators in the U.S. “This will be a great fit for the Port and our excellent transportation connections will provide the plant with a strong competitive advantage allowing them to ship and receive corn, ethanol and byproducts by barge, truck and rail,” said Rich Cooper, Executive Director, Ports of Indiana, which operates a statewide system of ports on the Ohio River and Lake Michigan. Ron Miller, Aventine’s President and Chief Executive Officer, said, “The secure access to grain, great existing logistics and the possibilities of opening export markets for DDGS make this site attractive.”
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