REG acquires New Mexico biodiesel facility

By | September 20, 2010
Posted Sept. 22, 2010

Renewable Energy Group and ARES Corp. announced on Sept. 22 that REG will acquire biodiesel assets in Clovis, N.M., from ARES, which will concurrently invest an additional $8 million into REG in an all common stock transaction.

Burlingame, Calif.-based ARES, an engineering, risk management, software/IT and project management company, owned the 15 MMgy facility in Clovis.

"In support of RFS2, REG continues to expand its national footprint of production facilities and related logistics to better serve our growing customer base of regional and national businesses," said Daniel J. Oh, president and chief operating officer of REG. "We consider this position in the Southwest to be a long-term, strategic move for our company. ARES' strategic investment provides REG access to ARES' world class engineering, risk management and government contracting expertise."

Dick Stuart, ARES CEO, said, "REG has proven its leadership in the biodiesel industry and is exceptionally well placed to lead the industry recovery. ARES is proud of its efforts to contribute to America's quest for energy independence and a cleaner environment. In our new economy we believe the best and most likely place for our investment to succeed is with REG; therefore we are contributing assets and investing anew to help move REG and its efforts forward."

About the new arrangement, Clovis Industrial Development Corporation Executive Director, Chase Gentry, said, "Renewable Energy Group has shown strong biodiesel industry leadership when it comes to creating green collar jobs at its industry leading biodiesel production facilities. We look forward to REG's involvement in this ongoing green economy project as the City of Clovis, State of New Mexico and the Southwest region look to reduce our dependence on imported oil and improve our air quality."

Viant Capital represented REG in the transaction.

SOURCE: REG
 
 
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