Babcock & Brown acquires Iroquois Bio-Energy

By | June 05, 2007
Australian global investment firm Babcock & Brown secured its second acquisition of an existing U.S. ethanol facility by entering a definitive agreement to purchase all of the membership interests in Iroquois Bio-Energy Co. LLC in April. The acquisition agreement includes Iroquois Bio-Energy's 40 MMgy ethanol plant near Rensselaer, Ind. Terms of the deal for the $66 million plant weren't disclosed, but the transaction is expected to close by the end of June. Two Babcock & Brown-owned ethanol facilities are currently under construction: a 100 MMgy plant in Hennepin, Ill., and a 50 MMgy plant in Necedah, Wis. Babcock & Brown had previously acquired DENCO LLC in Morris, Minn., but sold its shares months later.