Green Plains total expected ethanol production capacity will be approximately 740 million gallons per year, following the acquisition.

The US-based company has financed the acquisition with cash and financing from a group of nine lenders, led by AgStar Financial Services.

Green Plains president and CEO Todd Becker said that the company will begin the process of installing corn oil extraction technology at the Otter Tail plant, which is expected to be completed by the end of the third quarter of this year.