Green Plains Renewable Energy, an ethanol producer, has completed the acquisition of Global Ethanol.

The addition of Global Ethanol’s two plants increases Green Plains’ capacity by 31% to approximately 657 million gallons per year.

Green Plains now expects to market and distribute more than one billion gallons of ethanol on an annual basis.

At the execution of the definitive agreement, the transaction was valued at approximately $169.2m of which $147.6m was paid for the Global Ethanol production facilities with the balance for working capital.

The value of the transaction includes the assumption of outstanding debt, which totaled approximately $98.7m.

Green Plains operates a total of eight ethanol plants in Indiana, Iowa, Michigan, Nebraska and Tennessee with annual expected operating capacity of approximately 657 million gallons.