HANOVER, N.H., June 20 /CNW/ - New Energy Capital Corp. today announced
the sale of the Iroquois Bio-Energy Company, LLC ("IBEC"), a 45 million gallon
per year ethanol plant located in Rensselaer, Indiana, to Babcock & Brown
(ASX: BNB). Terms of the sale were not disclosed.
The IBEC facility, located in Rensselaer, Indiana, began operation in
January 2007. The plant currently processes approximately 16 million bushels
of corn to produce 45 million gallons of ethanol per year. New Energy Capital,
which owned 57% of the facility, began working with the local IBEC development
team in 2004. The facility was built by Fagen, Inc. the leading ethanol
engineering and construction company, utilizing process technology from ICM,
Inc., the world leader in ethanol process design.
Scott Brown, CEO and co-founder of New Energy Capital said: "We are
delighted with our investment in IBEC which has produced a highly attractive
return for our investors and co-investors, many of whom are local farmers and
members of the Rensselaer community. The investment is also providing
substantial economic benefits for the local economy and has added an important
facility to the country's clean energy infrastructure. The operating team is
superb, and we wish them well as part of the Babcock & Brown enterprise."
Everett Smith, CFO of New Energy Capital noted: "With our dedicated focus
on clean infrastructure, and deep understanding of this sector, NEC is one of
the first private equity investors to successfully transition a significant
ethanol project from greenfield development into operation. We look forward to
building on this experience as we continue to invest in companies and projects
which address the world's resource limits."
The acquisition marks continued growth for Babcock & Brown in the ethanol
industry, which now has two facilities in operation and two in construction.
New Energy Capital Corp. (www.newenergycapital.com) is a New
England-based company that invests in, owns and operates renewable energy and
distributed generation projects. The Company is funded by VantagePoint Venture
Partners (www.vpvp.com) one of the nation's largest and most active venture
capital firms, and the California State Teachers' Retirement System (CalSTRS).
For further information:
For further information: New Energy Capital Corp. Scott Brown,