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VeraSun Energy Closes Sale of Assets to Valero Renewable Fuels

April 20, 2009

SIOUX FALLS, SD --- VeraSun Energy Corp. said April 1 it has closed the sale of assets to Valero Renewable Fuels that included five ethanol production facilities and a development site.

The facilities are located in Aurora, S.D.; Fort Dodge, Charles City, and Hartley, Iowa; and Welcome, Minn., and the development site is in Reynolds, Ind.

VeraSun Energy selected Valero Renewable Fuels as the successful bidder for seven of its ethanol production facilities and the development site on March 17, as part of an auction sale process. Valero Renewable Fuels is a subsidiary of Valero Energy Corp., a major petroleum refiner and marketer based in San Antonio, Texas. 

Valero purchased the ethanol production facilities in Aurora, Fort Dodge, Charles City, Hartley and Welcome, in addition to the Reynolds site, for $350 million. This group of assets was part of a "stalking horse" bid submitted by Valero in early February.

Valero also successfully bid $72 million for the Albert City facility and $55 million for the Albion facility.

 

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