Ethanex Energy has finalized an agreement to buy Midwest Renewable Energy in Sutherland, Neb., for $220 million in cash and Ethanex stock. The deal was first announced last November.

According to a company release, the existing plant, which has a production capacity of 26 million gallons per year, is currently undergoing a two-phase expansion, after which its total projected plant capacity will be 111 million gallons a year.