Earth Biofuels Inc. subsidiary, Earth Ethanol, has agreed to buy half of South Louisiana Ethanol LLC, which owns an old ethanol production facility near New Orleans.

The plan is to reconstruct the plant, located in Plaquemines Parish, to produce at least 65 million gallons of ethanol per year. The plant is located on the Mississippi River and within the Gulf Opportunity Zone, an area the federal government has targeted for rebuilding through tax incentives after Hurricanes Katrina and Rita.

Earth Biofuels also recently announced another addition to its star-studded board – legendary NASCAR-driver Rusty Wallace.

According to a company release, Wallace joins fellow advisory board member Julia Roberts and Board of Directors members country music legend Willie Nelson and actor Morgan Freeman in promoting the use of renewable fuels such as Earth Biofuels’ biodiesel and ethanol.

Wallace is a former NASCAR Premier Series champion and 55-time race winner. He ranks as one of the top-five money winners in NASCAR history.