AgStar Financial Services has agreed to sell one of the six former VeraSun ethanol plants it purchased to the newly-formed Carbon Green BioEnergy of Chicago.

According to a news release, the 40-million gallon plant in Woodbury, Michigan will be the first direct ownership of ethanol production for Carbon Green BioEnergy when the sale closes in the next 30 days.

“This acquisition is particularly rewarding because it is a win, win,” said Jim Murphy, president of Carbon Green BioEnergy. “Clearly it represents a sustainable business opportunity for us and our partners. But importantly, it also demonstrates our tangible commitment to the Woodbury and neighboring communities with our focus on buying corn and selling ethanol and its
by-products locally, while reducing our carbon footprint.”

AgStar lending group continues ongoing discussions with qualified buyers for the five other acquired ethanol plants. “It takes a fair amount of time to work through the sales process for this size of facility. We look forward to making announcements on some of the remaining plants in the very near future,” said Paul DeBriyn, president and chief financial officer of AgStar Financial Services.