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Fergus Falls ethanol plant equity drive off to good start Tuesday, March 14, 2006
Agri News staff writer
FERGUS FALLS, Minn. -- The first equity drive meeting for Otter Tail Ag Enterprises exceeded board members' expectations.
More than 500 people attended the meeting at the Bigwood Event Center in Fergus Falls.
"We were looking for a standing-room-only crowd and we got that," said Jonathan Piekarski, OTAE vice president.
The meeting in Fergus Falls was the first of 22 in March. OTAE wants to raise between $30 million and $50 million and is asking for a $25,000 minimum investment.
The plant will produce 55 million gallons of ethanol annually and use 20 million bushels of corn.
Plant construction could start this year and could produce ethanol by December 2007, Piekarski said.
The plant will be built on 114 acres of his land in Otter Tail County. While he's honored because his land has been chosen, he said, the plant will be on some of his most productive soil.
Piekarski stepped away from the site selection process when his land was named among the candidates in the selection process. It was ultimately selected because it's close to rail, gas and electrical lines and has a good aquifer for the plant's water needs.
OTAE's Fergus Falls office has received calls from potential investors from throughout the state, said Jerry Larson, OTAE board of governor's president.
Larson said the Benson and Winnebago ethanol plant boards helped OTAE in the development phase.
Investors won't need to provide corn to the plant, Larson said.
The ethanol plant's corn use might increase basis by 5 cents to 12 cents.
The area is already using corn for value-added processing thanks to the Pro Gold high fructose corn syrup plant in Wahpeton, N.D. Another ethanol plant, Gold Energy, is in its infancy and has filed papers with the SEC. The corn supply in the area will tighten, board members say, but they are confident farmers can meet the demand.
"Our area is growing (in corn production) by twice the national average," Larson said .
Upcoming informational meetings are planned in Alexandria on March 15; Wadena and Detroit Lakes on March 16; Glenwood, March 17; and Montevideo and Willmar, March 20.
For more information, contact OTAE at (218) 998-4301. |
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