HERON LAKE — Granite Falls Energy has purchased a majority interest in a financially struggling southwest Minnesota ethanol company.
Granite Falls will assume management of the Heron Lake BioEnergy plant, which has been financially troubled for more than a year. The match is a good fit, Granite Falls CEO Steve Christensen said. Terms of the deal were not disclosed. Both Granite Falls Energy and the Heron Lake plant produce about 60 million gallons of ethanol annually.
An agreement last fall to sell the Heron Lake facility to the Guardian Cos. for $55 million fell through.