Press Releases

December 19, 2006

Riverstone Holdings and The Carlyle Group announce investment by Goldman Sachs in Green Earth Fuels, LLC

Biodiesel producer Green Earth Fuels, and its majority investors, Riverstone Holdings, LLC and the Carlyle Group, today announced that Goldman Sachs, through GS Power Holdings, LLC, has invested in Green Earth Fuels. Goldman Sachs acquired its interest from the Carlyle /Riverstone Renewable Energy Infrastructure Fund (CRREIF). CRREIF originally made its investment in July, 2006.

Green Earth is building 86 million gallons of biodiesel production capacity at the Kinder Morgan Galena Park Liquids Terminal located on the Houston Ship Channel in Texas and is expected to be on line in the third quarter of 2007. The company has also secured state and local permits for an additional 86 million gallons of production capacity at the Kinder Morgan Terminal in Harvey, Louisiana. Green Earth anticipates beginning construction on this facility in early 2007.

Green Earth President and Chief Executive Officer, Greg Bafalis, said, "Given their history, record of success, and market insight, we are excited to have Goldman Sachs on our team. In particular, their expertise in the energy, financial and commodity markets will add considerable value to our team. With Riverstone, Carlyle, and Goldman Sachs as our investors, we have three of the largest and most experienced energy infrastructure players in the United States supporting our continued growth. This combination of energy investors is a powerful endorsement of our business plan, which differentiates Green Earth from other biodiesel companies."

Stephen Schaefer, Managing Director with Riverstone Group, said, "We are excited about Green Earths prospects. Goldman Sachs is a great addition to the investor group behind Green Earth Fuels. Our investor group will help Green Earth realize its potential through our contacts and knowledge throughout the energy industry and our access to financial and commodity markets. Back to News Listings