EXHIBIT 10.23


 





 


Shared Savings Contract

Minnesota


 


THIS ENERGY SERVICES AGREEMENT
(hereinafter, “Agreement”) is made and entered into as of the 16th day of
November, 2007, by and between, Interstate Power and Light Company (IPL), an
Alliant Energy company, a Iowa corporation having its principal offices at 200
First St., Cedar Rapids, Iowa 52401 (hereinafter, “Utility”), and Heron Lake
BioEnergy LLC, a Minnesota corporation having its principal offices at Heron
Lake, MN (hereinafter, “Client”), relating to property owned by Client at 91246
390th Ave, Heron Lake, MN 56137 (hereinafter, “Premises”, which are more
particularly described in Part I of Schedule A attached hereto),


 


IT IS AGREED AS FOLLOWS:


 


Section 1. Purposes of Agreement


 


The purposes of this Agreement and the actions of the parties in
pursuit thereof are:


 


A.           To
accurately identify and agree upon certain baseline information concerning the
energy consumption characteristics of the Premises (hereinafter, “Baseline
Energy Consumption”);


 


B.             To
designate certain equipment (hereinafter, “Equipment”) which, when installed on
the Premises in lieu of Equipment presently used by Client, is estimated by
Utility to reduce Client’s annual energy consumption below Baseline Energy
Consumption (“Energy Savings”) thereby providing an estimated level of savings
to Client; and


 


C.             To
set forth the obligation of the Utility to fund the acquisition and
installation of the Equipment in exchange for the promise by Client to share a
portion of the value of the Energy Savings (“Shared Savings”) with Utility by
paying such amount to Utility along with payment of Client’s regular bill for
utility service.


 


Section 2. Baseline Energy Consumption


 


Client and Utility have to their mutual satisfaction analyzed the
historic and present operating practices of Client (hereinafter, “Baseline
Operating Practices”) and the corresponding energy consumption characteristics
of the Premises and agree that the Baseline Energy Consumption on all (or a
specified portion, as the case may be) of the Premises for the purposes of this
Agreement shall be as set forth in Part II of Schedule A. The parties
intend that such Baseline Energy Consumption shall be conclusive and, except
for material error or misrepresentation with respect to the Baseline Operating
Practices, each hereby waives any objections to same, whether now existing or
hereafter arising.


 


Section 3. Equipment Purchase, Installation,
Operation and Maintenance


 


Within a reasonable period of time after the execution of this
Agreement:


 


A.           Client shall purchase
the Equipment specified in Part I of Schedule B hereof and shall arrange
for installation of the Equipment at the Premises.


 


B.             Client will invoice
Utility for the cost of purchasing and installing the Equipment. The invoice
will be substantiated with copies of the applicable vendor/contractor invoices.
Utility will reimburse Client after inspection and approval of the Equipment by
Utility. Client shall indemnify and hold harmless Utility from and against any
and all claims, costs, damages, or expenses incurred as a result of any
personal injury or property damage arising out of the acts or omissions of
Client or Client’s contractors, subcontractors, employees, agents or
representatives in the installation and operation of the Equipment.


 

















 


C.             Client shall be
responsible for obtaining all governmental permits, consents, and
authorizations necessary for installation of the Equipment, and Utility shall
use its best efforts to assist Client in obtaining such permits, consents and
authorizations.


 


As part of the initial installation
and continuing thereafter, Client shall provide Utility with mutually
satisfactory access to the Premises for the inspection of the Equipment, and
with free and reasonable access to lights, heat, power, water, and the like
necessary for such inspection and any associated submetering.


 


Client shall have exclusive
responsibility for the operation and maintenance of the Equipment in accordance
with all manufacturer specifications and recommendations and with such
additional standards and procedures as may be set forth in Part II of
Schedule B. All costs and expenses incurred in connection with the operation
and maintenance of the Equipment shall be the sole responsibility of Client.
Client shall be solely responsible for enforcing any manufacturer’s warranties
which accompany the Equipment and shall enforce such warranties on its own or
upon Utility’s request.


 


Section 4. Risk of Loss


 


Client hereby assumes all risks of loss or damage to the Equipment
while such Equipment is in their care, custody or control. Client shall notify
Utility within 10 days of any loss or damage to the Equipment and shall keep
Utility informed of all developments regarding insurance rights and recoveries.
Should the Equipment be deemed a total loss or Client decides not to complete
repairs, Client shall pay to Utility the Termination Value specified in
Schedule C hereto.


 


Section 5. Insurance


 


The Client shall provide, maintain, and pay for commercial general
liability insurance with limits of at least $1,000,000 per occurrence so as to
comply with Section 14. Indemnification. Client shall also provide,
maintain, and pay for all risk property insurance with a minimum limit of the
Termination Value of this Agreement as specified in Schedule C hereto. In the
event of any loss or damage to the Equipment, the proceeds of insurance
covering the Equipment shall be applied toward the replacement, restoration, or
repair of the Equipment in accordance with Section 4. Risk of Loss. This
insurance must be in effect from the time that the first item of Equipment is
delivered to the Client until the end of the term. Each policy must contain the
insurer’s agreement to give thirty (30) days written notice to Utility before
cancellation or non-renewal of the required insurance. The Client agrees to
provide certificates of insurance as evidence of the required coverage to
Utility. Failure of Utility to enforce the minimum insurance requirements
listed above shall not relieve Client of responsibility for maintaining these
coverages.


 


Section 6. Disclaimer of Warranties


 


UTILITY MAKES NO REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLlED,
CONCERNING THE CONDITION OR PERFORMANCE OF THE EQUIPMENT, AND SPECIFICALLY
DISCLAIMS ANY AND ALL SUCH REPRESENTATIONS AND WARRANTIES, INCLUDING, BUT NOT
LIMITED TO, WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.


 


Section 7. Commencement Date and Term


 


The “Commencement Date” shall be the first day of the first Billing
Period beginning after the Utility reimburses the Client as provided in Section 3.
The “Term” of this Agreement shall begin on the date set forth on page one
hereof and shall run continuously from such date (unless this Agreement shall
have been terminated by the parties at an earlier date pursuant to the terms
hereof) until the 5 year anniversary of the Commencement Date. “Billing Period”
shall mean any period of approximately one month’s duration coincident with the
normal billing cycle between Utility and Client, and “Annual Billing Period” shall
mean a series of twelve (12) consecutive Billing Periods, the first of which
shall begin with the Billing Period which first begins on or after the
Commencement Date.


 


Section 8. Compensation and Billing


 


Client agrees to pay Utility an
amount equal to: (i) $29,774.91 in each Billing Period from period 1 to
period 13, (ii) $29,599.91 in each period after period 14, all occurring
during the Term of this Agreement following the Commencement Date, for a total
of 60 billing periods and (iii) the amount of $140,000 at the end of the
13th Billing Period. The foregoing amounts (the “Shared Savings”) reflect a
sharing by Client of the value of the Energy Savings 


 

















 


estimated to be realized from the
operation and use of the Equipment at the Premises as outlined In Schedule D
with the present energy charge In effect under Utility’s applicable Rate
Schedule. The foregoing amounts (the “Bright Ideas” labeled on bill) shall
appear as a separate line item on Client’s bill from Utility during each
Billing Period, and shall be payable by Client upon the same terms and
conditions as are applicable to the normal utility bill. The foregoing amounts
shall not vary due to change in Utility’s rates, returns, or charges authorized
by the Public Service Commission of Minnesota. The foregoing amounts are based
upon an estimated cost for purchase and installation of the Equipment and will
be modified by amendment to this Agreement to reflect the actual cost of such
purchase and installation upon completion thereof.


 


Section 9. Conditions Beyond Control of
Utility


 


If Utility shall be unable to carry out any of its obligations under
this Agreement due to events beyond its control, including, without limitation,
acts of God, governmental or judicial authority, insurrections, riots, labor
disputes, labor or material shortages, fires, explosions, or floods, this
Agreement shall remain in effect but Utility’s obligations shall be suspended
until the uncontrollable event terminates.


 


Section 10. Remedies Upon Default by Client


 


A.           Utility’s Remedies. In
the event Client fails to pay Utility its compensation when due, or any other
Event of Default by Client occurs (defined as a failure by Client to timely
perform any of its obligations under the Agreement), Utility may, without an
election of remedies:


 


1.               disconnect all
electric service to the Premises in accordance with the rules and
regulations of the Utility as approved by the Public Service Commission of
Minnesota and in effect at the time of breach; and


 


2.               declare the
Termination Value specified in Schedule C immediately due and payable from
Client and exercise all remedies available at law or at equity or other
appropriate proceedings Including bringing an action or actions from time to
time for recovery of amounts due and unpaid by Client, and/or for damages which
shall include all costs and expenses reasonably incurred in exercise of its
remedy (including reasonable attorney’s fees), and/or for specific performance;
or


 


3.               without recourse to
legal process, terminate this Agreement by delivery of a notice declaring
termination, whereupon Utility may enter the Premises and dismantle and/or
remove the Equipment from the Premises, without liability in any suit, action
or other proceeding to Client or Lessor of Premises, if any, on account of such
actions.


 


B.             Liquidated Damages.
In the event Utility terminates this Agreement due to an Event of Default, at
Utility’s request Client shall pay to Utility, as liquidated damages, the
Termination Value set forth in Schedule C, plus all costs and expenses
reasonably incurred in exercise of its remedy, including reasonable attorney’s
fees.


 


C.             Termination. Utility
may terminate this Agreement and declare the Termination Value specified in
Schedule C immediately due and payable should:


 


1.               Client cease use of
the Equipment or the conduct of commercial operations at the premises; or


 


2.               Any creditor of
Client commence legal proceedings against Client involving any debt or
obligation of Client for which the Equipment is pledged as collateral; or


 


3.               Client commence or
have commenced against it any proceedings in bankruptcy, receivership, or
insolvency, or make any assignment for the benefit of its creditors; or


 


4.               Client cease to
take or receive electric and/or natural gas service from Utility.


 

















 


Section 11. Remedies Upon Default by Utility


 


In the event of material default by Utility, Client shall have the
following remedy:


 


A.           Terminate this
Agreement by delivery of a Notice declaring termination, and paying the
Termination Value indicated in Schedule C (less the cost of any future
maintenance and energy related services included therein, as agreed to by the
parties), whereupon Utility shall have no further rights, obligations or claims
under this Agreement.


 


Client may terminate this Agreement
by paying the Termination Value indicated in Schedule C.


 


Section 12. Arbitration


 


Except as otherwise provided herein, any dispute, controversy or claim
arising out of or in connection with or relating to this Agreement, upon the
request of either Client or Utility, shall be submitted to and settled by
arbitration at the locality where the Premises are situated in conformance with
rules of the American Arbitration Association then in effect. Any award
rendered shall be final and conclusive upon the parties and a judgment thereon
may be entered in a court of any forum, state or federal, having jurisdiction.
The expenses of the arbitration shall be borne equally by the parties to the
arbitration, provided that each party shall pay for and bear the cost of its own
experts, evidence and counsel. This Section 12 does not apply and shall
not limit Utility’s rights to seek redress in any forum in the event Utility
seeks to invoke any of the provisions of Section 10 herein.


 


Section 13. Assignment


 


Utility may (a) transfer or assign all or any part of its rights
and obligations herein to any party, (b) pledge its rights hereunder to
its creditors, or (c) utilize contractors and subcontractors, provided
that any assignee or transferee agrees to honor the terms of this Agreement.
Unless otherwise approved in writing Client may not transfer or assign this
Agreement and its rights and obligations herein. If such assignment is
permitted, Client shall condition assignment on assignee assuming in writing
all of Client’s rights and Obligations under this Agreement.


 


Section 14. Indemnification


 


Client agrees to indemnify, defend and hold Utility harmless from any
and all claims, actions, costs, expenses, damages and liabilities, including
reasonable attorney’s fees, and claims of third parties arising out of,
connected with or resulting from Client’s operation, installation, use,
maintenance or repair of the Equipment, or from the negligence or misconduct of
its employees or other agents in connection with their activities within the
scope of this Agreement. However, Client shall not be obligated to indemnify
Utility against claims, damages, expenses or liabilities solely to the extent
such claims, damages, expenses or liabilities directly result from the
negligence or willful misconduct of Utility or its employees or agents. The
duty to indemnify will continue in full force and effect notwithstanding the
expiration or early termination of this Agreement with respect to any claims
based on facts or conditions which occurred prior to termination.


 


Section 15. Security Agreement


 


To secure payment of: (i) 140,000 U.S. dollars of Shared Savings
due from Client to Utility, Client pledges to Utility and grants to Utility a
security interest in the Equipment. Client shall timely execute a Uniform
Commercial Code financing statement relating to said Equipment to be filed by
Utility in such manner and in such places as Utility may elect, and (ii) 1,710,000
U.S. dollars of Shared Savings due from Client to Utility, Client agrees to
deposit the sum of 1,710,000 U.S. dollars Into an Escrow Account with Farmers
State Bank of Hartland (or any other Bank acceptable to Utility) acting as
Escrow Agent, and to sign an Escrow Agreement supporting such Escrow Account.
Utility shall release such security interest and the balance of funds in the
Escrow Account following payment in full of the Shared Savings.


 


Section 16. Miscellaneous


 


A.           This Agreement shall be
governed by and interpreted pursuant to the laws of the state of Minnesota,
without regard to its conflict of laws’ provisions.


 

















 


B.             The attached escrow
agreement is incorporated into this contract. No waiver, alteration, consent or
modification of any of the provisions of this Agreement shall be binding unless
in writing and signed by a duly authorized representative of all parties hereto
bound.


 


IN WITNESS WHEREOF and intending to
be legally bound, the parties hereto subscribe their names to this instrument
on the date first above written.


 


	
  ATTEST:

  	
   

  	
  Interstate Power
  and Light Company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
   

  
	
  /s/ David
  Wentzel

  	
   

  	
  /s/ Ken Gebhart

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ATTEST:

  	
   

  	
  Heron Lake
  BioEnergy, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
   

  
	
  /s/
  Jean M. Ferguson

  	
   

  	
  /s/
  Robert J. Ferguson

  



 

















 


SCHEDULE A


 


Heron Lake BioEnergy


 


DESCRIPTION OF PREMISES


 


PART I

DESCRIPTION


 


PART II

ENERGY CONSUMPTION CHARACTERISTICS


 


Floor area of facility: 100,000 s.f.


 


 


	
   

  	
   

  	
  Period #1

  	
   

  	
  Period #2

  
	
   

  	
   

  	
  * to *

  	
   

  	
  * to *

  
	
  Electric

  	
   

  	
   

  	
   

  	
   

  
	
  Average Demand (kW)

  	
   

  	
  6,000

  	
   

  	
  0

  
	
  Interrupt Demand (kW)

  	
   

  	
  0

  	
   

  	
  0

  
	
  On-Peak Energy (kWh)

  	
   

  	
  20,000,000

  	
   

  	
  0

  
	
  Off-Peak Energy (kWh)

  	
   

  	
  25,000,000

  	
   

  	
  0

  
	
  Natural Gas

  	
   

  	
   

  	
   

  	
   

  
	
  Energy (Therms)

  	
   

  	
  0

  	
   

  	
  0

  
	
  Other Fuels

  	
   

  	
   

  	
   

  	
   

  
	
  Other Fuel 1

  	
   

  	
  0

  	
   

  	
  0

  
	
  Other Fuel 2

  	
   

  	
  0

  	
   

  	
  0

  
	
  Facility Operation

  	
   

  	
   

  	
   

  	
   

  
	
  Hours of Operation

  	
   

  	
  8,760

  	
   

  	
  0

  
	
  Heating Degree Days

  	
   

  	
  0

  	
   

  	
  0

  
	
  % Occupancy

  	
   

  	
  100

  	
   

  	
  0

  
	
  Production (Units/Year)

  	
   

  	
  50,000,000

  	
   

  	
  0

  
	
  Production (Units/Year)

  	
   

  	
  0

  	
   

  	
  0

  
	
  Production (Units/Year)

  	
   

  	
  0

  	
   

  	
  0

  



Comments:


 

















 


SCHEDULE B


 


PART I

EQUIPMENT


 


 


	
  Item Description

  	
   

  	
  Manufacturer

  	
   

  	
  Model Number

  	
   

  	
  Quantity

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1      Distribution
  Transformer

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  1

  



 


PART II

ADDITIONAL STANDARDS AND PROCEDURES


 

















 


SCHEDULE C


 


Amortization Schedule
Based on:


i. Periodic
payments of $29,774.91 for period 1-13, plus extra payment of $140,000 for
period 13 and; ii. Periodic payments of $29,599.91 for periods 14-60.


 


	
  Payment

  	
   

  	
  Billing

  	
   

  	
  Termination

  	
   

  	
  Payment

  	
   

  	
  Billing

  	
   

  	
  Termination

  	
   

  	
  Payment

  	
   

  	
  Billing

  	
   

  	
  Termination

  	
   

  
	
  Dates

  	
   

  	
  Period

  	
   

  	
  Value

  	
   

  	
  Dates

  	
   

  	
  Period

  	
   

  	
  Value

  	
   

  	
  Dates

  	
   

  	
  Period

  	
   

  	
  Value

  	
   

  
	
  Beg-

  	
   

  	
  0

  	
   

  	
  $

  	
  1,850,000.00

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  12/30/2007

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1/31/2007

  	
   

  	
  1

  	
   

  	
  $

  	
  1,822,537.59

  	
   

  	
  9/30/2009

  	
   

  	
  21

  	
   

  	
  $

  	
  1,126,023.14

  	
   

  	
  5/31/2011

  	
   

  	
  41

  	
   

  	
  $

  	
  555,429.38

  	
   

  
	
  2/30/2007

  	
   

  	
  2

  	
   

  	
  $

  	
  1,795,040.85

  	
   

  	
  10/31/2009

  	
   

  	
  22

  	
   

  	
  $

  	
  1,097,830.77

  	
   

  	
  6/28/2011

  	
   

  	
  42

  	
   

  	
  $

  	
  526,523.75

  	
   

  
	
  3/31/2007

  	
   

  	
  3

  	
   

  	
  $

  	
  1,767,509.75

  	
   

  	
  11/31/2009

  	
   

  	
  23

  	
   

  	
  $

  	
  1,069,603.15

  	
   

  	
  7/31/2011

  	
   

  	
  43

  	
   

  	
  $

  	
  497,582.00

  	
   

  
	
  4/31/2008

  	
   

  	
  4

  	
   

  	
  $

  	
  1,739,944.23

  	
   

  	
  12/30/2009

  	
   

  	
  24

  	
   

  	
  $

  	
  1,041,340.24

  	
   

  	
  8/30/2011

  	
   

  	
  44

  	
   

  	
  $

  	
  468,604.07

  	
   

  
	
  5/29/2008

  	
   

  	
  5

  	
   

  	
  $

  	
  1,712,344.25

  	
   

  	
  1/31/2009

  	
   

  	
  25

  	
   

  	
  $

  	
  1,013,042.01

  	
   

  	
  9/31/2011

  	
   

  	
  45

  	
   

  	
  $

  	
  439,589.92

  	
   

  
	
  6/31/2008

  	
   

  	
  6

  	
   

  	
  $

  	
  1,684,709.77

  	
   

  	
  2/30/2009

  	
   

  	
  26

  	
   

  	
  $

  	
  984,708.40

  	
   

  	
  10/30/2011

  	
   

  	
  46

  	
   

  	
  $

  	
  410,539.49

  	
   

  
	
  7/30/2008

  	
   

  	
  7

  	
   

  	
  $

  	
  1,657,040.75

  	
   

  	
  3/31/2009

  	
   

  	
  27

  	
   

  	
  $

  	
  956,339.38

  	
   

  	
  11/31/2011

  	
   

  	
  47

  	
   

  	
  $

  	
  381,452.76

  	
   

  
	
  8/31/2008

  	
   

  	
  8

  	
   

  	
  $

  	
  1,629,337,14

  	
   

  	
  4/31/2010

  	
   

  	
  28

  	
   

  	
  $

  	
  927,934.89

  	
   

  	
  12/31/2011

  	
   

  	
  48

  	
   

  	
  $

  	
  352,329.67

  	
   

  
	
  9/30/2008

  	
   

  	
  9

  	
   

  	
  $

  	
  1,601,598.90

  	
   

  	
  5/28/2010

  	
   

  	
  29

  	
   

  	
  $

  	
  899,494.90

  	
   

  	
  1/30/2011

  	
   

  	
  49

  	
   

  	
  $

  	
  323,170.17

  	
   

  
	
  10/31/2008

  	
   

  	
  10

  	
   

  	
  $

  	
  1,573,825.99

  	
   

  	
  6/31/2010

  	
   

  	
  30

  	
   

  	
  $

  	
  871,019.36

  	
   

  	
  2/31/2011

  	
   

  	
  50

  	
   

  	
  $

  	
  293,974.23

  	
   

  
	
  11/31/2008

  	
   

  	
  11

  	
   

  	
  $

  	
  1,546,018.37

  	
   

  	
  7/30/2010

  	
   

  	
  31

  	
   

  	
  $

  	
  842,508.23

  	
   

  	
  3/30/2011

  	
   

  	
  51

  	
   

  	
  $

  	
  264,741.79

  	
   

  
	
  12/30/2008

  	
   

  	
  12

  	
   

  	
  $

  	
  1,518,175.98

  	
   

  	
  8/31/2010

  	
   

  	
  32

  	
   

  	
  $

  	
  813,961.46

  	
   

  	
  4/31/2011

  	
   

  	
  52

  	
   

  	
  $

  	
  236,472.80

  	
   

  
	
  1/31/2008

  	
   

  	
  13

  	
   

  	
  $

  	
  1,350,298.79

  	
   

  	
  9/30/2010

  	
   

  	
  33

  	
   

  	
  $

  	
  785,379.00

  	
   

  	
  5/31/2012

  	
   

  	
  53

  	
   

  	
  $

  	
  206,167.24

  	
   

  
	
  2/30/2008

  	
   

  	
  14

  	
   

  	
  $

  	
  1,322,386.76

  	
   

  	
  10/31/2010

  	
   

  	
  34

  	
   

  	
  $

  	
  756,760.81

  	
   

  	
  6/29/2012

  	
   

  	
  54

  	
   

  	
  $

  	
  176,826.04

  	
   

  
	
  3/31/2008

  	
   

  	
  15

  	
   

  	
  $

  	
  1,294,439.83

  	
   

  	
  11/31/2010

  	
   

  	
  35

  	
   

  	
  $

  	
  728,106.86

  	
   

  	
  7/31/2012

  	
   

  	
  55

  	
   

  	
  $

  	
  147,446.16

  	
   

  
	
  4/31/2009

  	
   

  	
  16

  	
   

  	
  $

  	
  1,266,457.97

  	
   

  	
  12/30/2010

  	
   

  	
  36

  	
   

  	
  $

  	
  699,417.08

  	
   

  	
  8/30/2012

  	
   

  	
  66

  	
   

  	
  $

  	
  118,030.56

  	
   

  
	
  5/28/2009

  	
   

  	
  17

  	
   

  	
  $

  	
  1,238,441.14

  	
   

  	
  1/31/2010

  	
   

  	
  37

  	
   

  	
  $

  	
  670,691.44

  	
   

  	
  9/31/2012

  	
   

  	
  57

  	
   

  	
  $

  	
  88,578.19

  	
   

  
	
  6/31/2009

  	
   

  	
  18

  	
   

  	
  $

  	
  1,210,389.28

  	
   

  	
  2/30/2010

  	
   

  	
  38

  	
   

  	
  $

  	
  641,929.90

  	
   

  	
  10/30/2012

  	
   

  	
  68

  	
   

  	
  $

  	
  59,089.00

  	
   

  
	
  7/30/2009

  	
   

  	
  19

  	
   

  	
  $

  	
  1,182,302.36

  	
   

  	
  3/31/2010

  	
   

  	
  39

  	
   

  	
  $

  	
  613,132.40

  	
   

  	
  11/31/2012

  	
   

  	
  59

  	
   

  	
  $

  	
  29,562.95

  	
   

  
	
  8/31/2009

  	
   

  	
  20

  	
   

  	
  $

  	
  1,154,180.33

  	
   

  	
  4/31/2011

  	
   

  	
  40

  	
   

  	
  $

  	
  584,298.91

  	
   

  	
  12/31/2012

  	
   

  	
  60

  	
   

  	
  $

  	
  0.00

  	
   

  



 

















 


SCHEDULE D


 


Heron Lake BioEnergy


 


Termination Values


 


This project includes the following
projects:


 


	
   

  	
   

  	
  Bill kW

  	
   

  	
  KWh

  	
   

  	
  Therms

  	
   

  	
  Dollars (Energy)

  	
   

  	
   

  	
   

  
	
  Project

  	
   

  	
  Annual Savings

  	
   

  	
  Annual Savings

  	
   

  	
  Annual Savings

  	
   

  	
  Annual Savings

  	
   

  	
  Project Cost ($)

  	
   

  
	
  New Plant Construction 

  	
   

  	
  800 

  	
   

  	
  4,500,000 

  	
   

  	
   

  	
   

  	
  $ 321,181.00 

  	
   

  	
  $ 1,850,000.00 

  	
   

  
	
  TOTAL

  	
   

  	
  800

  	
   

  	
  4,500,000

  	
   

  	
  0

  	
   

  	
  $

  	
  321,181.00

  	
   

  	
  $

  	
  1,850,000.00