Key Takeaways
- • Energy Capital Partners (ECP) agreed to sell Harvestone Low Carbon Partners, LP (HLCP) to The Andersons, Inc. (Nasdaq: ANDE) at an enterprise value of $915 million, according to a Business Wire announcement.
- • HLCP operates three corn-based ethanol biorefineries producing approximately 215 million gallons per year, with carbon capture and sequestration capacity at its North Dakota and Indiana plants.
- • ECP, which has raised more than $41 billion in capital commitments since its 2005 founding, says it brought one of the first U.S. ethanol carbon capture and sequestration projects online in under four years of ownership.
- • The transaction is expected to close in Q4 2026 or early Q1 2027, subject to regulatory approvals and customary closing conditions.
- • TPH&Co. (Perella Weinberg Partners) served as exclusive financial advisor to ECP, with Latham & Watkins LLP as legal advisor.
Summary
Energy Capital Partners (ECP), the energy transition infrastructure investment platform of Bridgepoint Group plc (LSE: BPT.L), has entered into a definitive agreement to sell Harvestone Low Carbon Partners, LP (HLCP) to The Andersons, Inc. (Nasdaq: ANDE) for an enterprise value of $915 million, according to a Business Wire announcement dated November 4, 2026.
HLCP is a low-carbon biofuels producer operating three corn-based, dry-mill ethanol facilities: the Blue Flint and Dakota Spirit AgEnergy plants in North Dakota and the Iroquois Bio-Energy Company facility in Indiana. The company reports combined annual output of approximately 215 million gallons of ethanol, though its own boilerplate cites nearly 220 million gallons. The facilities are positioned to capture and permanently store the carbon dioxide they produce.
ECP stated that during its ownership HLCP permitted, developed and operated carbon capture and sequestration projects, becoming one of the leading low-carbon ethanol platforms in the United States. Matt Delaney, Partner at ECP, said the firm partnered with management to bring one of the first U.S. ethanol carbon capture and sequestration projects online in less than four years and built a pipeline of growth opportunities. Ben Condon, Principal at ECP, said HLCP has shown that carbon capture at ethanol plants works at commercial scale.
Jeff Zueger, CEO of HLCP, said the partnership with ECP transformed Harvestone into a leader in low-carbon biofuels and that The Andersons' expertise in agriculture and ethanol would help unlock new opportunities for employees, customers and local communities.
The transaction is expected to close in the fourth quarter of 2026 or early in the first quarter of 2027, subject to required regulatory approvals and other customary closing conditions. TPH&Co., the energy business of Perella Weinberg Partners, acted as exclusive financial advisor to ECP, and Latham & Watkins LLP served as legal advisor. ECP, founded in 2005 and based in Summit, New Jersey, has secured more than $41 billion in capital commitments from institutional investors globally.
HLCP is a low-carbon biofuels producer operating three corn-based, dry-mill ethanol facilities: the Blue Flint and Dakota Spirit AgEnergy plants in North Dakota and the Iroquois Bio-Energy Company facility in Indiana. The company reports combined annual output of approximately 215 million gallons of ethanol, though its own boilerplate cites nearly 220 million gallons. The facilities are positioned to capture and permanently store the carbon dioxide they produce.
ECP stated that during its ownership HLCP permitted, developed and operated carbon capture and sequestration projects, becoming one of the leading low-carbon ethanol platforms in the United States. Matt Delaney, Partner at ECP, said the firm partnered with management to bring one of the first U.S. ethanol carbon capture and sequestration projects online in less than four years and built a pipeline of growth opportunities. Ben Condon, Principal at ECP, said HLCP has shown that carbon capture at ethanol plants works at commercial scale.
Jeff Zueger, CEO of HLCP, said the partnership with ECP transformed Harvestone into a leader in low-carbon biofuels and that The Andersons' expertise in agriculture and ethanol would help unlock new opportunities for employees, customers and local communities.
The transaction is expected to close in the fourth quarter of 2026 or early in the first quarter of 2027, subject to required regulatory approvals and other customary closing conditions. TPH&Co., the energy business of Perella Weinberg Partners, acted as exclusive financial advisor to ECP, and Latham & Watkins LLP served as legal advisor. ECP, founded in 2005 and based in Summit, New Jersey, has secured more than $41 billion in capital commitments from institutional investors globally.
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