Energy Capital Partners (ECP) sells out Harvestone Low Carbon Partners (HLCP) for $915 million

Energy Capital Partners (ECP), a leading investment firm across energy transition infrastructure and part of Bridgepoint Group, has entered into a definitive agreement to sell Harvestone Low Carbon Partners (HLCP) to The Andersons Inc. The deal is done for an enterprise value of $915 million. HLCP is one of America’s leading decarbonization platforms.

HLCP is a low-carbon biofuels producer that owns three corn-based ethanol biorefineries: the Blue Flint and Dakota Spirit facilities in North Dakota and the Iroquois Bio-Energy Company facility in Indiana.

HLCP said that the plants together produce approximately 215 million gallons of ethanol per year and are situated in strategically advantaged locations to capture and permanently store the carbon dioxide (CO2) they produce. Under ECP’s ownership, HLCP successfully permitted, developed, and operated carbon capture and sequestration projects and transformed HLCP into one of the leading low-carbon ethanol platforms in the United States.

Matt Delaney, Partner at ECP, said, “In less than four years, we partnered with an outstanding management team to bring one of the first U.S. ethanol carbon capture and sequestration projects online and built a pipeline of attractive growth opportunities across the platform. We are proud of what the HLCP team has built and are confident The Andersons is the right owner to carry that work forward.”

“HLCP has shown that carbon capture at ethanol plants works at commercial scale,” added Ben Condon, Principal at ECP. “We are grateful for the HLCP team’s exceptional operating and development expertise and tireless efforts in pioneering carbon capture and sequestration in the US.”

Jeff Zueger, CEO of HLCP, stated, “I am grateful for what the team has accomplished and want to thank all of the incredibly talented employees at HLCP. We look forward to our next chapter with The Andersons, whose expertise in agriculture and ethanol will help us unlock new opportunities for our 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.