Energy Capital Partners (ECP) Announces Agreement to Sell Harvestone Low Carbon Partners to The Andersons, Inc. for $915 million

SUMMIT, N.J.--(BUSINESS WIRE)--Energy Capital Partners (“ECP”), a leading investment firm across energy transition infrastructure and part of Bridgepoint Group (LSE: BPT.L), today announced that it has entered into a definitive agreement to sell Harvestone Low Carbon Partners, LP (“HLCP”), one of America's leading decarbonization platforms, to The Andersons, Inc. (Nasdaq: ANDE) (“The Andersons”) for an enterprise value of $915 million.

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. 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.

“HLCP demonstrates what active ownership can achieve in the energy transition,” said Matt Delaney, Partner at ECP. “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 U.S.”

“Our partnership with ECP has been instrumental in transforming Harvestone into a leader in low-carbon biofuels,” said Jeff Zueger, CEO of HLCP. “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.

TPH&Co., the energy business of Perella Weinberg Partners, served as exclusive financial advisor and Latham & Watkins LLP served as legal advisor to ECP.

About ECP

Energy Capital Partners (ECP), founded in 2005 and based in Summit, New Jersey, is a leading investment platform focused on the energy transition, with an emphasis on electricity generation and sustainable infrastructure that delivers reliable, affordable and secure energy. ECP combines deep domain expertise with a value-added, operationally focused investment approach. Since inception, ECP has secured more than $41 billion in capital commitments from institutional investors globally.

ECP is the infrastructure investment platform of Bridgepoint Group Plc (LSE: BPT.L), a London-listed global leader in middle-market private equity, credit and infrastructure. Together, they manage approximately $97 billion in combined assets under management.

About Harvestone Low Carbon Partners

Harvestone Low Carbon Partners, LP (HLCP) is a low-carbon biofuels producer operating at the intersection of traditional ethanol manufacturing and energy transition. HLCP operates three corn-based, dry-mill ethanol facilities, producing nearly 220 million gallons of ethanol per year. The Blue Flint and Dakota Spirit AgEnergy facilities are located in North Dakota, and the Iroquois Bio-Energy Company facility is located in Indiana.