Energy Capital Partners has agreed to sell Harvestone Low Carbon Partners (HLCP) to The Andersons for an enterprise value of $915 million. HLCP operates three corn-based ethanol biorefineries in North Dakota and Indiana, producing about 215 million gallons of ethanol per year. The company has developed carbon capture and storage projects at these sites, positioning it as a leading low-carbon ethanol platform in the U.S. The deal reflects the growing value of pairing ethanol production with carbon sequestration, especially under federal incentives like the 45Q tax credit. The transaction is expected to close in late 2026 or early 2027, pending regulatory approvals. For Andersons, the acquisition provides immediate access to operating CCS infrastructure and a low-carbon fuel portfolio.
