Energy Capital Partners has announced that it has entered into a definitive agreement to sell Harvestone Low Carbon Partners (HLCP) to The Andersons, Inc. (Nasdaq: ANDE) for US$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.
Latham & Watkins LLP advised Energy Capital Partners on the transaction with a corporate deal team led by Houston partner Lauren Anderson, with associates Vera Bespalova, David Lee, Patrick Donlon, and Liem-Lucas Nguyen.
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