Andersons agrees to buy Harvestone Low Carbon Partners for $915 million
ANDE•The Andersons agreed to acquire Harvestone Low Carbon Partners for $915 million, adding approximately 215 million gallons of annual ethanol capacity and expanding its platform more than 40% to approximately 730 million gallons. The deal is expected to close in the fourth quarter of 2026 or early first quarter of 2027.
1. Acquisition details
The Andersons agreed to acquire Harvestone Low Carbon Partners from Energy Capital Partners for $915 million. The acquisition adds approximately 215 million gallons of annual ethanol capacity, expanding the platform more than 40% to approximately 730 million gallons.
2. Financing and timing
Financing comprises approximately $300 million in revolving credit facility borrowings and $615 million in additional long-term debt. Approximately half the purchase price reflects expected 45Z and 45Q tax credit cash flows from the low-carbon ethanol business. The deal is expected to close in the fourth quarter of 2026 or early first quarter of 2027, with immediate earnings-per-share and cash-flow accretion expected.
