Harvestone announced the addition of two more ethanol plant transitions to the platform along with new combined capital commitments
Harvestone Group is pleased to announce the addition of two more ethanol plant transitions to the platform along with new combined capital commitments of $100M in financing to foster future development opportunities. These events mark the successful completion of another major milestone for the Harvestone team and shareholders as it continues executing to its growth strategy.
Midwest AgEnergy, the owner of two strategic ethanol facilities in North Dakota totaling more than 150myg of annual capacity, is set to make the official transition to Harvestone’s marketing, logistics and trading platform as of March 1st, 2020. “We are excited to finally be transitioning the MAG facilities to the Harvestone platform. This is an impressive team with well-located assets, and we are excited to be partnering with them,” said Kevin Stewart of Harvestone.
“We are very impressed with the Harvestone team, platform and capabilities and are excited to be making the transition. We see this model as a value-added way to transparently align independent producers with the critical marketing and trading function that directly benefits MAG and its shareholders,” said Jeff Zueger of Midwest AgEnergy.
Second and in conjunction with the upcoming volume growth, the company has secured combined capital commitments of $100M from industry leading lenders to support the growth trajectory of the platform. The new credit facility is being led by BNP Paribas, an energy industry leader in commodity finance. This puts Harvestone in a unique position to continue to deploy capital in a way that adds value to both producer partners and end user customers. “Ethanol markets are going through a challenging time and this access to capital allows us the ability to step in and help create value throughout the supply chain,” said Mack Pennington, CFO of Harvestone.
Source: Company Press Release