Green Plains sells interest in JGP Energy Partners

By Matt Thompson | January 09, 2020

Green Plains Inc. has sold its interest in JGP Energy Partners LLC, an import and export fuel terminal in Beaumont, Texas. Green Plains held a 50 percent interest in the joint venture, and sold its share for $29 million, plus working capital. Jefferson Energy Holdings LLC, Green Plains’ partner in the joint venture, purchased Green Plains’ share. The sale was completed Dec. 11.

In a release announcing the sale, Green Plains president and CEO Todd Becker said the sale “further enhances the strength of our balance sheet and allows Green Plains to allocate capital toward strategic priorities that focus on driving higher returns for our shareholders. At the same time, we will continue to support our export program through negotiated agreements with third-party terminals.”

The first shipment left the terminal in December of 2017. At the time, Becker said the terminal was “state-of-the-art” and that it “aligns with our strategy to grow our downstream distribution capabilities and optimize our logistics platform.” He also touted the facility’s proximity to railroads and barges. The cost of constructing the facility was $50 million.