GPP - Green Plains Partners: Growing By Shrinking
Earlier this month ethanol logistics MLP Green Plains Partners (GPP) announced that it is selling logistics assets and transferring leases associated with three Midwestern corn ethanol facilities to its sponsor Green Plains, Inc. (GPRE). The transaction is part of a larger sale by Green Plains, Inc. of those same three facilities to Valero Energy (VLO) as the former continues its strategic shift away from the ethanol sector. Surprisingly, given the reliance of the MLP on its sponsor for throughput volumes, the unit price of Green Plains Partners reversed direction