Green Plains Partners has announced that it the acquisition of the storage and transportation assets of the Hopewell, Virginia and Hereford, Texas ethanol production facilities from Green Plains, Inc. has been completed. Totaling $62.5 million, these are the first two transactions completed since the company’s IPO. The acquired assets include ethanol storage tanks that support the plants’ combined expected production capacity of approximately 160 million gallons per year and 224 leased railcars with capacity of approximately 6.72 million gallons.

“We are pleased to complete the first drop down of assets since our IPO and believe this transaction highlights the value created for both Green Plains Partners’ unitholders and Green Plains’ shareholders,” said Todd Becker, president and chief executive officer of Green Plains Partners. “The acquisition is immediately accretive to distributable cash flow per common unit of the partnership. We believe the partnership enhances Green Plains’ ability to acquire ethanol production assets that are aligned with our growth strategy.”

The acquired assets are expected to contribute approximately $7.7 million of EBITDA in its first full year of operation. Green Plains purchased the Hopewell and Hereford assets were purchased in fourth quarter 2015.