Project Kernel---Potential Structuring Alternatives August 2023 Potential Structuring Alternatives Project Kernel DRAFT CONFIDENTIAL Exhibit (c)(3)

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Project Kernel---Potential Structuring Alternatives 1 ____________________ Source: Company Filings. Note: Dollars in millions except per unit amounts. Assumes publicly held GPP units of 11.660mm as of June 30, 2023. Assumes GPRE common stock outstanding of 59.528mm as of July 28, 2023. GPRE share price as of August 25, 2023. Potential Structuring Alternatives Project Kernel 0.45x - 0.47x Collar (Evercore Proposal) 0.44x - 0.48x Modified Collar @$13.00 Min. Value Description Exchange ratio of 0.45x to 0.47x to achieve a minimum value of $15.00 per GPP unit at the time of closing If 0.47x results in a value at close below $15.00 then the shortfall will be paid in cash If 0.47x results in a value at close greater than $15.00, GPP unitholders receive an exchange ratio of 0.45x Exchange ratio of 0.44x to 0.48x to achieve a minimum value of $13.00 per GPP unit at the time of closing If 0.48x results in a value at close below $13.00 then the shortfall will be paid in cash If 0.48x results in a value at close greater than $13.00, GPP unitholders receive an exchange ratio of 0.44x Total Value of Consideration Paid 0.46x Exchange Ratio Fixed exchange ratio offer of 0.46x with no cash or minimum value protections 0.345x Exchange Ratio + Cash Total value of 0.46x GPRE shares per GPP unit at the time of signing (0.345x exchange ratio plus $3.62 in cash) Aggregate cash consideration is limited to $50mm (3) (3) (3) (3)

Analysis at Various Prices 2 Analysis at Various Prices ____________________ Source: Bloomberg, FactSet. Market data as of August 25, 2023. Note: Dollars in millions except per unit amounts. Implied unit price calculated by applying respective exchange ratio to GPRE share price as of August 25, 2023. Based on 23.265mm common units outstanding as of July 28, 2023. Based on net debt of $41.55mm, assuming $57.1mm debt and $15.5mm cash as of June 30, 2023 Based on 11.660mm public units outstanding as of June 30, 2023. (1)