BETHESDA, Md.--(BUSINESS WIRE)--Enviva Holdings, LP announced today that two of its wholly-owned subsidiaries sold 1,265,453 common units representing limited partner interests in Enviva Partners, LP to accounts managed by ValueAct Spring Fund, HITE Hedge Asset Management LLC, and Kayne Anderson Capital Advisors, L.P. The transaction priced on May 4, 2018 and settled on May 9, 2018. The common units were sold pursuant to an effective registration statement on file with the Securities and Exchange Commission.
“This transaction demonstrates the strong investor support for Enviva Partners and the growing interest in renewable energy and infrastructure investments,” said John Keppler, Chairman and Chief Executive Officer of Enviva. “Proceeds from the sales will be recycled to help fund the capital requirements of our development joint ventures to construct the Hamlet plant and increase the capacity of the recently acquired Greenwood plant. We expect one plant to be made available as a drop-down transaction to Enviva Partners, LP in 2019 and the other in 2020.”
“Enviva’s contribution to growing forest inventory by supporting the responsibly-sourced forest products market is an example of the enabling force companies can serve in the pursuit of a healthier planet and healthier communities,” said Jeff Ubben, Chief Executive Officer and founder of ValueAct Capital.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Enviva Holdings, LP
Enviva Holdings, LP is the world’s largest producer of wood pellets, a renewable and sustainable energy source used to generate electricity and heat. Through its subsidiaries, Enviva Holdings, LP owns and operates wood pellet processing plants and deep-water export terminals in the Southeastern United States. We export our pellets primarily to power plants in the United Kingdom and Europe that previously were fueled by coal, enabling them to reduce their lifetime carbon footprint by about 80 percent. We make our pellets using sustainable practices that protect Southern forests, and we employ about 680 people and support many other businesses in the rural South, where jobs and economic opportunity are sometimes scarce. Enviva Holdings, LP conducts its activities primarily through two entities: Enviva Partners, LP, a publicly-traded master limited partnership (NYSE: EVA), and Enviva Development Holdings, LLC, a wholly-owned private company. To learn more about Enviva, please visit our website at www.envivabiomass.com.
