Enviva Holdings, LP Announces Sale of Enviva Partners, LP Common Units to Fund Development Projects
Bethesda, MD – May 10, 2018 — Enviva Holdings, LP (“Enviva” or “we”) 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 industrial 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 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 Holdings, LP, please visit our website at www.envivabiomass.com and follow us on Facebook (www.facebook.com/enviva) and Twitter (@EnvivaBiomass).
Cautionary Note Concerning Foward-Looking Statements
Certain statements and information in this press release, including those concerning future results of operations, acquisition opportunities, and distributions, may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effects. Although management believes that these forward-looking statements are reasonable when made, there can be no assurance that future developments will be those that management anticipates. These forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections.
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