Enviva Partners, LP Completes Previously Announced Drop-Down Transactions

BETHESDA, Md.–(BUSINESS WIRE)–Enviva Partners, LP (NYSE: EVA) (“Enviva,” the “Partnership,” “we,”
“us,” or “our”) has completed the previously announced purchase (the
“Hamlet Transaction”) of its sponsor’s interest in its first development
joint venture, Enviva Wilmington Holdings, LLC (the “First JV”). The
First JV owns a wood pellet production plant under construction in
Hamlet, North Carolina (the “Hamlet plant”) and a firm, 15-year
take-or-pay off-take contract, adding incremental sales volume of
approximately 500,000 metric tons per year to the Partnership. In
addition, the Partnership announced that it has made the second and
final payment (the “Second Payment”) for its October 2017 acquisition of
the deep-water marine terminal in Wilmington, North Carolina and
commenced the associated terminal services agreement to handle
contracted volumes from the Hamlet plant.

As partial consideration for the Hamlet Transaction and the Second
Payment, as well as partial financing for the Partnership’s previously
announced production capacity expansions at its wood pellet production
plants in Northampton, North Carolina and Southampton, Virginia (the
“Mid-Atlantic Expansions”), the Partnership issued a total of 6,881,642
common units representing limited partner interests in the Partnership,
or approximately $200 million. The Partnership expects to finance the
remainder of the capital anticipated to be required for the Hamlet
Transaction, the remainder of the capital expenditures expected to be
required to complete the construction of the Hamlet plant, the Second
Payment, and the Mid-Atlantic Expansions with borrowings under its
existing $350 million senior secured revolving credit facility.

Additional details on the transactions and related financing activities
can be found in the Partnership’s press release issued on March 25, 2019.

About Enviva Partners, LP

Enviva Partners, LP (NYSE: EVA) is a publicly traded master limited
partnership that aggregates a natural resource, wood fiber, and
processes it into a transportable form, wood pellets. The Partnership
sells a significant majority of its wood pellets through long-term,
take-or-pay agreements with creditworthy customers in the United Kingdom
and Europe. The Partnership owns and operates six plants with a combined
production capacity of nearly three million metric tons of wood pellets
per year in Virginia, North Carolina, Mississippi, and Florida and is
nearing completion of construction of a seventh plant with a nameplate
production capacity of approximately 600,000 metric tons in Hamlet,
North Carolina. In addition, the Partnership exports wood pellets
through its owned marine terminal assets at the Port of Chesapeake,
Virginia and the Port of Wilmington, North Carolina and from third-party
marine terminals in Mobile, Alabama and Panama City, Florida.

To learn more about Enviva Partners, LP, please visit our website at www.envivabiomass.com.

Cautionary Note Concerning Forward-Looking Statements

Certain statements and information in this press release, including
those concerning our 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 the Partnership’s current expectations and beliefs
concerning future developments and their potential effect on the
Partnership. Although management believes that these forward-looking
statements are reasonable as and when made, there can be no assurance
that future developments affecting the Partnership will be those that it
anticipates. The forward-looking statements involve significant risks
and uncertainties (some of which are beyond the Partnership’s control)
and assumptions that could cause actual results to differ materially
from the Partnership’s historical experience and its present
expectations or projections. Important factors that could cause actual
results to differ materially from forward-looking statements include,
but are not limited to: (i) the volume and quality of products that we
are able to produce or source and sell, which could be adversely
affected by, among other things, operating or technical difficulties at
our plants or deep-water marine terminals; (ii) the prices at which we
are able to sell our products; (iii) failure of the Partnership’s
customers, vendors, and shipping partners to pay or perform their
contractual obligations to the Partnership; (iv) the creditworthiness of
our contract counterparties; (v) the amount of low-cost wood fiber that
we are able to procure and process, which could be adversely affected
by, among other things, disruptions in supply or operating or financial
difficulties suffered by our suppliers; (vi) changes in the price and
availability of natural gas, coal, or other sources of energy; (vii)
changes in prevailing economic conditions; (viii) our inability to
complete acquisitions, including acquisitions from our sponsor, or to
realize the anticipated benefits of such acquisitions; (ix) inclement or
hazardous environmental conditions, including extreme precipitation,
temperatures and flooding; (x) fires, explosions or other accidents;
(xi) changes in domestic and foreign laws and regulations (or the
interpretation thereof) related to renewable or low-carbon energy, the
forestry products industry, the international shipping industry, or
power generators; (xii) changes in the regulatory treatment of biomass
in core and emerging markets; (xiii) our inability to acquire or
maintain necessary permits or rights for our production, transportation,
or terminaling operations; (xiv) changes in the price and availability
of transportation; (xv) changes in foreign currency exchange or interest
rates, and the failure of our hedging arrangements to effectively reduce
our exposure to the risks related thereto; (xvi) risks related to our
indebtedness; (xvii) our failure to maintain effective quality control
systems at our production plants and deep-water marine terminals, which
could lead to the rejection of our products by our customers; (xviii)
changes in the quality specifications for our products that are required
by our customers; (xix) labor disputes; (xx) the effects of the
anticipated exit of the United Kingdom from the European Union on our
and our customers’ businesses; (xxi) our inability to hire, train or
retain qualified personnel to manage and operate our business and newly
acquired assets; (xxii) our inability to borrow funds and access capital
markets; (xxiii) our mis-estimation of the timing and extent of our
ability to recover the costs associated with the previously reported
fire incident at the Partnership’s marine export terminal in Chesapeake,
Virginia and Hurricanes Florence and Michael through our insurance
policies and other contractual rights; (xxiv) risks related to our
project-development activities, and (xxv) our inability to complete our
construction projects on time and within budget.

For additional information regarding known material factors that could
cause the Partnership’s actual results to differ from projected results,
please read its filings with the U.S. Securities and Exchange Commission
(the “SEC”), including the Annual Report on Form 10-K and the Quarterly
Reports on Form 10-Q most recently filed with the SEC. Readers are
cautioned not to place undue reliance on forward-looking statements,
which speak only as of the date thereof. The Partnership undertakes no
obligation to publicly update or revise any forward-looking statements
after the date they are made, whether as a result of new information or
future events or otherwise.