Enviva Announces Acquisitions
Enviva is expanding its footprint in the south once again through acquisitions—this time with the purchase of Georgia Biomass in Waycross, Ga., which was commissioned in April 2011, with associated export terminal capacity in Savannah, Ga. for $175 million in cash. The Waycross facility has an annual production capacity of 750,000 MTPY. This announcement comes after Enviva purchased the pellet plant in Greenwood, SC, commissioned by Colombo Energy.
“The Greenwood and Georgia Biomass acquisitions are fundamentally transformative for Enviva’s scale and diversification,” comments John Keppler, Chairman and CEO, Enviva. “Not only are we increasing Enviva’s fully contracted production capacity by 35%, but we are doing so in new fiber baskets, with new deep-water terminal infrastructure, and with new customers under new long-term, take-or-pay off-take contracts that we expect will enable us to continue our track record of generating durable cash flows and growing our distributions sustainably well into the future.”
Taking the associated off-take contracts from the Greenwood purchase and the Waycross contracts into account, Enviva’s total weighted-average remaining term of off-take contracts will increase from 11.4 years to 12.7 years and total product sales backlog increased from $10.2 billion to $15.5 billion, on a pro forma basis as of April 1, 2020. Production from both plants is expected to be fully contracted through 2035.
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