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Enviva completes acquisition of Greenwood Holdings
SOUTH CAROLINA (News release) -- Enviva Partners, LP (the Partnership) has completed the acquisition from its sponsor of Enviva Pellets Greenwood Holdings II, LLC, which, through its wholly owned subsidiaries, owns a wood pellet production plant in Greenwood, South Carolina.
In connection with the Greenwood acquisition, its sponsor has assigned to the Partnership five firm, long-term, take-or-pay off-take contracts with creditworthy Japanese counterparties that have maturities between 2031 and 2041, aggregate annual deliveries of 1.4 million metric tons per year ("MTPY"), and an aggregate revenue backlog of $5.3 billion. Including the Associated Off-Take Contracts, the Partnership's total weighted-average remaining term of off-take contracts has increased from 11.4 years to 12.7 years and its total product sales backlog has increased from $10.2 billion to $15.5 billion, as of April 1, 2020. Enviva Partners, LP is a publicly traded master limited partnership that aggregates a natural resource, wood fiber, and processes it into a transportable form, wood pellets.
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