Navigation Links
Enviva Closes on $120 Million Senior Secured Credit Facility

WASHINGTON, Nov. 14, 2012 /PRNewswire/ -- Enviva LP ("Enviva"), a leading midstream supplier of sustainably sourced wood pellets and other processed biomass fuel to generators in the United States and Europe, announced today that it has closed on a $120 million Senior Secured Credit Facility, the company's first corporate borrowing. Barclays Bank PLC, Goldman Sachs Bank USA and Royal Bank of Canada served as Joint Lead Arrangers and Joint Book Runners.

"This substantial commitment by the Joint Lead Arrangers and the other financing banks is an important step in right-sizing Enviva's balance sheet," said Steve Reeves, the company's Executive Vice President and Chief Financial Officer.  "As one of the first credit underwritings of its kind in the emerging biomass renewable energy sector, we're delighted by the strong show of confidence from leaders in the banking industry."

The proceeds of the debt offering will be used to complete the construction of two new 500,000 metric ton per year pellet mills, one each in Virginia and North Carolina, and to increase the storage capacity of Enviva's deep-water port terminal in Chesapeake, Virginia to approximately 100,000 metric tons.  This construction and expansion will complement Enviva's existing manufacturing base and large operating footprint in the mid-Atlantic, Mississippi and Alabama.

When complete in 2013, Enviva's 1.72 million tons of combined annual capacity will help fulfill existing long-term supply agreements for the company's solid renewable fuels to major European utility customers. "As demand for sustainable biomass fuels continues to increase worldwide, the midstream supply sector must continue to grow alongside, aggregating and processing fragmented wood resources into high-quality renewable fuels and storing, terminaling and delivering them reliably to our customers," said John Keppler, Chairman and Chief Executive Officer of Enviva. "Enviva and the broader midstream sector are a crucial part of global renewable energy infrastructure. Debt capital alongside the equity capital we and our principal financial sponsor, Riverstone Holdings LLC, have invested and continue to invest is an essential part of funding our growth." As one of the largest and best capitalized wood pellet manufacturers in the industry, Enviva remains a world leader in the manufacture of sustainable wood biomass fuels.

About Enviva LP
Enviva is a midstream fuel supplier providing sustainably sourced wood pellets and other processed biomass to power generation and industrial customers seeking to decrease their dependence on fossil fuels and reduce their carbon footprint. By connecting biomass sources to energy consumers, Enviva reliably provides customers worldwide with renewable, sustainable, clean biomass to improve the environmental profile of energy generation. Enviva enters into long-term, take-or-pay contracts and sizes production to contracted volumes, substantially eliminating the Company's exposure to the spot market and generating stable revenues and cash flows. The Company currently has 1.72 million metric tons per year of contracted run-rate volume with creditworthy off-takers in the United Kingdom and Europe.  For more information about Enviva, including job opportunities, go to

Enviva Contact:
Elizabeth Woodworth
+1 (301) 657 5560

Copyright©2012 PR Newswire.
All rights reserved

Related biology technology :

1. AyoxxA Biosystems Closes Series A Financing Round
2. OncoSec Closes $7.75 Million Public Offering
3. Avaxia Biologics, Inc. Closes $4.1 Million Series A Financing to Advance Oral Antibodies for Inflammatory Bowel Disease
4. Radius Closes $27.65 Million Second Tranche of Previously Announced Financing
5. A 300 Million Euro Boost for Biomedicine in Berlin
6. Ceres Receives $3.5 million from USAID for Trait Stacks
7. Arecor Awarded Biomedical Catalyst Funding Towards £1.3 Million Project
8. Advanced Cell Diagnostics Completes $12 Million Series B Financing
9. Synthetic Biologics Completes $10.8 Million Private Placement Financing
10. Preimplantation Genetic Diagnosis (PGD) Market is Expected to Reach USD 47.4 Million Globally in 2018: Transparency Market Research
11. Synthetic Biologics Announces $10.8 Million Financing
Post Your Comments:
(Date:11/24/2015)... ... November 24, 2015 , ... In harsh industrial processes, ... for in-line sensors can represent a weak spot where leaking process media is ... retractable sensor housings , which are designed to tolerate extreme process conditions. They ...
(Date:11/24/2015)... Nov. 24, 2015 HemoShear Therapeutics, LLC, ... drugs for metabolic disorders, announced today the appointment ... Board of Directors (BOD). Mr. Watkins is the ... Genome Sciences (HGS), and also served as the ... Jim Powers , Chairman and CEO of HemoShear ...
(Date:11/23/2015)... -- Women with a certain type of lung nodule visible ... of lung cancer than men with similar nodules, according to ... meeting of the Radiological Society of North America ... --> Lung nodules are small masses of tissue in ... on their appearance on CT. Solid nodules are dense, and ...
(Date:11/23/2015)... November 23, 2015 The royalty-free ... to develop daclatasvir for 112 low- ... --> --> The Medicines ... hepatitis C medicine, signing an agreement with Bristol-Myers Squibb for ... cure multiple genotypes of the HCV virus.  The royalty-free licence ...
Breaking Biology Technology:
(Date:11/20/2015)... -- NXTD ) ("NXT-ID" or the "Company"), ... commerce market and creator of the Wocket® smart wallet, ... interviewed on The RedChip Money Report television ... Bloomberg Europe , Bloomberg Asia, Bloomberg Australia, and ... ) ("NXT-ID" or the "Company"), a biometric authentication company ...
(Date:11/19/2015)... , Nov. 19, 2015  Based on its in-depth ... Sullivan recognizes BIO-key with the 2015 Global Frost & ... Frost & Sullivan presents this award to the company ... to the needs of the market it serves. The ... meets and expands on customer base demands, the overall ...
(Date:11/19/2015)...  Although some 350 companies are actively involved in ... companies, according to Kalorama Information. These include Roche Diagnostics, Hologic, ... share of the 6.1 billion-dollar molecular testing market, according ... Molecular Diagnostic s .    ... by one company and only a handful of companies ...
Breaking Biology News(10 mins):