Enviva Holdings, LP announced today that its development subsidiary, Enviva Development Holdings, LLC, entered into a new joint venture, Enviva JV Development Company, LLC, with affiliates of The John Hancock Life Insurance Company (U.S.A.) (“John Hancock”) to acquire, develop and construct wood pellet production plants and deep-water marine terminals in the Southeastern United States. The new joint venture will be managed by Enviva and supported by the Hancock Renewable Energy Group (“HREG”), a unit of the Hancock Natural Resource Group. In addition, the new joint venture has agreed to acquire a wood pellet production plant in Greenwood, South Carolina (the “Greenwood plant”), subject to certain customary closing conditions.
“We are very pleased to announce the extension of our development relationship with John Hancock and HREG. The new joint venture is expected to develop and construct new production plants and marine terminals required to serve the growing Asian and European markets,” said John Keppler, President and Chief Executive Officer of Enviva. “As the plants and terminal assets contemplated in the joint venture become fully contracted and reach commercial operation, we expect to offer them to Enviva Partners, LP, providing additional visibility into the partnership’s potential drop-down inventory.”
Source: Enviva Holdings
Date: Jan 2, 2018