Enviva closes loan for construction of pellet plants
Pellet producer and global biomass supplier Enviva LP has closed on a $120 million senior secured credit facility that will help complete construction of two 500,000 metric ton pellet mills and the expansion of the company’s deep-water port terminal in Virginia to 100,000 metric tons.
“We’re delighted by the strong show of confidence from leaders in the banking industry,” said Steve Reeves, executive vice president and chief financial officer at Enviva. He added that the corporate borrowing is one of the first credit underwritings in the biomass industry.
Barclays Bank PLC, Goldman Sachs Bank USA, Royal Bank of Canada and Citigroup Global Markets Inc. served as the joint lead arrangers and joint book runners on the deal. By 2013, Enviva will have 1.72 million metric tons of annual biomass capacity to supply its European utility customer base.