Following up on last week's Back to the Future: "UK’s Renewable Energy Targets Drive Increases in U.S. Wood Pellet Exports", it looks like Carlyle wants to cash out.
From peHUB:
PE-backed Enviva Partners goes public
Enviva Partners LP, a wood pellets provider to large power generations, has raised $200 million for its IPO after pricing its 10 million shares at $20 per share. The stock began trading Wednesday on the NYSE under the ticker symbol “EVA.” Barclays Capital Inc, Goldman, Sachs & Co, RBC Capital Markets LLC and Citigroup Global Markets Inc are the lead underwriters. Enviva Partners is backed by Riverstone/Carlyle Renewable Energy Partners.A quick look at the risk factors shows the gigantic (3960 MW) Drax power plant as one of Enviva's three customers:
PRESS RELEASE
BETHESDA, Md.–(BUSINESS WIRE)–Enviva Partners, LP (“Enviva Partners” or the “Partnership”) today announced the pricing of its initial public offering of 10,000,000 common units representing limited partner interests at $20.00 per common unit. The common units are expected to begin trading on the New York Stock Exchange on April 29, 2015 under the ticker symbol “EVA.” In addition, the Partnership has granted the underwriters a 30-day option to purchase up to an additional 1,500,000 common units at the initial public offering price. The offering is expected to close on May 4, 2015, subject to customary closing conditions.
Upon the consummation of the offering, the public will own common units representing a 42.0% limited partner interest in the Partnership (or 48.3% if the underwriters exercise in full their option to purchase additional common units). Enviva Holdings, LP (the “Sponsor”) will own common units and subordinated units representing a 58.0% limited partner interest in the Partnership (or 51.7% if the underwriters exercise in full their option to purchase additional common units).
The Partnership intends to use the net proceeds from the offering to pay, together with borrowings under its new term loan facility, a distribution to the Sponsor, to repay intercompany indebtedness related to the acquisition of the Partnership’s Cottondale wood pellet production plant and for general partnership purposes....MORE
Our contracts with
Drax, GDF and E.ON represented substantially all of our sales for 2014.
Here are Enviva's SEC filings.
If interested, see also:
Aug. 2014
"What's Replacing Coal In Europe? Imported Wood"
May 2013
Bonfire of the Subsidies: Europe Returns to Early Stone Age Fuel as Putin Mocks
Mocking Europe's Energy Policy: "Putin invites Europeans to Siberia for firewood"
