Enviva files $100 million IPO, announces acquisition of Green Circle Bio Energy

By Staff | November 24, 2014

Enviva has filed a registration statement with the U.S. Securities and Exchange Commission for a proposed $100 million initial public offering (IPO) and announced plans to acquire Green Circle Bio Energy Inc.

The IPO was filed by Enviva Partners LP. While Enviva operates five pellet plants, including those in Wiggins and Amory in Mississippi; Ahoskie and Northampton in North Carolina; and Southampton, Virginia, SEC filings indicate Enviva Holdings LP, Enviva Partners’ sponsor, will retain ownership of the Southampton facility. Green Circle Bio Energy and its 650,000-ton-per-year facility in Cottondale, Florida, are being acquired by Enviva Development Holdings LLC. That facility is expected to be contributed to Enviva Partners. As such, Enviva Partners LP is expected to own the Amory, Wiggins, Ahoskie, Northampton and Cottondale facilities upon the close of the IPO.

In addition to the Cottondale plant, Green Circle previously announced the proposed development of a 500,000-ton-per-year plant in Mississippi.   Morton Neraas, president and CEO of Green Circle, recently told Biomass Magazine that at present, it is not anticipated any changes will be made to the project due to the change in ownership.