Southeast Georgia pellet plant sold to new owner for $175M

Business

WAYCROSS, Ga. (AP) — A large producer of wood pellets that are burned for electricity is buying a pellet plant in southeast Georgia for $175 million.

Enviva Partners of Bethesda, Maryland, announced last week that it would buy the Georgia Biomass plant in Waycross and port capacity Georgia Biomass leases at Savannah.

The Waycross plant has a capacity of 800,000 metric tons per year.

Enviva is also buying its Greenwood, South Carolina, plant from a related entity, paying $132 million and assuming $40 million in debt.

Enviva plans to spend $28 million to increase the Greenwood plant’s output.

Enviva is privately selling $200 million in ownership units in its limited partnership and will borrow the rest of the total price of $375 million.

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories