Enviva Partners a quarterly distribution of USD 0.5550 per common and subordinated unit for the first quarter of 2017.
According tot the announcement, the distribution is 8.8% higher than the distribution for the first quarter of 2016 and 3.7% percent higher than the distribution for the fourth quarter of 2016. The quarterly distribution will be paid on Tuesday, May 30, 2017, to unitholders of record as of the close of business on Thursday, May 18, 2017.
John Keppler, Chairman and Chief Executive Officer, commented:
“Our consistent operating performance combined with the initial benefit of the recently completed Sampson drop-down transaction gave us the confidence to take a meaningful first step toward our previously announced guidance of at least USD 2.35 per unit for the full year of 2017.
We are pleased to continue our track record of quarter-over-quarter distribution increases even through the seasonal challenges typical during our first quarter.”
In 4Q2016 Enviva Partners increased Adjusted EBITDA by 3.1%.
Earlier Enviva completed the previously announced acquisition of the Sampson plant and associated off-take contracts from Enviva Holdings joint venture with affiliates of John Hancock Life Insurance Company.
About Enviva Partners:
The company is a publicly traded master limited partnership that aggregates a natural resource, wood fiber, and processes it into a transportable form, wood pellets. It sells a significant majority of its wood pellets through long-term, take-or-pay agreements with creditworthy customers in the U.K. and Europe. Enviva Partners owns and operates six plants in Southampton County, Virginia; Northampton County and Ahoskie, North Carolina; Amory and Wiggins, Mississippi; and Cottondale, Florida having a combined production capacity of approximately 2.3 Mt of wood pellets per year. In addition, the partnership owns a deep-water marine terminal at the Port of Chesapeake, Virginia, which is used to export wood pellets. Enviva Partners also exports pellets through the ports of Mobile, Alabama and Panama City, Florida.