Enviva Partners, LP Reports Limited Damage From Hurricane Michael
BETHESDA, Md.–(BUSINESS WIRE)–Enviva Partners, LP (NYSE: EVA) (the “Partnership”) today reported that its facilities incurred only limited damage from Hurricane Michael.
The Partnership undertook substantial preparation in advance of Hurricane Michael’s landfall to keep employees safe and minimize disruption, including proactively idling operations at its wood pellet production plant in Jackson County, Florida (the “Cottondale plant”) and a third-party deep-water marine terminal in Panama City, Florida (the “Panama City terminal”). Based on initial assessments, the Cottondale plant did not incur substantial wind or water damage. Although the Partnership does not own material infrastructure assets at the Panama City terminal, a small portion of the roof on its contracted storage warehouse will need to be replaced and an estimated 5,000 tons of wood pellet inventory stored at the terminal appear to have been damaged by wind and rain. The Partnership’s production facilities and inventory are insured under a comprehensive insurance program.
The Cottondale plant is prepared to return to operations once power is restored to the site, which is expected to occur within the next week. Although the Port of Panama City remains closed, the Partnership is making arrangements to transport wood pellets from the Cottondale plant to other terminals. As a result, the Partnership expects Hurricane Michael to temporarily delay portions of its shipping schedule. The Partnership will continue to assess any impact on ship timing and operations as the region recovers.
About Enviva Partners, LP
Enviva Partners, LP (NYSE: EVA) is a publicly traded master limited partnership that aggregates a natural resource, wood fiber, and processes it into a transportable form, wood pellets. The Partnership sells a significant majority of its wood pellets through long-term, take-or-pay agreements with creditworthy customers in the United Kingdom and Europe. The Partnership owns and operates six plants with a combined production capacity of nearly three million metric tons of wood pellets per year in Virginia, North Carolina, Mississippi, and Florida. In addition, the Partnership exports wood pellets through its owned marine terminal assets at the Port of Chesapeake, Virginia, and the Port of Wilmington, North Carolina and from third-party marine terminals in Mobile, Alabama and Panama City, Florida.
To learn more about Enviva Partners, LP, please visit our website at www.envivabiomass.com.
Cautionary Note Concerning Forward-Looking Statements
Certain statements and information in this press release, including those concerning our expectation of the impact of Hurricane Michael on our operations, may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effects. Although management believes that these forward-looking statements are reasonable when made, there can be no assurance that future developments will be those that management anticipates. These forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections.
