The credit facility was jointly arranged by Barclays Bank, Goldman Sachs Bank USA and Royal Bank of Canada.
With the loan, Enviva will continue construction of two new pellet mills with 500,000 metric ton a year capacity in Virginia and North Carolina.
The company will also enhance storage capacity at its deep-water port terminal in Chesapeake, Virginia to approximately 100,000 metric tons, thereby extending its operating footprint in the mid-Atlantic, Mississippi and Alabama.
Enviva executive vice president and chief financial officer Steve Reeves said, "This substantial commitment by the Joint Lead Arrangers and the other financing banks is an important step in right-sizing Enviva’s balance sheet."
Scheduled to complete in 2013, Enviva plans to fulfill existing renewable fuels long-term supply agreements with the combined 1.72 million tons of annual capacity.
