A company that makes wood pellets and sells them to power plants overseas says it’s forming a new joint venture with an insurance company to buy a plant in South Carolina and build a port in Mississippi.
Enviva Holdings of Bethesda, Maryland, on Tuesday announced the deal with the John Hancock Life Insurance Co.
The joint venture will buy a wood pellet plant in Greenwood, South Carolina from Navigator Co. SA, a Portuguese paper company. Terms weren’t disclosed. Navigator opened the plant in 2016, and Enviva says it will increase production.
The joint venture will also build a port terminal in Pascagoula, Mississippi, and plans to build two more pellet plants.
A previous joint venture between the two will keep ownership of a plant being built in Hamlet, North Carolina.
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info