Atlanta-based Enova Energy to begin construction in Q1 of three 450,000-tonnes/year capacity wood pellet manufacturing plants in Georgia and South Carolina
September 18, 2012
– Enova Energy Group, LLC ("Enova") a vertically integrated developer and asset owner of renewable energy projects, has announced that it will build 3 wood pellet projects in Georgia and South Carolina beginning in Q1 2012. Enova has created a subsidiary, Enova Wood Pellet Group LLC which has a dedicated management team solely focused on the wood pellet industry.
Enova will develop these plants to produce wood pellets to be used as a renewable fuel for export to the European Union under long term contracts with public and private utilities. The facilities will each produce 450,000 metric tons each for a total 1.35MM metric tons by 2014 from the facilities to be exported out of Savannah, GA. Each project will create approximately 150 jobs during construction and an additional 70 jobs directly at each facility for a total job creation of over 450 jobs during construction and over 200 permanent jobs. The wood pellet projects are expected to cost $330 million and Enova will meet 80% of this with debt.
Zach Steele, CEO of Enova, believes, "As demand for biomass has grown in Europe, Enova is ideally situated to take advantage of the vast resources of sustainable forests being grown throughout the Piedmont Region of the southeastern U.S. to help Europe meet its demand to reduce its carbon footprint."
This is going to be Enova's first roll out of pellet plants. However, Enova believes that this is the first of many announcements as they continue to expand their presence in this market and explore expansion plans to other southern states with additional sites already being secured to expand to an additional 2,000,000 metric tons of wood pellets throughout the Southeast United States. www.enovaenergygroup.com
About Enova Energy Group, LLC.
Enova Energy is headquartered in Atlanta, GA with offices in New York, New York, Enova Energy Group, LLC., was founded in 2009 with the goal of becoming a leader in the development and operations of renewable energy in the United States. Enova closed Plainfield Renewable Energy in 2011 with over $225M in financing, which is a 37.5MW biomass plant located in Plainfield, CT as the sponsor of that transaction.