Enviva Partners, LP Announces Sixteenth Consecutive Distribution Increase

Enviva Partners, LP (NYSE: EVA) announced today that the board of directors of its general partner declared a quarterly distribution of $0.66 per common unit for the second quarter of 2019. This distribution is the Partnership’s sixteenth consecutive distribution increase, representing a 12.5 percent compound annual growth rate since its initial public offering. The quarterly distribution will be paid on Thursday, August 29, 2019 to unitholders of record as of the close of business on Thursday, August 15, 2019.

“With our expected operational performance and the benefit of the recently acquired Hamlet plant from our sponsor, we are very pleased to continue our track record of sixteen consecutive quarter-over-quarter distribution increases,” said Shai Even, Chief Financial Officer of Enviva. “With this important step, we continue well on our way to meeting our expectations of distributing at least $2.65 per common unit for full year 2019.”

As discussed in our May 8, 2019 earnings release, distribution expectations include our purchase of the sponsor’s interest in its first development joint venture, which owns the Hamlet plant, in April 2019, and reflect the associated financing activities, but do not include the impact of any additional acquisitions by the Partnership from the sponsor, the sponsor’s development joint venture, or third parties, or any additional recoveries related to the previously reported fire incident at the Partnership’s marine export terminal in Chesapeake, Virginia, which occurred during the first quarter of 2018, and Hurricanes Florence and Michael, which occurred during the second half of 2018. The Partnership’s quarterly income and cash flow are subject to seasonality and the mix of customer shipments made, which vary from period to period. When determining the distribution for a quarter, the Board evaluates the Partnership’s distribution coverage ratio on an annual basis and considers the expected distributable cash flow, net of expected amounts attributable to incentive distribution rights paid to our general partner.

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 off-take contracts with creditworthy customers in the United Kingdom and Europe. The Partnership owns and operates seven plants with a combined production capacity of over 3.5 million metric tons of wood pellets per year in Virginia, North Carolina, Mississippi, and Florida. In addition, the Partnership exports wood pellets through its marine terminals 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.