Enova Energy Group, LLC has announced a plan to build three wood pellet projects that will be used to produce wood pellets to be used as a renewable fuel for exports to Europe. The projects will be built in Georgia and South Carolina.
The company, headquartered in Atlanta, created a subsidiary, Enova Wood Pellet Group LLC, to develop and operate the projects. The subsidiary will have a dedicated management team solely focused on the wood pellet industry.
According to Enova, by 2014 each of the facilities will produce 450,000 metric tons per year of pellets. The pellets will be exported out of Savannah, Ga., to various consumers in the European Union under long-term contracts. The wood pellet projects are expected to cost $330 million and Enova will meet 80 percent of this with debt.
Zach Steele, CEO of Enova, says, "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."
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