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Mon 27 Jul 2020 03:10 PM

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Abu Dhabi's Mubadala invests $150m in US-based wood pellet firm Enviva

Enviva completed the recapitalisation of the company, raising more than $1 billion in new and incremental equity

Abu Dhabi's Mubadala invests $150m in US-based wood pellet firm Enviva

On July 22, Enviva announced that it had completed a series of transactions to recapitalise the company.

Abu Dhabi-based Mubadala has invested AED551 million ($150m) in Enviva, the world's largest producer of industrial wood pellets.

Mubadala said that the investment is a part of its focus on “sustainable and impactful investments”.

“USA-based Enviva helps major utilities around the world to cost-effectively displace coal and other fossil fuels as part of the energy transition to a low-carbon future,” the Abu Dhabi fund said.

On July 22, Enviva announced that it had completed a series of transactions to recapitalise the company. The company secured more than AED3.7 billion ($1bn) in new equity contributions and incremental equity commitments from affiliates including the Continuation Fund and the Rollover Fund of Riverstone Holdings.

The Continuation Fund was anchored by Goldman Sachs Vintage Funds, Mubadala, and BTG Pactual, with additional investments from affiliates of funds managed by Fortress Investment Group LLC, Neuberger Berman, and GCM Grosvenor.

Mubadala’s investment is a part of the AED1.1 billion ($300m) incremental equity commitments that will be used to finance Enviva’s future projects.​

Last month Mubadala invested AED66.1 million ($18m) in French healthcare technology firm Owkin.

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