Enviva Inc. announced that on December 31, 2021 its conversion from a master limited partnership named Enviva Partners, LP to a corporation named Enviva Inc. (the “Conversion”) was completed. As previously announced, the Conversion was approved by Enviva’s unitholders on December 17, 2021.
As part of the Conversion, each outstanding limited partnership unit was exchanged for one share of Enviva Inc. common stock. Enviva’s common stock is traded on the New York Stock Exchange under the same “EVA” ticker symbol, with January 3, 2022 being its first trading day.
Following the Conversion, quarterly distributions will be considered dividends for U.S. tax purposes and shareholders will receive a Form 1099-DIV. Consistent with previously provided dividend guidance, Enviva expects to issue a dividend of $0.905 per common share on a quarterly basis for 2022, aggregating to $3.62 per common share for full-year 2022.
“Today represents an important milestone for Enviva as we complete the evolution of our same great business into an even better corporate structure,” said John Keppler, Chairman and Chief Executive Officer. “This conversion creates an opportunity for investors worldwide to participate in the significant accretion we see ahead of us, whether by directly investing in Enviva Inc. or investing passively through one of the many indices for which we are now eligible.”
Keppler continued, “We believe the potential growth ahead for our renewable product is exponential, as we continue to facilitate the energy transition and help difficult-to-decarbonize industries become less greenhouse gas-intensive and more sustainable. We have built a company that delivers real climate change benefits, today, at scale. With our new corporate structure, we have taken another meaningful stride forward in being a leader in every critical ESG metric.”