Good morning, and welcome to the call to discuss Enviva's simplification transaction and conversion announcement. I would now like to turn the conference over to Kate Walsh, Vice President of Investor Relations. Please go ahead. Thank you. Good morning, everyone, and thank you for joining us. We appreciate your interest in Enviva, and thank you for participating today. On this morning's call, we have John Keppler, Chairman and CEO, and Shai Even, Chief Financial Officer. Our agenda will be for John and Shai to discuss the announcement we made this morning regarding our simplification transaction and our planned conversion to a corporation. We will open up the call for questions. During the course of our remarks and the subsequent Q&A session, we will be making forward-looking statements which are subject to a variety of risks. Information concerning the risks and uncertainties that could cause our actual results to differ materially from those in our forward-looking statements can be found in our press release, as well as in our other SEC filings. We assume no obligation to update any forward-looking statements to reflect new or changed events or circumstances. In addition to presenting our financial results in accordance with GAAP, we will also be discussing adjusted EBITDA and certain other non-GAAP financial measures pertaining to completed reporting periods, as well as our forecasts. Information concerning the reconciliations of these non-GAAP measures to their most directly comparable GAAP measures and other relevant disclosures are included in our press release. I would now like to turn the call over to John. Thank you, Kate. Good morning, everyone, and thanks for joining us. Today is a very exciting day for Enviva. As you saw in our announcement this morning, we have simplified our structure and have begun the process to convert our partnership to a corporation, which will be named Enviva Inc. will continue to be traded under our EVA ticker symbol on the New York Stock Exchange. Under the terms of the simplification transaction, Enviva acquired all of the ownership interest in our sponsor and all of the growth assets associated with it, essentially buying in our GP, while simultaneously eliminating our incentive distribution rights. This was an all-equity deal that represents total consideration of around $870 million. The transformative nature of the transaction is simple and straightforward. The rationale is clear. First, our simplification transaction is designed to be highly accretive. We have eliminated our incentive distribution rights, which, as many of our investors have noted, were on a path to exceed $100 million annually, even without considering additional drop-downs. Second, we have bought in all of our sponsors' development projects. Now, instead of acquiring assets at roughly 7.5x adjusted EBITDA multiples, the same team will have the opportunity to build this fully contracted capacity at 5x adjusted EBITDA inside Enviva. Finally, by converting to a C corp, we will now make our stock investable by the broadest global investor base possible, and in addition, have significantly enhanced our index eligibility and our trading liquidity as well. It is key to note that the conversion to a corporation is structured to be non-taxable to EVA unitholders. We did not assume or need to issue any additional debt to complete the transactions we're discussing today. As part of the GP buy-in, we also internalized all of our sponsors' growth. Here are the details. First, we acquired $4.4 billion of take-or-pay offtake contracts with creditworthy Japanese customers, with a weighted average contract term of 19 years. Second, we acquired a sales pipeline with over $27 billion of identified customer opportunities in various stages of discussion and negotiations. This pipeline includes recently signed MOUs, which we expect to convert to binding contracts over the next 12 months. Third, we acquired an asset development pipeline that includes the fully contracted Epes plant and the recently announced Bond plants, along with 13 additional sites that are in various stages of development. We anticipate that these contracts, coupled with the sales and asset pipelines, will more than fully support the development of six fully contracted large-scale plants, as well as several highly accretive bolt-on expansion projects over the next five years. Together, these growth initiatives would roughly double the size of the production capacity we have today. A few important things have changed. Our cost of capital is immediately and materially lower. The IDRs are gone. Our growth is now predominantly organic, and it is higher return growth given the improved investment multiples. We're replacing a distribution and Schedule K-1 tax form, which can be cumbersome, with a dividend and a standard IRS Form 1099-DIV. We will have an independent board and an investor base fully aligned around optimizing total common shareholder return. While some things have changed, undoubtedly for the better, some really important strengths of our business are staying just the same. We remain a fully contracted business with unparalleled long-term cash flow durability and a conservative balance sheet. With the benefit of the GP buy-in, our contract backlog of take-or-pay offtake contracts is now more than $21 billion, with a weighted average remaining term of more than 14 years. Our debt to capitalization ratio is 25% based on yesterday's closing price. Our previous distribution guidance is also staying the same. We are on a track to distribute $3.30 per share for 2021, and expect to declare a quarterly dividend of $0.905 per share during 2022, delivering the annualized dividend of $3.62 per share we previously announced. We're also maintaining our expectation for substantial growth. This is not only in terms of adjusted EBITDA, which we expect to grow 25% in 2022 over 2021, but also for the tremendous near and long-term opportunities ahead. Enviva is a company that operates at the epicenter of the international energy transition and global efforts to decarbonize and reach net zero by 2050. We are a purpose-driven enterprise that delivers real climate change benefits every day. We are stewards of sustainability and are a proud and positive part of every community in which we operate. Our track record of performance makes us the industry leader and preferred supplier to utilities, power and heat generators, and industrial partners around the world. These are companies that, by all accounts, will underwrite tens of millions of tons of incremental demand for sustainably produced products like ours. Our product is a drop-in replacement for fossil fuels and is a scalable solution available today for companies aggressively pursuing an improved environmental profile, not only in their energy supply chain, but as inputs to their own products as well. Before I turn it over to Shai to dive into the financial details of the transactions and our updated guidance, let's recap what these transactions have done. Fundamentally, we are taking our same strong business and evolving it to an even better corporate structure. There wasn't another MLP like us, and as a result, it's no surprise that Enviva has been one of the top performing publicly traded MLPs since our IPO. Significantly outperforming the S&P 500, the MSCI ESG Index, and the Alerian MLP Index on a total return basis over the last three and five-year periods. We were also not aware of any C corp like us. We have a contracted revenue base of more than $21 billion, stretching out more than 14 years. Our forecasted adjusted EBITDA growth puts us at the 90th percentile of the S&P 500. Our dividend profile at the 99th. Our current trading multiple is in the 60th percentile. There just isn't a company with a similar profile of stable, durable cash flows growing at this rate and with the magnitude of shareholder value yet to be unlocked. We're extremely excited about bringing our winning formula into the next phase of the company's growth. As I'm fond of saying, we really are just getting started. With that, I'd like to turn it over to Shai to further discuss the financial aspects of the transactions. Thank you, John, and good morning, everyone. As John mentioned, the simplification is structured to be highly accretive to our base business, and the conversion significantly widens the investor base we expect to attract. As a result of this transaction, our cost of capital is lower and our financial flexibility is higher today. We expect to drive around $1 billion of incremental retained cash flow over the next five years through a combination of the IDR elimination and a significant anticipated improvement to our return on invested capital as we transition away from the drop-down model and internalize our production capacity growth. In terms of retained cash flow associated with a lower cost of capital, I'll take a few moments here to further unpack that. Specifically, under our prior structure, we were acquiring new plants at an average invested multiple of 7.5x. Now we'll be developing that capacity internally, and we expect to be able to develop and construct new plants using our build and copy model at roughly 5x invested multiple experienced by our sponsors. Over the next five years, we plan to construct six new plants. At roughly a 5x projected investment multiple, we would save $500 million in the aggregate. Coupled with the $500 million in savings we have modeled over the next five years from eliminating the IDR stream, you can understand how highly accretive this transaction will be to our business. As part of the simplification, we issued 16 million new common units to the former owners of Enviva's sponsors. It is important to note that nine million of these common units will participate in a dividend reinvestment commitment starting with our next distribution and through the dividend related to the fourth quarter of 2024. The dividend reinvestment provides cash flow support through our transition to a fully self-funding growth CapEx and translates into an additional $100 million of common equity investment at the expected 2022 dividend levels by the former owners of Enviva sponsors. Prior to this simplification closing, the term loan at the Enviva sponsor level was repaid by the sponsor with cash on hand. There was no further debt outstanding at that level. No incremental debt was assumed or will be issued as part of the simplification or conversion transaction. We do expect to draw on our revolving credit facility to pay modest third-party fees associated with the simplification transaction. We have structured Enviva's conversion to a C corp to be non-taxable to equity holders. Although this precludes us from benefiting from a step-up in tax basis of our assets, we are not projecting federal income tax payments in the near to mid-term. Because of our growth outlook, we expect to generate significant tax depreciation from assets we place in service, which should result in de minimis tax payments at least through 2026. As you would expect, in connection with this transformative transaction, we have updated our financial guidance for 2021 and 2022, and have also given a high-level preview for the third quarter of 2021. I'll start with the third quarter of 2021, where we are estimating that the adjusted EBITDA will be in the range of $61 million- $65 million. This represents an increase of 16% as compared to the third quarter of 2020, an increase of 29% as compared to the second quarter of 2021. This is an important step forward, but not quite the full stride we wanted. During the third quarter, our contractors and supply chain partners experienced labor-related and other challenges associated with COVID-19, which had temporal but negative impact on our operations and project execution schedules. We believe these challenges were short-term and isolated in nature. Based on the actions we have taken and the plans we have in place, we believe this is beginning to be behind us. Even with these issues, and without considering the impact of the transaction we are announcing today, our focus for adjusted EBITDA for full-year 2021 would have landed us within the previously announced guidance range, albeit at the lower end of the range. Moving on to full-year 2021, including the impacts of the transaction we announced this morning, we are now expecting adjusted EBITDA to be in the range of $225 million-$235 million. This guidance includes $15 million-$20 million of SG&A associated with the GP buy-in, as we will, going forward, be insourcing all of our sales, market development, and asset development functions, along with other important functions such as sustainability. For all 2022, we are now guiding to adjusted EBITDA of $275 million-$300 million, which represents an increase of 25% over the midpoint of the updated range for 2021. Full-year 2022 guidance includes SG&A related to GP buy-in of approximately $37 million-$43 million, and we believe we can reduce this by approximately $5 million annually, commencing in 2023, by capitalizing on synergies and executing streamlining initiatives. With our new structure, we have also made a few changes to our financial framework. While we continue to prioritize robust dividend coverage and conservative leverage targets, we are now transitioning to a fully self-funding model for growth capital expenditures. From a dividend outlook perspective, it is worth repeating that our dividend guidance remains unchanged. Because our business generates strong durable cash flows with tremendous visibility, we believe we will continue to maintain ample financial flexibility to grow dividends over time and continue to return capital to our shareholders. Now, I would like to turn the call back to John. Thanks, Shai. Our simplification and C-corp conversions aren't the only things we're announcing today. While a focus group of us at Enviva has been intensely engaged in completing the transaction covered in today's announcements, the rest of the organization has been growing the business just as you would expect us to. Our commercial team continues to do a great job. Today we have the pleasure of announcing that we have signed our fourth contract with Drax for delivery of 200,000 metric tons per year of wood pellets for five years, starting in 2022. As many of you know, Drax Power Station is the largest consumer of industrial-grade wood pellets and a critical part of the United Kingdom's decarbonization strategy. We have a long-standing relationship with Drax Power Station, and this contract demonstrates continued collaboration in powering their country's energy grid with sustainable bioenergy. We also announced the signing of a new contract with a major Japanese trading house for 190,000 metric tons per year for 20 years, with deliveries commencing in 2024. Japan, as demonstrated by feed-in tariff-driven contracts like this, continues to be a thriving market for us. Enviva began to ramp deliveries to Japan this year, and we are expecting to increase deliveries fivefold next year, with continued growth thereafter. Stepping back for a moment, I want to thank everyone at Enviva for their hard work and dedication in building and growing the company to where we are today. I also want to thank the board of directors and the Conflicts Committee for their participation in a fair and balanced, thoughtful and deliberative process to accomplish the successful simplification transaction. The members, committees, and their advisors worked diligently and tirelessly over the past several months to bring us to this point and position us to continue our strong track record through this next chapter as Enviva Inc. and the step-change growth ahead of us. I also want to thank (uncertain) in this rapidly growing industry. We're very proud of what we've accomplished together and are particularly proud of delivering peer-leading returns to our investors while being a critical part of reducing global carbon emissions and limiting dependence on fossil fuels. Today, the markets are wider, more geographically diverse, and have a larger growth profile than we could have imagined 10 years ago. If you've had a chance to take a look at the investor presentation, which we published in tandem with our press release this morning, I'd like to call your attention to slide 14 and how we're beginning to frame our growth opportunity set as we see it today. I hope we get a sense for the impressive expected growth, not only in global and power and heat applications, but also the massive opportunity in industrial applications. These industrial opportunities, which are clearly evident in Europe and in Asia, are also potentially starting to emerge right here in the U.S. We anticipate that the industrial market, which demands virtually no biomass today, will grow to a worldwide addressable market of 29 million tons per year over the next decade. Truly exponential growth. As I said at the beginning, this is a very exciting time for Enviva. The tailwinds have never been stronger for us, and we're privileged to have the opportunity to take the same great business into an even better corporate structure. Thank you for taking the time with us today. Operator, can you please open the line for questions? We will now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. The first question will now come from Moses Sutton from Barclays. You may go ahead. Hi, John and team. Congrats on this exciting transaction. My first question, sorry, it's a bit long-winded, but with the simplification and the pull-in of the development pipeline, should we strategically shift away from understanding this business as a primarily yield business? Not to say yield won't matter, but over time, you'll truly become a simplified build-on operator as a developer. It would look like the 2030 big picture, for instance, is more relevant than the minutia of quarter-to-quarter dividend growth, sorry, simply put, just to sum that up, might you have better investment opportunities over time than paying out double-digit dividend growth longer term? Moses, thank you. First of all, thanks for joining the call this morning. I realize it was short notice following a press release at 6:00 A.M. Look, great question. I think you really seized on the sentiment that we've been hearing from our investor base for some time, which is the unpacking of the global growth opportunity that we're tackling really is a monumental opportunity for us, better served given the financial flexibility of the firm that we've built in a more traditional, regular way C corporation. Our ability to continue to opportunistically and appropriately optimize the capital structure to maintain a stable return of capital to shareholders like we've done, but really look forward at monetizing the amazing growth opportunities that are ahead of us, not just in the power and heat sector, but also in certainly the emerging industrial sector. As you heard us talk today, we're maintaining the distribution and then dividend guides, of course, as a C corp, but really focused on the long-term growth of this market and serving that very cost effectively on a reduced cost of capital as well as a reduced investment multiple. Excellent. That sounds great. I'm guessing unlikely today, but any scenario where you find partners, maybe minority partners, to develop more of the development pipeline faster and using less equity? I think that the flexibility of the firm in our approach going forward gives us a lot more options. What I'd tell you is having the opportunity to invest directly in assets on a 5x basis to the extent that other partners can make that easier or with less friction, fantastic. Boy, we put ourselves in a position, thanks to conservative balance sheet management and our focus on deliberate execution, that we do believe that we're quite well on a path to self-funded growth. Any partnership would have to make that just materially better. Right. That makes sense. You mentioned the 5x historical build. Any potential upward pressure on that with maybe their transient effects of the macro on cost and inflation and whatnot? Maybe they normalize. I'm curious how you think about that, and if not, maybe it's the other direction. Are you going to see better contracting opportunities with the surge in global energy prices? I think you spotted a couple important things there. First, we do operate on a build and copy approach, right? We have framework agreements with all of our core manufacturers and key and critical equipment suppliers. We feel very good about that, coupled with the great work that our commercial team continues to do in striking the long-term take-or-pay offtake contracts with creditworthy counterparties that really underwrites our ability to deploy capital effectively. That model isn't changing. We're building plants on a fully contracted basis with known partners on our build and copy approach. As a result of that, we don't generally see significant upward pressure on pricing, nor frankly, in terms of the way that we and where we operate our facilities and build them. We tend to build them where there are lots of trees and few people, which means that our underlying cost position is preserved and durable for a long period of time. Very excited about that. Certainly what you've seen in the, what we would call the more constructive energy and commodity price market, particularly in Europe, is an increased level of demand and an urgency around conversions and alternatives to exposure to fossil fuels, driven both by carbon pricing, obviously the regulatory environment that continues to focus on decarbonization, but the significant run-up in energy prices and the continued need for base load dispatchable power on a renewable basis. That's really quite our sweet spot. Great. Thanks a lot. Congratulations, and I'll jump back in the queue. Moses, thank you so much. Good to talk to you. Our next question comes from Elvira Scotto of RBC Capital Markets. You may go ahead. Hey, good morning, everyone, and good to see this transaction happen. I have a few questions. Is there a lockup on the new units to the holders, Riverstone, et cetera? Based on kind of back of the envelope math, if you take the current ownership plus the $16 million plus the DRIP, it looks like Riverstone becomes a majority holder. How do we think about them kind of in the future and lockup period and potential for them to sell down shares? Thanks. Sure. Well, Elvira, thank you. Good to talk with you today as well. Obviously, you've been a critical and a really important follower of the Enviva story ever since our IPO. We continue to appreciate your interest. From a lockup perspective, the owners of the former sponsor are certainly locked up until the completion of the vote and the ultimate conversion into Enviva units. What I'd say, though, of course, is they've been a very supportive investor. Part of the units consideration that they've received as part of the transaction, of course, maintains a dividend reinvestment profile for a period through the end of 2024. They're quite mindful, and I would point out that they're not actually a majority on the basis of the transaction today. They obviously have been a very continuously supportive sponsor, a supportive owner, and given their common ownership position, are quite mindful of what the appreciation potential is in the common shareholding position. I think that provides a reasonable runway ahead for us. They will become a large common shareholder with approximately 45%. Okay, thank you. I think you had mentioned that Enviva will not be a cash taxpayer until around 2026 is the estimate. How do you think about then, when you get to that level and you start paying taxes, how do you think about the dividend then? Once you start paying taxes, will you still be able to maintain the dividend? Just longer term, just to follow up on the previous question, how do you think about dividends going forward? Are you going to target a certain coverage ratio? Are you going to continue to talk about distributable cash flow? Are you going to change your metrics? Just any help there. Thanks. Thank you very much, Elvira, for the question. In regard to the question about the tax, what we mentioned in our remarks is that right now we see only a de minimis federal income tax payment through at least 2026. What we meant is that in our remarks, we assumed the next six production plants that we are going to build based on our firm contract in place and the sales pipeline. We don't believe that there is a reason to assume that we are not going to continue and construct other plants after 2026, meaning that even after 2026, we're expecting a significant tax depreciation that will help us as we are using them to reduce the federal income tax payments after 2026. In regard to the question about the dividend, we do expect to maintain attractive dividends. The structure is providing us with financial flexibility that we can both grow organically and continue with our policy of maintaining attractive dividends while maintaining, of course, also conservative financial policies inclusive of dividend coverage and leverage. Okay. Yeah. Elvira, I'd add to that and point out that, unambiguously, the growth profile ahead requires investment in large additional plant and port capacity. We're the industry leader in doing so. The metrics for growth that we expect going forward mean that we believe that we will continue to be building these assets well into the future. As a result, as Shai pointed out, continuing to benefit from the depreciation tax shield associated with that. Got it. Just to follow up, is there a target dividend coverage? What is your target leverage coverage going forward? The target leverage continued to be, as we pointed out in the past, between 3.5x-4x using the metric based on our credit agreement. In regard to dividend coverage, we believe that based on our model, the self-funding model, we'll see a very robust Dividend coverage ratio approaching 1.5.x Oh, perfect. Just my last questions are more around costs. What gives you the confidence that these, I think the labor and logistics issues, costs and timing pressures are behind you? The other part of my question is just on the SG&A costs. I think you had mentioned that you think you can bring those down by about $5 million annually. Just what are some of the things that you can do to bring those costs down? Thanks, Elvira. Let me take the first one. With respect to the summer, naturally, I think the media was quite intense in its coverage of the implications and impact of COVID-19 throughout the South, where most of our assets are operated. We certainly did see disruption because of COVID, principally in our contractor base and in some portions of our supply chain, where the level of infection meant that if a person came on site and tested positive for COVID, we needed to make sure that they and their close contacts were not back on site for a period of time until they could demonstrate that they were, of course, free of the coronavirus. This is a pattern of practice that, of course, we've executed diligently during the course of the year that has helped us maintain such a healthy workforce in ensuring that people aren't transmitting COVID at our sites or between our personnel. That's the way we operate. Our core value is people. We care about people. We want to make sure that anyone that is coming on our site is healthy and safe. Naturally, the media has also reported that the COVID, the incidence of the virus is much lower now, and it's declining. We're certainly seeing that as well as the benefits of our enthusiasm and encouragement for vaccinations. We're certainly seeing that increase as well. Both of those things give us a reasonable degree of confidence around these issues being largely behind us. We're excited about what the fourth quarter means, and as we head into 2022, as Shai mentioned. As we think about the broader SG&A component, the way I think that we need to look at this is really what we have acquired here is an asset and a capability. There is not a company in the world that has the capabilities that we have internally about opening markets, executing long-term contracts, developing sites, and building fully contracted capacity, at the same time as certifying the sustainability of the supply chain and in exactly what leadership in this industry, as we all focus on decarbonization, is all about. This is a transaction that by no means in any way suggests that there were synergies associated with it. What we think, though, is that we're now operating a single entity. There are no longer two entities that we need to operate and manage. This is a group of people that is aligned around a single common goal, total returns to common shareholders, and the ability to leverage things like our existing plant engineering teams on new capacity development. That should drive efficiencies. That should drive streamlining. We're particularly excited about that. There's obviously a set of activities that is going to stop happening. We're not going to be managing a holdings entity, a sponsor anymore. There is some natural cost reduction associated with that, which we give a bit of a guide to. Really what we're talking about is a unique asset, a unique capability that doesn't exist anywhere in the world, and Enviva Inc. now has that internally. Okay, great. Excellent. Thank you so much. Just to be clear, when you were talking about the labor issues, it was tied to the contractor base in the U.S. You're not seeing any issues that we're seeing kind of globally when it comes to shipping and labor globally? Yeah. No, you're exactly right. You said it perfectly, Elvira. These were third-party contract related, not within our own labor force. Certainly given our long-term contracted position in shipping, we benefit from those frame agreements that ensure that We principally are, of course, contracted under very long-term contracts with our shipping partners. We've seen continued very real performance there in. Great. Thank you very much. Absolutely. Thanks, Elvira. Our next question comes from Ryan Levine of Citi. You may go ahead. Good morning. Congratulations on all the announcements. I guess a couple questions here. One, as you're moving away from the MLP structure, I noticed that the earnings growth outlook for 2022 is expected to go up significantly, but wondering if you're going to be able to share or communicate on a go-forward basis earnings guidance as opposed to EBITDA or cash flow? Yes. Thank you, Ryan, for the question. Yeah, there is no reason why we wouldn't be able to discuss in the future as we are transitioning our structure into a self-funding project entity. We'll be able to shift, and we'll be able to report more on earnings as well as provide more guidance as we get clear, especially in 2022, into future capital expenditures. Thanks. Then in terms of your equity issuance plan for the nine million share dividend reinvestment program, is that all at the market, or is that already prenegotiated, the terms and pricing of that additional equity issuance over time? Ryan, the nine million units that ultimately shares or participate in the DRIP are based on a VWAP approach. Okay. Appreciate that. The $37 million-$43 million of additional SG&A that's expected to be reduced to $5 million by 2023. Can you elaborate on what's in that number today and what gives you confidence in the sharp reduction over the next couple of years? Yeah. For better or worse, I wouldn't actually suggest that it's a particularly sharp reduction. It's $5 million on the midpoint of that range, which is really the elimination, as I just mentioned. The elimination of certain activities that we do today as a dual entity structure that we'll obviously stop doing those things. We expect that that tail will continue through 2022. You'll see the benefits of that in 2023. The underlying set of activities is exactly what we articulated, which is a sales and market development function. These are people who are, every day, cultivating the customer set, working in geographies around the world that now include, of course, Germany, the United Kingdom, Poland, Taiwan, Japan, as well as here in the U.S. Opening markets, executing agreements that facilitate the construction activity and the capacity development activity that brings new, fully contracted plants and ports to life. That's a group of people as well as the functions like sustainability that really drive international leadership around certifications of the sustainability attributes of our supply chain, and the importance of documentation of the favorable impact we have on climate change and in the communities in which we operate. That's a function that we have built and held principally at holdings certainly since our IPO from a structural basis, but for the last 10 years, 12 years of this business. Now, EVA has the opportunity to benefit from that directly and internally. Okay. Then you've also announced a couple of new contracts here with Drax and a Japanese trading house. Can you speak more broadly around what you're seeing in Europe and Asia with the spikes in gas and energy costs, and how that could create additional opportunities for Enviva? Are these contracts in at all related to that recent market dynamic? Well, the Japanese contract, as we alluded to, really is a continued execution of the Japanese government's focus on both increasing baseload dispatchable capacity and really mitigating the capacity short that continues to persist in the wake of the Fukushima nuclear disaster, and the limited restart of their nuclear fleet. As well as their intense commitments to decarbonization. That is a 20-year contract with a major Japanese trading house for development of new capacity that will be biomass power generation. That's a market that continues to grow very rapidly for us, both on the basis of that program and that outline that I just articulated, as well as an increased focus from the major generators in Japan on meeting particular efficiency targets and generation mix objectives. Biomass will continue to play a very large role there, growing quite considerably going forward. As you switch to Europe, you're absolutely right. The broader energy market in Europe continues to increase. Gas prices are up. The marginal unit of electricity is priced on gas, you've seen a very significant uptick in fossil fuel prices and generation rates. That coupled with the very constructive carbon pricing environment, which has now sort of settled in at EUR 60 a ton. I think that most of the world would suggest that that's probably continuing to be on an upward trend. What we're seeing is an acceleration of discussions around fuel switching alternatives, even in markets where there are no direct subsidies for biomass-fired generation. We're very excited about that. The opportunity set for us continues to increase on the basis of these tailwinds. Our expectation is that we will continue to grow the market very rapidly in Europe, complemented not only by the power and heat sector, but just as importantly, by the industrial sector, who has very few alternatives for decarbonization. Thanks. Last question from me. In light of these transactions, is there any change to the incentive structure for management around metrics or objectives? No. We continue to be incented around total shareholder returns to common units. In this case, common shares. Appreciate it. Thank you. Our next question comes from Kevin Pollard of Pickering Energy Partners. You may go ahead. Thanks. Good morning. Just a couple of questions. I guess the first one, could you talk a little bit about how we should think about financing the growth and dividend? I think in the presentation you indicated you were targeting positive free cash flow beyond 2022. It was suggested that in interim, you need to do a little external funding for the growth CapEx you're bringing onto the balance sheet, plus the dividend. Can you sort of talk us through how we should think about that? As we mentioned in our remarks, we are going to build a very robust retained cash over the next five years. We mentioned the $1 billion of cash that we're going to retain. That will provide ample financial flexibility as we're looking forward. We don't see any issues with funding the dividends internally, with the cash flow generation by the business. That financial flexibility now that we have, as John mentioned, with debt to total capitalization of only 25%, while we're maintaining our conservative financial policies and conservative leverage. Will give us the ability to use both the cash flow generation by the business and potentially approaching, if needed, the capital market when required. Right. Longer term self-funding, I guess I was really more focused on the near term in 2022. I was wondering, should we think about that as just incremental borrowing until you get to the sort of self-funding post 2022? We're always going to balance, as we've done in the past. In the past, we talked about for drop-down assets, we talked about 50% equity, 50% debt. That was that time our structure. Now we're going to combine that structure together with the cash flow generated by the business. Of course, we'll be very careful and conservative in the way that we are financing this. As I mentioned, we have now more flexibility than we had before. Right. Okay, thanks. Then I guess my second question is a little bit longer term, thinking about how you manage the contracting strategy versus the capital deployment and the growth projects. Historically, I guess that was the contracting and sort of initial construction was done at the holdings level to sort of de-risk the cash flows and then drop down. Can you sort of just talk through how you're going to go about altering that contracting versus sort of FID strategy going forward, so you sort of mitigate the risk from the mismatch between the growth capital and then the contracted EBITDA coming in once the projects are online? Yeah. Thanks. A really important question. In terms of capital discipline, in the entirety of our existence, we have never turned a spade of dirt without a fully contracted long-term revenue backlog sufficient to support that investment. None of that is changing, right? Why we maintain a portfolio of sort of fully developed, fully permitted sites that we can then very efficiently execute a construction and commissioning plan against the development of that site once we have fully contracted that asset. You see today that the Epes plant being fully contracted on the path for Bond as well. We're not going to be turning any dirt on any additional plants that would create that sort of equivalent naked or merchant exposure, right? We're very disciplined in that approach. That does require us to continue to build both a contract pipeline as well as a development pipeline that can be executed in relatively short order. From an industrial logic basis, we do have flexibility there because oftentimes our customers themselves are undertaking conversions or investments in building their own assets. That has tended to line up pretty well in the past, and we don't think that flexibility or that alignment diminishes going forward. Great. Thank you. Our next question comes from Pavel Molchanov of Raymond James. You may go ahead. Hi, good morning. Apologies for dialing in late. I'm sure you have addressed this question at the beginning. I will endeavor to ask it anyway. What was the trigger for you to do this after seven years of being asked about it, thinking about it? Is there a certain political context or taxes or anything along those lines? Clearly it's been a long time coming. Well, Pavel, hey, listen. Thank you, Pavel. I think you could have phrased that question differently and said, "What took you so long?" Well, look, the brass tacks is that what I think if you look in the aggregate, what we had is a very supportive sponsor that quite honestly probably undertook this a little bit earlier on a relative basis than what you would have seen in more traditional MLPs historically. That's really driven by the opportunity set that we're tackling here today. The ability to migrate this business from the MLP structure, which candidly has been a real source of our continued growth, our ability to effectively grow this business as quickly as we did. The realities are, is that we have continued to see funds outflow from the MLP sector, and given our own migration of an investor base into a much largely focused ESG investor space. There were some important things that we needed to do to take advantage of where our investors are, and frankly, the benefits of what a C corp can mean to access to the international investor base, the passive investors, the index eligibility, that where folks are really looking to be able to participate in ownership of our stock, somewhat encumbered and limited on the basis of a Schedule K-1 historically. The timing felt right because of that supportive nature of our sponsor, but we were able to execute it and actually pull the trigger because of some of the things that we've been talking about and frankly, trying to guide to with some consistency over the last several quarters. Which is really that as we began to approach a $300 million annual adjusted EBITDA basis at the company itself, that gave us the financial flexibility to do a couple really important things. First is ensuring that we made sure that the transaction itself was a tax-free transaction to the unit holders. Really importantly, on the basis of maintaining a conservative balance sheet, so no new debt issued. Maintaining the conservative balance sheet, maintaining the dividend and distribution profile, maintaining and tackling that growth, right? We didn't want to do anything that was going to somehow pervert our ability to tackle the amazing growth opportunities ahead of us and doing so in a highly accretive means for our shareholders. We were able to accomplish that, and we're really excited about the way that that positions us, especially because the tax-free nature of the business that exists historically. As Shai just pointed out, we don't expect to be a net taxpayer going forward for a long period of time. That just continues to position us, we think, remarkably effectively. We're very excited about what we're able to do. As you heard in my prepared remarks, we really deeply appreciate the efforts of the Conflicts Committee, their advisors, in making sure that we got this done. It was an intensely negotiated arm's length transaction. Here we are, and we're so excited about what Enviva Inc. is going to bring forward. Okay. A few kind of more housekeeping questions. With the added SG&A from the general partner, will reported SG&A on the income statement be in the neighborhood of $90 million a year? I think that's a little bit still not completely accurate yet. I think that's probably in the neighborhood, but we still have to figure out a little bit, maybe some of these expenditures that we mentioned, the $37 million-$43 million, some of that may be capitalizable, but kind of like maybe you are correct in the right ZIP code. There is a potential for this to be low. Okay. Understood. On the adjusted EBITDA calculation, what is support payments? Great question. As you will recall, Pavel, in the past, our sponsor, as part of the agreements for various drop-downs, agreed to MSA fee waivers as well as ensuring and underwriting relative portions of the cost position during our commissioning ramp of some of the assets. Those agreements were consolidated and novated, and those will continue just as the partnership would have expected before. Through the end of 2023. Yeah, through the end of 2023 on a fixed payment basis. Okay. Understood. All right. Thank you, guys. Congrats. Exciting stuff. Pavel, great to hear from you. This concludes our question and answer session. I would like to turn the conference back over to John Keppler for any closing remarks. Well, I want to again thank everyone for taking the time today. We continue to be privileged to be in the position that we're in, and we continue to believe we have a responsibility to deliver the same consistent, strong business plan that you've seen from us over the last several years. That means that we're going to continue working hard every single day to stably, safely and reliably displace coal. We're going to help grow more trees, and we're going to continue to fight climate change. We really look forward to connecting again in early November to not only discuss our third quarter update, but really talk about the progress we're making to become Enviva Inc. Until then, thank you. Have a great day. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.