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The St. Joe Company (NYSE: JOE) today announced that it has signed a Letter of Intent (LOI) with Enova Energy Group (“Enova”), a full service, clean energy development company specializing in development and operations of contracted renewable based assets. The LOI contemplates economic development opportunities for Florida’s Northwest region, including the potential to bolster usage of the AN Railway and make the Port of Port St. Joe operational.
The LOI anticipates new business development opportunities to create jobs in the region if all matters occur as contemplated in the LOI. Specifically, Enova has expressed an interest in transporting a minimum of 1 million metric tons per year of wood pellets using the AN Railway to the Port of Port St. Joe for further shipment to overseas markets. Additionally, Enova expressed an interest in using or developing Port site facilities provided that the Port is capable of accepting vessels of adequate size for the shipment of its commercial wood pellets.
With significant experience in related industries, Enova Energy Group is interested in developing, constructing, owning and operating wood pellet facilities throughout the southeastern United States. It is currently developing three wood pellet production facilities in other parts of the Southeastern United States and expects to make its first shipment of pellets in the fourth quarter of 2014. Enova also expects that its biomass to electricity plant in Plainfield, Conn., will start operations in the fourth quarter of 2013.
The Port of Port St. Joe is well positioned for bulk cargo shipments, offering access to rail, the U.S. Gulf Intracoastal Waterway and state and U.S. highways. The Port also has a navigational channel that is federally authorized to a maximum of 37 feet; however, dredging the Port’s shipping channel to the authorized depth is necessary prior to commencing shipping activities. The Letter of Intent between The St. Joe Company and Enova Energy Group is contingent upon the Port of Port St. Joe receiving funding to complete maintenance dredging of the shipping channel.