Pinnacle Renewable Energy To Be Acquired By Drax Group

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1425334041729-0'); });

Pinnacle Renewable Energy Inc. has entered into an arrangement agreement with Drax Group and its wholly-owned subsidiary, Drax Canadian Holdings Inc., pursuant to which Drax will acquire all of the issued and outstanding common shares of Pinnacle in an all-cash transaction valued at C$831 million, including the assumption of net debt and Pinnacle’s non-controlling interests in its joint ventures.

Duncan Davies, Pinnacle’s CEO, says, “Pinnacle’s Board of Directors has unanimously determined that the transaction represents the best course of action for the company and its shareholders. On closing, the transaction will deliver immediate, significant and certain cash value to our shareholders. At the same time, the combination of Pinnacle and Drax will create a global leader in sustainable biomass with the vision, technical expertise and financial strength to help meet the growing demand for renewable energy products around the world.”

The several minority partnerships Pinnacle has in place with sawmill companies appear to remain under the proposed acquisition.

RELATED ARTICLES:

Drax Satellite Mills Go With BE&E

Drax Announces $40M Investment In Arkansas

Drax Sets Sights On Carbon Capture

Pinnacle Names Duncan Davies As CEO

Pinnacle CEO Rob McCurdy Is Retiring

Pinnacle, Westervelt, Two Rivers Come Together

Earthworm, Drax Working Together

Drax Adds Rail Link

Drax Can See End Of Coal Operations

Drax Appoints White To Lead U.S.

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1446841792559-0'); });
googletag.cmd.push(function() { googletag.display('div-gpt-ad-1383679093178-5'); });

Latest news

Senators Launch New Effort To Promote Woody Biomass

U.S. Senators Jeff Merkley (D-OR) and Cindy Hyde-Smith (R-MS) partnered with U.S. Representatives Cliff Bentz (R-OR-02) and Bennie Thompson (D-MS-02) to introduce the Wildfire Reduction Market Expansion Act. This new bipartisan, bicameral legislation proposes to…

Golden State Natural Resources Reaches Project Milestone

Golden State Natural Resources (GSNR) has successfully completed hauling operations for the Grizzly Flats Cull Deck Removal Project, marking the first project implemented under its Pilot Biomass Transport Project. The initiative is designed to reduce…

Irish Panel Manufacturer To Replace Natural Gas With Biomass

Wood-based panel manufacturer Medite Smartply will replace natural gas with biomass for energy production using a Dieffenbacher 55 MW biomass firing system at its medium-density fiberboard (MDF) plant in Clonmel, Ireland. Dieffenbacher Energy will be…

Find Us On Social

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1383679093178-4'); });
googletag.cmd.push(function() { googletag.display('div-gpt-ad-1383679093178-0'); });
googletag.cmd.push(function() { googletag.display('div-gpt-ad-1383679093178-1'); });
googletag.cmd.push(function() { googletag.display('div-gpt-ad-1383682827953-0'); });
googletag.cmd.push(function() { googletag.display('div-gpt-ad-1383684651698-0'); });
googletag.cmd.push(function() { googletag.display('div-gpt-ad-1423518257203-0'); });
googletag.cmd.push(function() { googletag.display('div-gpt-ad-1423518257203-1'); });
Subscribe to Our Newsletter

Wood Bioenergy News Online hits the inboxes of subscribers in the wood-to-energy sectors.

Subscribe Now
Subscribe/Renew

Wood Bioenergy is published and delivered worldwide 6 times per year. Free to qualified readers in the U.S. Subscribers outside the U.S. are asked to pay a small fee.

Complete the Form
Advertise

Complete the online form so we can direct you to the appropriate Sales Representative.

Contact Us