Pinnacle Renewable Energy To Be Acquired By Drax Group
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
Latest news
GA Pellet Group Reaches Accord
Officials with local activist group Concerned Citizens of Cook County (4C) and Spectrum Energy Georgia LLC recently announced an agreement resolving a dispute over Spectrum’s plan to construct and operate a wood fuel pellet manufacturing facility in Adel, Ga. Spectrum is seeking to to re-purpose…
Biochar Plant Nears Completion
Standard Biocarbon Corp. is building a biochar plant in Enfield, Maine, on a two-acre parcel purchased from adjacent Pleasant River Lumber, whose sawmill will provide chips for the biochar operation…
Biofuels Project Sinks
The Red Rock Biofuels project in southern Oregon appears headed for foreclosure according to notices published in the Lake County Examiner newspaper in late December after the company failed to make principal and…
Find Us On Social
Subscribe to Our Newsletter
Wood Bioenergy News Online hits the inboxes of subscribers in the wood-to-energy sectors.
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.
Advertise
Complete the online form so we can direct you to the appropriate Sales Representative.