Westervelt Sells Pellet Interests
Drax is acquiring Westervelt’s 20% minority interest in Alabama Pellets, LLC—the joint venture that owns pellet plants in Demopolis and Aliceville, Ala.—for $29.7 million. The acquisition increases Drax’s interest in Alabama Pellets to 90% and provides Drax with economic control over a further 130,000 tonnes of pellet production capacity per year.
Drax gained majority control of the two pellet plants when it purchased Pinnacle Renewable Energy earlier this year. Westervelt, a substantial timberlands owner and operator of two sawmills, had originally built the Aliceville plant and subsequently sold the majority control of it to Pinnacle, while maintaining a 20% arrangement with Pinnacle in both the Aliceville and Demopolis plants, which carried over when Drax purchased Pinnacle.
Drax has been in discussions with Alabama Pellets joint venture partners regarding future working relationships, including their minority interests. The remaining joint venture partner, Two Rivers Lumber Co., LLC, still holds a 10% economic interest.
RELATED ARTICLES:
Drax Satellite Mills Go With BE&E
Drax Announces $40M Investment In Arkansas
Drax Sets Sights On Carbon Capture
Pinnacle Renewable Energy To Be Acquired By Drax Group
Pinnacle Names Duncan Davies As CEO
Pinnacle CEO Rob McCurdy Is Retiring
Pinnacle, Westervelt, Two Rivers Come Together
Earthworm, Drax Working Together
Latest news
UK Biomass Demand Rises; Enviva Reports New Japanese Contract
In its second quarter financial report, major industrial wood pellet producer Enviva refers to recent research conducted by Imperial College London and Drax that says biomass accounted for 11% of the United Kingdom’s power generation in 2020, the highest of any country in the world. Citing conversion…
Arbaflame Says It’s Ready To Roll
Arbaflame reports it is ready to start up the company’s first commercial full-scale factory in Kongsvinger, Norway. Arbaflame has developed patented wood pellets, which it says will replace coal and cut C02 emissions by 90%. In addition, it will produce valuable biochemicals…
ReGenerate Purchases Biomass Power Facility
ReGenerate Energy Holdings, LLC , the recently formed joint venture between Ember Infrastructure and ReEnergy Biomass Operations LLC, has completed the acquisition of Albany Green Energy, a biomass heat-and-power facility located in Albany, Ga. from a subsidiary of Exelon Generation Co. LLC…
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.