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
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…
Enviva Considers Biomass Role In Hydrogen Economy
With the start of 2021 comes a new U.S. administration and the U.K.’s official departure from the EU, while the implementation of the EU Green Deal and the aftermath of the COVID-19 pandemic carries over from 2020….
Mainstream Pine Products Building Crude Tall Oil Biorefinery
Mainstream Pine Products, LLC, founded by a group of investors dedicated to using specialty chemicals from pine trees in a variety of downstream products for complex industries, has announced plans for an…
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.