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
Norden, Enviva Continue Affiliation
Norden has contracted with Enviva to transport 1.3-1.5 million tonnes of wood pellets from the U.S. to Europe over a six-year period. The contract runs from 2021 to 2026 and builds on Norden’s long-term collaboration with Enviva. Norden now holds a number of...
Test Burn Has Good Results
Wyssmont reports its large shop assembled unit TURBO-DRYER-TORREFIER unit was delivered to a Pacific Northwest plant and used to torrefy 1,000,000 pounds of wood chips for a test burn in a local power plant. It was reported that the unit produced a high quality...
Weiler Forestry Comes Of Age
Weiler Forestry Comes Of AgeWeiler Forestry, Inc. announced the launch of Weiler purpose-built forestry products following its acquisition of Caterpillar’s purpose-built forestry business. The product line consists of wheel skidders, track feller-bunchers, wheel...
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.