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April 15, 2021

Drax completes acquisition of Pinnacle Renewable Energy

Drax completes acquisition of Pinnacle Renewable Energy

British energy company Drax, which owns the world’s largest biomass power station, located in the United Kingdom and wood pellet mills in the southern United States, has announced that purchase of wood pellet producer Pinnacle Renewable Energy, originally announced in late February 2021, has been officially completed.

The purchase of Pinnacle’s 11 sites, which include plants owned 100% by Pinnacle in Williams Lake, Burns Lake, Meadowbank (south of Hixon), as well as in Armstrong in the Okanagan and Entwistle, Alta. It holds 70% ownership of a plant in Smithers and 30% of one in Houston, B.C., as well as 75% of one in Lavington in the Okanagan, 70% of operations in Aliceville and Demopolis, Alabama, and 50% of one in High Level, will increase the count to 17 pellet plants and development projects and boosts its production capacity to 4.9 million from 2.9 million.

Drax will also gain a terminal in Prince Rupert B.C. Pinnacle will operate as a subsidiary of Drax and remain headquartered in British Columbia.

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