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February 9, 2021

UK’s Drax to acquire Canadian wood pellet producer Pinnacle

UK’s Drax to acquire Canadian wood pellet producer Pinnacle
UK utility Drax has signed an agreement to acquire Canadian wood pellet producer Pinnacle Renewable Energy for C$385mn (£226mn). The acquisition would double Drax's biomass production capacity to 4.9mn t/yr by 2022.    Drax and Pinnacle entered into an acquisition agreement on 7 February, following completion Pinnacle will become an indirect wholly-owned subsidiary of Drax. The sale is expected to conclude in the second or third quarter of 2021, and remains subject to Drax and Pinnacle shareholder approval, court and regulatory approvals and the satisfaction of certain other customary conditions.   ...

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