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LONDON, April 13 (Reuters) - British power producer Drax
said on Tuesday it completed its purchase of
Canada-based Pinnacle Renewable Energy Inc, a producer
of compressed bioenergy pellets.
The acquisition will increase Drax’s annual operational
capacity to 4.9 million tonnes of sustainable biomass pellets
from 2022, up from 1.6 million tonnes now, the company said.
"As well as making Drax an international supplier of
sustainable biomass, this deal advances our strategy to increase
self-supply (and) reduce our own biomass production cost," said
Drax CEO Will Gardiner.
Pinnacle Renewable Energy produces sustainable fuel for
renewable electricity generation and the deal values the company
at C$741 million ($588 million) including debt.
Majority of Drax and Pinnacle shareholders approved the
transaction.
(Reporting by Bozorgmehr Sharafedin; editing by Jason Neely)
