Monday, 08 February 2021
Pinnacle Renewable Energy Inc. has announced that it 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 and outstanding common shares of Pinnacle in an all-cash transaction valued at C$831 million, including the assumption of net debt and Pinnacle s non-controlling interests in its joint ventures. Working forest in LaSalle BioEnergy catchment area, Louisiana (Drax)
Duncan Davies, Pinnacle s CEO, said Pinnacle s Board of Directors has unanimously determined that the transaction represents the best course of action for the company and its shareholders. On closing, the transaction will deliver immediate, significant and certain cash value to our shareholders. At the same time, the combination of Pinnacle and Drax will create a global leader in sustainable biomass with the vision, technical expertise and financial strength to he
iPolitics By iPolitics. Published on Feb 8, 2021 12:20pm Wind energy
The Lead
Shell and Eneco, two Dutch-based energy firms, announced they have agreed to power Amazon’s European facilities with renewable energy. The energy supply will be generated by the Hollandske Kust Noord wind farm, which is being constructed off the coast of the Netherlands by the two energy companies. Starting in 2024, Amazon will off-take 380 megawatts of capacity from Hollandske Kust Noord.
Eneco will provide 130 megawatts while Shell will provide 250 megawatts, Shell said in a statement. Hollandse Kust Noord will have a total capacity of 759 megawatts and is scheduled to generate at least 3.3 terawatt hours per year, starting in 2023, according to Eneco.
Drax is pleased to announce that it has signed an agreement (the Acquisition Agreement ) with Pinnacle Renewable Energy Inc. (PL.TO) ( Pinnacle ), providing for the acquisition by Drax Canadian Holdings Inc., an indirect, wholly-owned subsidiary of Drax, of the entire issued share capital of Pinnacle (the Acquisition ). The Acquisition will be implemented by way of a statutory plan of arrangement in accordance with the laws of the Province of British Columbia, Canada, at a price of C$11.30 per share (representing a premium of 13% based on the closing market price as at 5 February 2021 of C$10.04 per share and valuing the fully diluted equity of Pinnacle at C$385 million (£226 million
Wood Pellet Market Growth, Trends, Size, share, Demand and top Growing Companies-2021 dailyherald.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailyherald.com Daily Mail and Mail on Sunday newspapers.