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Drax Announces Contracts To Supply 2.8Mt Of Biomass To Third Parties

Drax Group (DXR.L), on Tuesday, announced that its subsidiary Pinnacle Renewable Energy Inc. has agreed to acquire the pellet sales contract book of Pacific BioEnergy Corp., adding 2.8Mt of orders for sustainable biomass supply to high-quality counterparties in Japan and Europe.

The company noted that these contracts are for delivery between 2022 and the mid-2030s, of which 0.3Mt is for delivery in 2022. The total incremental revenues over the contract period are around C$675 million.

The deal complements the Group's existing supply contracts to Asian counterparties and European generators, increasing the Group's long-term third-party sales book by 15%, to around 23Mt, with total revenues of over US$4.5 billion.

Further, Drax stated that it aims to double sales of biomass to third parties to at least 4Mt pa by 2030, developing its market presence in Asia and Europe, facilitated by the creation of new business development teams in Tokyo and London during 2022.

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