Drax Group To Acquire Remaining Stake In Alabama Pellets For $22 Mln Cash

Drax Group Plc (DRX.L), a British power generation company, said on Monday that it has agreed to buy the remaining 10 percent minority interest in Alabama Pellets LLC joint venture, from Two Rivers Lumber Co LLC, for $22 million in cash.

Alabama Pellets is comprised of the Aliceville and Demopolis pellet plants with a nameplate output capacity of 300,000 tons and 360, 000 tons a year, respectively.

The transaction, expected to be completed in October, will provide Drax with a net economic control over an additional 66,000 tons of annual sustainable biomass production capacity, rights over land related to Demopolis and extend long-term fibre supply arrangements, Drax said in a statement.

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