Canada: Scotia Atlantic pellet plant sold to forest company GNT

Great Northern Timber Group has signed a tentative agreement to purchase the Scotia Atlantic Biomass pellet plant, pending due diligence and court approval, said Thor Olesen, CEO of GNT. the plan is to restart the plant in quarter 4, 2017. The transaction is expected to close before the end of September.

The Scotia Atlantic Biomass facility is located near Musquodoboit in central Nova Scotia and has a production capacity of approximately 120,000 metric tons per year. The facility was previously owned and operated by Viridis Energy Inc. It was built and run by Fulghum in cooperation with the nearby sawmill Mactara lumber back in 1998. In 2008 it was sold to German based Enligma.

In April 2016, Viridis Energy announced all of its assets were being put up for sale, including Okanagan Pellet Co., Scotia Atlantic Biomass Co., and Viridis Merchants Inc. As part of the announcement, Viridis informed investors that its lender, Royal Bank of Canada, had made a demand for payment in full of OPC’s outstanding debt, and that the company could not pay.

This article is published by business.conbio.info 2017-09-06, edited by Lennart Ljungblom and is based on press information. BcB Business.conbio.info is since 2014 a leading news site for bioenergy related business. It is part of a family of web sites please also visit conbio.infonovator.se and inbio.biz