Apr 8 2016
April 21 2016: Please check updates about Viridis Energy: /Lennart Ljungblom
Viridis Energy ceases operations at its Okanagan Pellet Co. plant
Viridis Energy has ceased operations at its Okanagan Pellet Co. (OPC) plant due to recent structural concerns and a combination of other factors.
According to the company, despite substantial upgrades over the past 10 months, addressing additional requirements from local authorities regarding dust management, together with the recently discovered structural challenges of the building, would require significant additional capital outlays in order to continue to operating safely.
The company has determined that such expenditures are not economically feasible in the current market environment at the OPC plant, located in West Kelowna, British Columbia.
Viridis will work with OPC’s creditors to determine the best course of action, including the potential sale or joint venture of OPC, a sale or liquidation of those related assets, or the relocation of that facility in its entirety.
Viridis acquired in April 2010, Okanagan Pellet Company located in West Kelowna, B.C. The company has a nameplate capacity of 60,000 tons of premium softwood pellets annually, originated from spruce, pine and fir.