Renewable energy company Drax has lifted its stake in the US Alabama Pellets joint venture to 90% for $29.7m.
The company on Thursday said it had bought a further 20% in the venture, which owns the Demopolis and Aliceville pellet plants, from The Westervelt Company. Two Rivers Lumber Co holds the remaining 10%.
The deal will give Drax economic control over a further 130,000 tonnes of annual biomass production.
