M&A Deal Summary

Drax Group Acquires Pinnacle Renewable Energy

On February 8, 2021, Drax Group acquired renewable energy company Pinnacle Renewable Energy for 831M CAD

Acquisition Highlights
  • This is Drax Group’s 1st transaction in the Renewable Energy sector.
  • This is Drax Group’s 0th largest (disclosed) transaction.
  • This is Drax Group’s 1st transaction in Canada.
  • This is Drax Group’s 1st transaction in British Columbia.

M&A Deal Summary
Date 2021-02-08
Target Pinnacle Renewable Energy
Sector Renewable Energy
Buyer(s) Drax Group
Deal Type Add-on Acquisition
Deal Value 831M CAD
Advisor(s) Stikeman Elliott
Kirkland & Ellis (Legal)

Target

Pinnacle Renewable Energy

Richmond, British Columbia, Canada
Pinnacle Renewable Energy is a producer of industrial wood pellets in the world. Pinnacle Renewable Energy's products are used to displace fossil fuels in the production of baseload electrical power in key markets around the world. Pinnacle Renewable Energy operates nine production facilities in Western Canada and one in Alabama, with one additional facility under construction in Alabama and more in development. Pinnacle Renewable Energy was founded in 1989 and is based in Richmond, British Columbia.

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Buyer(S) 1

Buyer

Drax Group

Selby, United Kingdom
Category Company
Founded 2005
Sector Utilities
Employees3,551
Revenue 8.1B GBP (2023)
DESCRIPTION

Drax Group is playing a vital role in helping change the way energy is generated, supplied and used as the UK moves to a low carbon future. Drax Group has three principal activities – electricity generation, energy supply, and compressed wood pellet manufacturing for use in electricity production. Drax Power Station is located near Selby, North Yorkshire, connecting directly into the national electricity distribution grid. Drax Group was founded in 2005 and is headquartered in Selby, United Kingdom.

DEAL STATS #
Overall 3 of 3
Sector (Renewable Energy) 1 of 1
Type (Add-on Acquisition) 2 of 2
State (British Columbia) 1 of 1
Country (Canada) 1 of 1
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-06 Opus Energy Group

Oxon, United Kingdom

Opus Energy offers electricity and gas products to small SMEs and has established various channels for acquisition and retention of SME customers, including internal channels such as renewal or change of tenancy and external channels such as direct marketing and TPIs. In the financial year ended 31 March 2016, Opus Energy supplied 2.1 TWh to 124,552 electricity meters and 1.7 TWh to 44,591 gas meters belonging to small SME customers.

Buy £340M
Mergr

Product

Company

Legal