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Pinnacle Renewable Announces New Off Take Contracts in Japan and South Korea

Power News - Published on Fri, 19 Jul 2019

Image Source: Pinnacle Pellet
Pinnacle Renewable Energy Inc announced that it has entered into two new long-term, take-or-pay off-take contracts with customers in Japan and South Korea, both being accelerated growth markets for Pinnacle. The contract in Japan is an extension of an existing contract with Mitsubishi Corporation a global integrated business enterprise in Japan. Under the terms of the contract, Pinnacle will supply 110,000 to 120,000 metric tonnes per annum of industrial wood pellets to Mitsubishi beginning in 2021.

The contract in South Korea is with GS Global Corporation a large diversified conglomerate in South Korea and the first dedicated biomass independent power producer in that country. Under the terms of the contract, Pinnacle will supply 100,000 MTPA of industrial wood pellets to GS beginning in 2022.

Mr Rob McCurdy, CEO of Pinnacle said that "These new contracts represent the strengthening of our relationship with Mitsubishi and expansion of our business in the Asian market, with the relationship with GS marking our third contract in South Korea. With the growth of our contracted back-log and diversification of our counterparties, we are continuing to evaluate and develop further opportunities to add incremental production capacity, supported by our recently expanded credit facility."

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Posted By : Sanju Moirangthem on Fri, 19 Jul 2019
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