On July 4, 2019, Pinnacle Renewable Energy Inc. (“Pinnacle”) announced it has entered into a partnership with Tolko Industries Ltd. (“Tolko”) to develop a new industrial wood pellet production facility in High Level, Alberta (the “Facility”). Pinnacle and Tolko will each own a 50% interest in the Facility. The Facility will be built next to Tolko’s existing saw million High Level. The Facility is expected to have a run-rate production capacity of 170,000 to 200,000 metric tons per annum.
The capital cost of the Facility is expected to be $54 million, with 50% funded by Pinnacle and 50% by Tolko.
Pinnacle was represented in-house by Ranj Sangra, General Counsel and Corporate Secretary.
DLA Piper (Canada) LLP
acted as lead counsel to Pinnacle with a team that included Brian Hiebert, Michael Mjanes and Antony Cortese.
Blake, Cassels & Graydon LLP
acted as lead counsel for Tolko with a team that included Sam Adkins and Emma Costante.