Pinnacle Renewable Energy announces new off-take contract in Japan
In Canada, British Columbia (BC) headed Pinnacle Renewable Energy Inc., (Pinnacle) the world's second-largest wood pellet producer has announced that it has entered into a new long-term, take-or-pay off-take contract with Mitsui & Co. Ltd (Mitsui), a large, diversified trading company in Japan.
Under the terms of the contract, Pinnacle will supply 100 000 tonnes-per-annum of industrial wood pellets to Mitsui beginning in Q3 2023. The pellets will be used by a biomass power generation plant in Japan.
We are pleased to enter into this new relationship with Mitsui and our fourth contract with Asian customers this year. Our growing order book in Japan underscores both Japan’s strong commitment to decarbonization and the strength of our competitive position in this market. We are also pleased to support the B.C. economy through our growing exports of industrial wood pellets to Asia, said Robert McCurdy, CEO of Pinnacle.
Japan is a supportive market for renewable energy, targeting 3.7 percent to 4.6 percent from biomass or 20 million tonnes per annum in pellet equivalent terms, providing Pinnacle with a “compelling opportunity” to continue growing in this market.
I am excited about this new partnership between Pinnacle Renewable Energy and Mitsui & Co, which uses B.C. wood waste to generate good jobs in B.C. and power clean, renewable electricity in Japan, said John Horgan, Premier of B.C.