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UK's Drax completes acquisition of Pinnacle Renewable

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LONDON (Reuters) - British power producer Drax said on Tuesday it completed its purchase of Canada-based Pinnacle Renewable Energy Inc, a producer of compressed bioenergy pellets.

The acquisition will increase Drax’s annual operational capacity to 4.9 million tonnes of sustainable biomass pellets from 2022, up from 1.6 million tonnes now, the company said.

"As well as making Drax an international supplier of sustainable biomass, this deal advances our strategy to increase self-supply (and) reduce our own biomass production cost," said Drax CEO Will Gardiner.

Pinnacle Renewable Energy produces sustainable fuel for renewable electricity generation and the deal values the company at C$741 million ($588 million) including debt.

Majority of Drax and Pinnacle shareholders approved the transaction.

(Reporting by Bozorgmehr Sharafedin; editing by Jason Neely)