Wood pellets exporter Altus Renewables has popped the bonnet for a handful of suitors, in a bid to lure a deep-pocketed buyer that could help fuel its expansion plans.
Wood pellets exporter Altus Renewables has popped the bonnet for a handful of suitors in a bid to lure a deep-pocketed buyer that could help fuel its expansion plans.Louie Douvis
The privately-owned Altus expects to make 100,000 tonnes of wood pellets at Tuan in FY23, turning forestry waste into dry pellets and exported offshore to fuel or as a complementary fuel in power stations. Suitors said they were asked to bid for the company in full, although the owners may consider other transaction structures. RBC Capital Markets and Gresham are advising the company.The initial pitch, seen by Street Talk, said Altus’ industrial wood pellet industry was experiencing an extended period of rapid demand growth, driven by commitments to phase out coal and meet greenhouse gas emission targets.