RENFREW COUNTY ISSUED ‘AA’ RATING BY BDO ZONE INITIATIVE Ontario’s Renfrew County, located near Ottawa, has been issued a BDO Zone ‘AA’ rating — the first such distinction for pulpwood in the province and an indication of a robust outlook for its woody biomass sector. It’s also the second highest rating available under the initia-tive, which ranges from “AAA” (highest quality) to “CC” and “NR” (High risk and no rating). Located in Pembroke, Ont., the newly rated zone can handle up to 485,000 green metric tons of woody biomass annually. Ac-cording to the BDO Zone Initiative, such ratings are given based on the projected capacity of a region to support biobased plant operations without significant risk of default. David Wybou, business development officer for the County of Renfrew, emphasized the historical importance of forestry to the region and expressed eagerness to collaborate with biobased companies to explore new markets. “Forestry has always been a foundational pillar within Renfrew County and we are eager to engage with biobased companies to expand and diversify our biomass into new markets. We take great pride in the sustainable management of our forests and the BDO Zone rating underscores our commitment to advancing biobased economic development and fostering job creation,” said Wybou. Jordan Solomon, chairman of the BDO Zone Initiative, point-ed out that Renfrew County’s longstanding tradition of sustain-able forestry positions it well within the sector. “Building on their rich history of sustainable forestry through generations, Renfrew County’s ‘AA’ rating positions them as a frontrunner in the province,” he said. “The rating will serve to unlock new markets and opportunities for woody biomass utiliza-tion, and spur biobased economic growth for the region.” Renfrew County, Ontario’s largest county covering 7,645 square kilometers, is home to 108,000 residents with Pembroke as its central hub. It is strategically connected by Trans-Canada Highway 17 and Highway 41. WPAC NAMES SAFETY HEROES Congratulations to Premium Pellet’s Buddy Berg and Cody Braun, the first Safety Heroes to be recognized by the Wood Pellet Association of Canada (WPAC) for their significant contributions to workplace safety. Both Berg and Braun are members of the safety-centered team at Premium Pellet who consistently step-up to help the wood pellet industry and other frontline workers to ensure leading safety practices are implemented and embraced. Berg, plant operator, walks the talk and his can-do atti-tude led to a leading role in WPAC’s safety video, The Pow-er of Pellets: Innovating Our Way to a Safer Better Product, while he was working as the plant’s interim production su-pervisor. Berg also served as a key member of the bow tie analysis workshop team for WPAC’s critical control man-agement project. Braun, plant operator, played a key role in providing in-put into WPAC’s and BC Forest Safety Council’s e-learn-ing platform. In order to have a smooth rollout of the pro-gram, operators were needed to review the modules and identify gaps in content and subject matter that needed clarification. Along with operators from facilities across Canada, including Berg, Braun completed the review of four important plant operator modules and recommended several key improvements. “Cody has become a very safe and diligent Plant Op-erator,” said Wall. “Cody makes great efforts to run the plant to design protocols and manages his crew well in the safety and cleanliness programs, along with the operation-al functions.” ENVIVA FILES FOR BANKRUPTCY PROTECTION IN VIRGINIA Maryland-based Enviva, which bills itself as the world’s largest producer of industrial wood pellets, has filed for Chapter 11 bank -ruptcy protection in Virginia. The company said it has debts ex-ceeding $2.6 billion (all figures U.S.). That includes $780 million owed to a bank in Delaware; $348 million to an energy company in Germany; and more than $353 million in bonds from development authorities in Mississippi and Alabama. Enviva said it has entered into two Restructuring Support Agreements (RSAs): One RSA with an ad hoc group of holders representing about 72 per cent of its senior secured credit facility, approximately 95 per cent of its 2026 senior notes, approximately 78 per cent of bonds related to its Epes, Alabama plant currently under construction, and about 45 per cent of bonds related to its greenfield project near Bond, Mississippi; and a second RSA with certain holders representing more than 92 per cent of bonds relat-ed to the Bond project. The RSAs have broad support across the company’s capital structure and are designed to support an expedited restructuring to reduce the debt by about $1 billion, as well as improve profitability, strengthen liquidity, and better position the business for long-term success as the world’s largest producer of industrial wood pellets, it said in a press release. It has also secured commitments for $500 million in debt-or-in-possession (DIP) financing and other financing accommo -dations from the ad hoc group. The DIP facility is expected to provide, subject to court approval, sufficient liquidity to support continued operations across its business throughout the restruc-turing, as well as help fund the completion of the Epes plant. SPRING 2024 6 Canadian BIOMASS
Canadian Biomass Spring 2024: Page 6
