Canadian and US Biomass Fuel Investments Increase
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Resolute Acquires Biomass, Other Wood Products Interests
Quebec-based Resolute Forest Products recently announced two separate acquisitions as the company grows its wood products operations portfolio. Resolute reached a $50 million agreement with Louisiana-Pacific Corp. to buy out the latter’s 50 per cent stake in two joint ventures involving i-joist production facilities in the Lac-Saint-Jean region of Quebec.
The company also announced it will purchase Boralex Inc.’s last remaining biomass cogeneration facility, located in Senneterre, QC, for an undisclosed amount.
Resolute said that the acquisition of the 34.5 MW facility, which is adjacent to one of its sawmills, will maximize the use of biomass from regional forest and milling operations, generate renewable power, and provide a pathway for economic growth in the Abitibi-Témiscamingue region of Quebec.
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US Government to Invest US$1 Billion in “Climate-Smart” Commodities
The United States Department of Agriculture announced in early February plans to invest US$1 billion in partnerships to support so-called “climate-smart” farming, ranching, and forestry practices. The new Partnerships for Climate-Smart Commodities opportunity will finance pilot projects that create market opportunities for agricultural and forestry producers that include innovative and cost-effective methods to measure and verify carbon emission reductions and other greenhouse gas benefits.
The USDA is currently accepting project applications for fiscal year 2022. The initiative defines a “climate-smart” commodity as an agricultural commodity that is produced using farming, ranching, or forestry practices that reduce greenhouse gas emissions or sequester carbon. The program will be funded through the USDA’s Commodity Credit Corp., aimed at supporting and providing incentives to pilot projects that implement production practices, activities and systems that satisfy the Department’s definition of “climate-smart”.
The USDA’s published notice of funding opportunity outlines the parameters necessary to be considered for funding, with projects such as biochar and anaerobic digestion included in the scope of the program. Applications for the first funding pool of the program, which covers proposals in the range of US$5 million to US$100 million, must be submitted by April 8, 2022.