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Foresta signs Term Sheet with Tailored Energy Resources Foresta Group Holdings Limited (ASX: FGH, “Foresta” or the “Company”) is a leading natural and renewable pine chemical and biomass pellet manufacturing company.
Foresta is pleased to announce that its subsidiary Foresta NZ Limited and Tailored Energy Resources Limited have signed a Term Sheet in relation to an offtake agreement for the supply of up to 400,000 tonnes per annum of torrefied wood pellets. The initial term is for a period of eight (8) years and supply of approximately 2,400,000 tonnes of torrefied wood pellets in total, commencing at the commissioning of the proposed integrated manufacturing facility at Rotorua, New Zealand.
Tailored Energy Resources Limited is an energy distribution company based in the South Island, New Zealand, supplying solid fuels, mainly coal and wood pellets, for raw resource processing such as milk, meat and wool as well as energy supply for industrial heating of schools, hospitals and horticulture.
Tailored Energy Resources Limited wish to offer their South Island client base an alternative energy fuel source that fits with their current infrastructure and reduces the burden of the Emissions Trading Scheme on their business.