BMI Group, a leading industrial development company, has formed Bioveld North Inc. This strategic subsidiary has signed an Asset Purchase Agreement with Domtar to acquire the former Espanola pulp and paper mill. The closing of the sale is subject to customary regulatory approvals. Until then, Domtar will retain ownership of the assets.
The comprehensive agreement includes a 16MW hydropower plant and dam that currently supply Ontario's power grid. BMI Group will invest in these energy assets to ensure their long-term viability and continued contribution to the region's sustainable energy resources.
BMI specializes in "ready-stating and re-futuring," a process that has successfully remobilized idle industrial properties across Ontario, Quebec, and Michigan by retooling valuable infrastructure for new uses.
The mill, which was indefinitely idled in 2023, employed 450 workers, 32 of whom continue to manage and maintain the site.
