Rayonier Advanced Materials

Rayonier Advanced Materials Inc. announced that construction is underway on Altamaha Green Energy, a 70 MW biomass cogeneration project adjacent to its Jesup, Georgia manufacturing facility. The project is being developed in partnership with Albioma and the Beasley Group and will generate renewable electricity under a long-term power purchase agreement with Georgia Power while providing process steam to the Jesup facility, with commercial operations expected to begin in 2029. Through its land and prior investments, RYAM expects to retain an initial 14% equity interest in AGE, with an option to purchase additional equity that would raise its total ownership to as much as 16%. Based on current projections, RYAM expects to receive approximately $8 million to $10 million in annual distributions from AGE once the facility is operational, and the project is expected to avoid approximately $30 million in future capital expenditures that would otherwise have been required to maintain and replace legacy utility assets at Jesup. Chief Executive Officer Dan Krawczyk called the start of construction an important milestone, saying the capital-light structure lets RYAM retain meaningful ownership and long-term upside while preserving capital for its core business.