CANADA (From news reports) -- A property redevelopment company has officially finalized its purchase of the former Espanola pulp and paper mill.

BMI Group signed an agreement to purchase the plant in April, and has since received approvals from the Ontario Energy Board and the Independent Electricity System Operator to complete the purchase.

Domtar, which operated the mill, indefinitely idled the plant and cut 450 jobs in November 2023.

BMI Group CEO Paul Veldman previously told CBC News his company would look at opportunities to continue processing forest products at the plant, including paper or new kinds of biofuels.

In a news release, BMI Group said the site will "build on the innovation of Bioveld Niagara to explore next-generation bio-based industries and energy opportunities rooted in the site's embedded infrastructure and assets."

The company said it will retain employees who operate a hydro dam next to the former mill on the Spanish River.

"The team's continued presence, professionalism, and specialized expertise will help ensure the facility's meaningful contribution to Ontario's renewable energy supply," Veldman said in the news release.

BMI Group says it has successfully redeveloped properties in Ontario, Quebec and Michigan. The company was involved in the redevelopment of the St. Mary's paper mill in Sault Ste. Marie and currently owns the former Abitibi paper mill in Iroquois Falls.