Fortress Paper Ltd. (FTP), a Canadian wood pulp maker that’s expanding into renewable-energy production, dropped the most in more than two months after delaying the startup of its cogeneration project at a cellulose mill.
Fortress fell 19 percent to C$8.69 at the close in Toronto, the most since Nov. 5.
The cogeneration project in Quebec has been held up by “piping-related delays” and reduced labor availability, the Vancouver-based company said today in a statement. The project may cost 10 percent to 20 percent more than originally expected, according to the statement.
Fortress expects to begin delivering power from the plant, which generates electricity from forest-industry waste, to Hydro Quebec late in the first quarter or early in the second quarter, according to the statement.
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