Drax snaps up ScottishPower assets in £702m deal

162
Environment lawyers object to Drax gas plans on climate grounds
Drax Power's Selby plant (courtesy of Drax)

Drax is acquiring ScottishPower’s portfolio of pumped storage, hydro and gas-fired generation from Iberdrola in a £702 million deal.

The deal is part of Drax’s vision for a lower-carbon, lower-cost energy future for the UK.

Will Gardiner, Drax Group CEO, said: “I am excited by the opportunity to acquire this unique and complementary portfolio of flexible, low-carbon and renewable generation assets.

“It’s a critical time in the UK power sector. As the system transitions towards renewable technologies, the demand for flexible, secure energy sources is set to grow.

“We believe there is a compelling logic in our move to add further flexible sources of power to our offering, accelerating our strategic vision to deliver a lower-carbon, lower-cost energy future for the UK.”