Investment in green energy

New pics showing the first of four giant biomass storage domes being erected at the Drax coal-fired power station in North Yorkshire as part of plans to transform it into a predominantly renewable energy generator

Published on 28/12/2012 07:44

DRAX Power Ltd has reaffirmed its green credentials after securing a commitment to finance its transformation into a predominantly biomass-fuelled power plant.

The power giant, already held net cash of £233 million at June 30 on top of a previously agreed £100m loan agreed with the Prudential/M&G UK Companies Financing Fund in July 2012, and £190 million (gross) proceeds from an equity placing in October 2012.

It has now agreed a further £100 million loan with the UK Green Investment Bank and £400 million revolving credit facility maturing in April 2016, which will replace its existing £310 million revolving credit facility.

A spokeswoman for Drax said: “This financing, together with steps we have taken over the last three years to restructure our business and trading arrangements, enables Drax to trade successfully as either an investment grade or sub investment grade entity.”

Finance director of Drax Tony Quinlan said: “We are very pleased to have successfully secured this financing. We believe it is a clear demonstration of support from the investment community for our biomass strategy. We particularly welcome the involvement of the UK Green Investment Bank. We are making very good progress with our project to transform into an electricity generator fuelled predominantly by sustainable biomass. The benefits are multiple, from securing jobs at Drax and across the UK in the supply chain to providing low carbon, cost effective and reliable renewable power for the consumer.”

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Investment in green energy

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