Drax Completes GBP193 Million Sale Of Gas Assets To VPI
Mon, 1st Feb 2021 08:44
(Alliance News) -Â Power station operator Drax Group PLC on Monday said it will end commercial coal generation at the end of March as it completed the sale of Drax Generation Enterprise Ltd.
Drax on Monday said it has completed the sale of Drax Generation Enterprise, which holds four combined cycle gas turbine power stations, to VPI Generation Ltd.
The deal, worth GBP193.3 million, was first announced back in December. At that time, Drax said the power stations had performed well since being acquired at the end of 2018, but they didn t form part of its renewable generation strategy.
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Drax Group plc on Dec. 15 announced it has reached an agreement to sell its natural gas-fueled power generation assets. The company said it will use the proceeds from the sale to develop its biomass supply chain and support its plans to become carbon negative by 2030.
The company has reached an agreement to sell Drax Generation Enterprise Ltd., which holds four combined cycle gas turbine (CCGT) power stations, to VPI Holding Ltd. for £193.3 million. The transaction is expected to close in January.
Drax acquired the CCGTs in December 2018. The company said the assets do not form part of its core flexible and renewable generation strategy.
Flexible and renewable focus : Drax to sell four gas power stations in £193m deal
Cooling domes at Drax s inconic North Yorkshire power station | Drax
Sale of four combined cycle gas turbine sites acquired just two years ago will allow Drax to slash emissions and enhance its focus on flexible and renewable power generation, company says
Drax has agreed to sell four UK combined cycle gas turbine (CCGT) power stations in a deal worth £193.3m with a holding company owned by Dutch energy trader Vitol, as the UK energy giant looks to double.
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