Companies & Finance

Drax buys Scottish Power’s UK gas and hydro portfolio for £702 mln

Drax Group has bought Scottish Power’s portfolio of gas-fired power plants and pumped storage and hydropower assets.
By Staff reporter 16 October 2018 0 32918

UK generation company Drax Group has bought Scottish Power’s portfolio of gas-fired power plants and pumped storage and hydropower assets.

Drax said it will pay £702 million ($927 million) in cash to Spanish utility Iberdrola, Scottish Power’s parent company.

“I am excited by the opportunity to acquire this unique and complementary portfolio of flexible, low-carbon and renewable generation assets. As the system transitions towards renewable technologies, the demand for flexible, secure energy sources is set to grow,” Will Gardiner, Drax’s chief executive, said in a note.