On Tuesday 1 January it was announced by Drax that it had completed the purchase of Iberdrola’s portfolio of flexible, low-carbon and renewable assets across England and Scotland for £702mn, subject to customary adjustments. First announced in October 2018, the acquisition adds 2.6GW to Drax’s portfolio and increases the company’s electricity generation capacity by 60%. Drax Group CEO Will Gardiner said the assets “complement our existing activities by providing very flexible power which not only keeps the lights on for thousands of households, but also provides crucial system support services to the grid, maintaining secure supplies and enabling more renewables like wind and solar onto the system”.
