Drax reaches agreement to sell gas assets for £193m
The British power producer plans to use the proceeds from the sale to develop its biomass business
Image: Drax
Drax has agreed to sell four combined cycle gas turbine (CCGTs) power stations to VPI Holding for £193.3 million.
The gas assets are located in the South East of England and in Lancashire.
Drax acquired the CCGTs from Iberdrola in December 2018 as part of a portfolio of pumped storage, hydro and gas generation.
The company said it will use the proceeds from the sale to develop its biomass supply chain and accelerate its ambition to become a ‘carbon-negative’ business by 2030.