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Drax in talks to buy assets from Iberdrola

Staff Writer |
Drax confirmed on Monday that it is in talks with Spain's Iberdrola about the potential acquisition of a UK portfolio of pumped storage, renewable hydro and gas-fired generation assets.

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"The discussions are preliminary in nature and there can be no certainty of any agreement or the timing or terms of any such agreement," the company said in a statement following press speculation over the weekend.

It added that any potential acquisition would be fully debt funded and subject to shareholder approval.

A further announcement will be made as and when appropriate, the company said.

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