UK power producer Drax secures financing for biomass transformation

UK power producer Drax secures financing for biomass transformation

SELBY, ENGLAND, Dec. 20, 2012 (Press Release) - Drax is pleased to announce that it has now secured committed financing to support the Group's transformation into a predominantly biomass-fuelled electricity generator.

We held net cash of £233 million at 30 June 2012, providing a strong foundation for investment in the business. In addition, we have previously announced the following components of our funding program:

  • £100 million amortizing term loan facility agreed with the Prudential / M&G UK Companies Financing Fund in July 2012 (note 1)
  • £190 million (gross) proceeds from an equity placing in October 2012


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