Drax secures financing for biomass-fuelled electricity generator

Coal-fired power plant operator Drax has secured committed financing to support the group's transformation into a predominantly biomass-fuelled electricity generator.

Coal-fired power plant operator Drax has secured committed financing to support the group's transformation into a predominantly biomass-fuelled electricity generator.

As of June 30th this year, the group held net cash of £233m. In addition, as Drax has previously announced, it has additional components of its funding programme comprising a £100m amortising term loan facility agreed with the Prudential/M&G UK Companies Financing Fund in July 2012 and £190m gross proceeds from an equity placing in October 2012.

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