British power generation company Drax has completed the acquisition of 2.6 GW of power assets in the United Kingdom from Iberdrola in a £702m (around €780m) transaction. The deal was announced in October 2018, as part of Iberdrola's €3bn global asset rotation plan and strategy to cut CO2 emissions 30% by 2020 compared to 2007 and be carbon neutral by 2050.
The power plant portfolio consists of the 440 MW Cruachan pumped-storage hydropower plant, the 126 MW Galloway and Lanark run-of-river power plants (109 MW and 17 MW, respectively), and 2 GW of thermal power plants, namely the 805 MW Damhead Creek CCGT power plant in Kent, the 715 MW Rye House CCGT power plant in Hertfordshire, the 420 MW Shoreham CCGT power plant in Brighton and the 60 MW Blackburn Mill CCGT power plant in Blackburn.
The acquisition will increase Drax's power generation capacity by 60%.
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