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Drax to pay 702 million pounds for Scottish Power generation facilities

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Drax to pay 702 million pounds for Scottish Power generation facilities
FILE PHOTO - A generator is seen inside Drax power station in Drax, northern England, February 16, 2011. REUTERS/Nigel Roddis   -   Copyright  Nigel Roddis(Reuters)
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(Reuters) – British power producer Drax <DRX.L> has agreed to buy Scottish Power’s portfolio of pumped storage, hydro and gas-fired power generation assets for 702 million pounds in cash.

The company said on Tuesday it had secured bridge funding of 725 million pounds to finance the deal, which includes the huge Cruachan hydro facility in the Scottish highlands, and expects no impact on its previous guidance for full year earnings before interest, tax, depreciation and amortisation (EBITDA).

(Reporting by Karina Dsouza in Bengaluru; editing by Patrick Graham)

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