UK power generator Drax Group has completed the acquisition of pumped storage and hydro plants in Scotland from Iberdrola, as part of a wider £702m deal that also includes gas-fired generation assets.
The hydro plants are the 440MW Cruachan pumped storage project in Argyll and run-of-river facilities in Galloway and Lanark totalling 126MW.
The deal covers assets totalling 2.6GW, and also includes a biomass-from-waste facility in Daldowie, Scotland, and four combined-cycle gas turbine stations in England.
Drax said its generation capacity in the UK increases by 60% following the completion of the deal.
Drax Group chief executive Will Gardiner said: “As a British energy company, we are very proud to be the new owners of these critically important power stations across England and Scotland.
“For decades Drax has been at the heart of our energy system and now we’re going to play a bigger role than ever.
“We are investing in Great Britain by acquiring this portfolio of flexible, low-carbon and renewable generation assets.
“They complement our existing activities by providing very flexible power which not only keeps the lights on for thousands of households, but also provides crucial system support services to the grid, maintaining secure supplies and enabling more renewables like wind and solar onto the system.”