UK power generator Drax Group is in discussions with Iberdrola regarding the possible acquisition of a UK portfolio of pumped storage, hydro and gas-fired generation assets.
Drax said the talks are “preliminary in nature and there can be no certainty of any agreement or the timing or terms of any such agreement”.
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It added that any potential acquisition would be funded using debt finance and would be subject to approval by the company’s shareholders.
More details will be available “as and when appropriate”, Drax said.