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Drax Power Station secures £100m for biomass project
8:51am Friday 21st December 2012 in Business news
DRAX Power Station has secured funding of up to £100 million from the Green Investment bank to support its transformation into a predominantly biomass-fuelled electricity generator.
Tony Quinlan, finance director of the power station near Selby, said he believed the financing was a clear demonstration of support from the investment community for its biomass strategy.
“We are making very good progress with our project to transform the largest coal plant in the UK into an electricity generator fuelled predominantly by sustainable biomass,” Mr Quinlan said.
“The benefits are multiple, from securing jobs at Drax and across the UK in the supply chain to providing low carbon, cost-effective and reliable renewable power for the consumer.”
Paul Hamer, chairman of the Leeds City Region Green Economy Panel, said the announcement clearly demonstrated the scale of investor confidence in the region’s energy sector.
“Together with Government’s decision earlier in the year to shortlist Drax for £1billion of carbon capture and storage investment, the role that Leeds City Region electricity generators will play in reducing emissions from the UK energy mix is becoming increasingly clear,” he said.