NORTH Yorkshire power giant Drax has completed its £340 million deal to acquire Opus Energy after shareholders gave their backing to the move.

The takeover, which was announced in December and has now received shareholder approval, will see Drax expand its retail offering at it looks to diversify and expand its market share.

Opus Energy Group, which suppliers power to SMEs, has grown over the last 15 years to become one of the UK’s biggest suppliers of energy to business customers, with a market share of 8.3 per cent of non-domestic business supply and more than 295,000 customer sites supplied.

The brand will sit alongside Drax’s existing Haven Power brand that suppliers larger industrial customer after 83 per cent of shareholders agreed to the acquisition.

Dorothy Thompson, Chief Executive of Drax Group, said the deal marks “another step forward in delivering our Group-wide strategy.”

She said: “This addition to our existing retail offer will see our challenger brands, Opus Energy and Haven Power, working to provide the UK’s businesses with affordable, reliable and renewable energy.”

At the time of announcing the deal, Drax, which is converting its Selby-based plant from coal generation to biomass, also revealed plans to purchase four open cycle gas turbine (OCGT) development projects, which it said could potentially used for gas-fired plants.

Speaking at the time the Opus board said: “We are pleased to announce that the shareholders of Opus Energy have unanimously agreed to accept Drax’s offer to acquire the whole of the Opus group subject to certain completion conditions.

“Since its inception in 2002, the company has grown to become one of the UK’s biggest suppliers of energy to business customers, with a market share of 8.3 per cent of non-domestic business supply and over 295,000 customer sites supplied.

“The shareholders believe that the offer from Drax provides a unique opportunity which is strategically compelling for the Opus Energy group and which will allow the business to move forward to its next stage of growth.”

Drax share price soared after plans for the takeover were announced as investors showed their immediate support for the plans.