Scottish Power assets suitor Drax confirms talks
24 SEP 2018
Drax [LON:DRAX] has confirmed it is negotiating the acquisition of Scottish Power assets from Iberdrola [BME:IBE] of Spain, The Times reported. The UK-based assets under discussion include hydroelectric, gas-fired and pumped storage facilities, Drax said.
Any transaction is to be fully debt financed and will need first to secure the approval of shareholders, Drax said.
Scottish Power did not wish to make any comment, the item reported.
The terms of the deal were not reported but Scottish Power’s gas-fired plants alone last year generated GBP 23.4m (USD 30.6m) pre-tax profits, the report said.