Drax Group has completed the acquisition of ScottishPower’s portfolio of pumped storage, hydro and gas-fired generation assets from Spanish utility Iberdrola SA for £702 million ($885 million).
The portfolio consists of the Cruachan pumped-storage hydro facility and run-of-river hydro locations at Galloway and Lanark, all in Scotland. In addition, the portfolio includes four combined cycle gas turbine stations at Damhead Creek, Rye House, Shoreham and Blackburn Mill in southeast England, as well as a biomass-from-waste facility in Daldowie in Scotland.
The acquisition was originally announced in October, when ScottishPower switched to 100 percent renewables. The move made ScottishPower the first energy company of its kind in the United Kingdom to shift completely from coal and gas generation to wind.
