Drax Group completed the acquisition of renewable assets portfolio from Iberdrola for £702m.

Drax Group, a power generation business, completed the acquisition of renewable assets portfolio from Iberdrola, a Spanish multinational electric utility company, for £702m. “I am excited by the opportunity to acquire this unique and complementary portfolio of flexible, low-carbon and renewable generation assets. It’s a critical time in the UK power sector. As the system transitions towards renewable technologies, the demand for flexible, secure energy sources is set to grow. We believe there is a compelling logic in our move to add further flexible sources of power to our offering, accelerating our strategic vision to deliver a lower-carbon, lower-cost energy future for the UK," Will Gardiner, Drax Group CEO.