VPI Holding to acquire Drax Generation Enterprise from Drax for $258m.

VPI Holding, a provider of electric transmission and distribution services, agreed to acquire Drax Generation Enterprise, which holds four Combined Cycle Gas Turbine power stations, from Drax, a British electrical power generation company, for $258m. "By focusing on our flexible and renewable generation activities in the UK we expect to deliver a further reduction in the Group's CO2 emissions, which should accelerate our ambition to become not just carbon neutral but carbon negative by 2030. By using carbon capture and storage with biomass (BECCS) at the power station in North Yorkshire to underpin the decarbonisation of the wider Humber region, we believe we would be creating and supporting around 50k new jobs and delivering a green economic recovery in the North. We greatly value the contribution that our colleagues in gas generation have made to the Group over the last two years. As we focus on a renewable and flexible portfolio, it is right that we divest these gas generation assets and in doing so create value for our shareholders," Will Gardiner, Drax Group CEO.