Drax in bid to buy assets of embattled US firms
Drax, which operates a giant power station near Selby in North Yorkshire, confirmed today that it wanted to get hold of the operating assets of Texas Pellets and Louisiana Pellets.
It confirmed it has submitted initial cash bids for these assets as part of an auction process, which will be held latert his week.
Advertisement
Hide AdAdvertisement
Hide AdAnd although these are binding bids, and could be accepted by the sellers, it is expected that the successful buyer will be determined through auctions, the company noted.
Earlier, the company has indicated its intention to expand its self-supply compressed wood pellet operations to support 20-30 per cent of its generation requirement.
Subject to a disciplined approach to pricing in the auctions, the acquisition of these assets would help Drax meet this target