Drax, which operates a large power station near Selby in North Yorkshire completed the acquisition of Pinnacle Renewable Energy in the first quarter.
The firm says there's a continued focus on clean energy generation and a reduction in carbon emissions. Commercial coal generation ended in March 2021, with full closure expected in September 2022, and the sale of existing gas generation assets in January 2021
Will Gardiner, CEO of Drax Group, said: "In the first quarter of 2021 we delivered a robust trading and operational performance, alongside steps to further decarbonise the business and support our flexible and renewable generation strategy.
"These include the end of commercial coal generation, the sale of our gas power stations and just last week we acquired leading Canadian biomass producer Pinnacle Renewable Energy Inc.
"The acquisition of Pinnacle positions Drax as the world's leading sustainable biomass generation and supply business.
"This advances our strategy to increase self-supply, reduce our own cost of biomass production and create a long-term future for sustainable bioenergy, which will pave the way for the development of negative emissions from Bioenergy with Carbon Capture and Storage (BECCS).
"BECCS at Drax would make a significant contribution to the UK reaching its new target to cut carbon emissions by 78 per cent by 2035."
Drax said full year expectations for the group remain underpinned by continued good operational availability for the remainder of 2021.
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