Drax Completes US$737 million Acquisition of Solar and Wind Assets from Bluefield

Drax Group plc has completed its £548 million (US$737 million) acquisition of Bluefield Solar Income Fund Limited (BSIF), expanding its renewable energy portfolio with solar and wind assets across the UK.

The deal gives Drax access to 0.9GW of operational and under-construction solar and wind assets, along with a 2.9GW gross development pipeline that could be delivered over the next decade. Combined with Drax’s battery energy storage system (BESS) and open-cycle gas turbine (OCGT) development sites, the company’s renewable and flexible generation portfolio will have a combined capacity exceeding 3GW, surpassing the 2.6GW capacity of Drax Power Station for the first time.

The acquisition is expected to strengthen Drax’s contribution to the UK’s objectives of enhancing energy security, maintaining affordable electricity and advancing the decarbonisation of the power sector. Drax anticipates that the transaction will be supported by robust cash flows from BSIF’s existing operating assets, disciplined capital deployment and attractive returns for its shareholders.