Waste to Energy
Announcements prior to September 2017, including this announcement, occurred under previous ownership.
20 December 2012
As part of a financing package announced by Drax today, GIB will provide an amortising term loan facility of up to £100 million, alongside the Prudential and M&G UK Companies Financing Fund who committed equivalent funding in July 2012. The loan will be made on commercial terms. Drax also today announced a £400 million revolving credit facility maturing in April 2016, replacing the existing £310 million revolving credit facility.
Drax power station is located in North Yorkshire. It is the largest power station in Western Europe with generating capacity of 3,960 MW and provides approximately 7 percent of the UK's electricity supply.
The loan will enable Drax to complete a capital investment programme to convert three of its six 660 MW coal units and supporting infrastructure to operate on biomass. The conversion project has the potential to deliver more than 10 TWh of renewable electricity per year, equivalent to the needs of more than 2 million homes.
Shaun Kingsbury
CEO of the UK Green Investment Bank
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