Drax acquires Progress Power

Drax Group plc has acquired four Open Cycle Gas Turbine (OCGT) development projects.

The purchase of Progress Power and three other OCGT developments in England and Wales was announced today as Drax, the FTSE-250 company based in Selby, North Yorkshire, revealed its new purpose and strategy.

Progress Power, which adds to the diversification of Drax’s generation mix, will be entered into future capacity market auctions to secure a 15 year contract. Once a contract is secured, construction will begin.

Read the announcement.

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