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Drax submits bids for distressed pellet plants

27 February 2017 09:11

Drax is participating in separate processes for the acquisition out of bankruptcy of the operating assets of Texas Pellets and Louisiana Pellets.

Drax has submitted initial cash bids for these assets as part of an auction process, which will be held on 1 and 2 March.

It said: "Whilst these are binding bids, and could be accepted by the sellers, it is expected that the successful buyer will be determined through auctions."

Drax has previously indicated its intention to expand its self-supply compressed wood pellet operations to support 20-30% 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.

At 9:11am: (LON:DRX) Drax Group PLC share price was +2p at 342.9p

Story provided by StockMarketWire.com

Related Company: DRX

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