September 22, 2018 / 9:50 PM / in a month

Drax Group says in talks to buy power assets from Iberdrola

LONDON (Reuters) - Britain’s Drax group (DRX.L) said on Saturday it was in discussions with Spain’s Iberdrola (IBE.MC) about the potential acquisition of a UK portfolio of pumped storage, renewable hydro and gas-fired generation assets.

FILE PHOTO: The logo of Spanish utility company Iberdrola is seen outside its headquarters in Madrid, Spain, May 23, 2018. REUTERS/Sergio Perez

“The discussions are preliminary in nature and there can be no certainty of any agreement or the timing or terms of any such agreement,” Drax said in a statement.

“Any potential acquisition would be fully debt funded and subject to shareholder approval.”

Reporting by Alistair Smout; Editing by Bill Trott

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