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Drax Group plc ( (GB:DRX) ) just unveiled an update.
Drax Group plc has announced the acquisition of three battery energy storage system projects from Apatura Limited, totaling 260MW, with a payment of £157.2 million. This acquisition marks Drax’s first investment in short duration storage, enhancing its FlexGen portfolio and supporting the UK’s energy security and clean power system. The projects, located in Scotland and England, are expected to commence construction in 2026, with the first site operational in 2027. This strategic move aligns with the UK’s increasing reliance on intermittent renewables and the need for dispatchable power, offering Drax significant long-term earnings opportunities and value creation.
The most recent analyst rating on (GB:DRX) stock is a Buy with a £831.00 price target. To see the full list of analyst forecasts on Drax Group plc stock, see the GB:DRX Stock Forecast page.
Spark’s Take on GB:DRX Stock
According to Spark, TipRanks’ AI Analyst, GB:DRX is a Outperform.
Drax Group plc’s overall stock score reflects strong financial performance, particularly in cash generation and profitability, supported by positive technical indicators and a favorable valuation. The recent earnings call provided a positive outlook with strategic growth initiatives, though some challenges in specific market segments persist.
To see Spark’s full report on GB:DRX stock, click here.
More about Drax Group plc
Drax Group plc is a UK-based energy company primarily focused on renewable energy and battery energy storage systems (BESS). The company is involved in the development and operation of long and short duration energy storage, flexible generation, and renewable generation from biomass, aligning with the UK’s energy security and decarbonization goals.
Average Trading Volume: 1,154,079
Technical Sentiment Signal: Buy
Current Market Cap: £2.51B
Find detailed analytics on DRX stock on TipRanks’ Stock Analysis page.