Drax Group plc (GB:DRX) has released an update.
Drax Group plc has reported a robust performance in system support and generation for the first quarter of 2024, with expectations for full-year Adjusted EBITDA aligning with analysts’ consensus. The company has strengthened its balance sheet through refinancing, including approximately £408 million in term loans and a €350 million five-year bond, while also progressing with its biomass power generation and BECCS (Bioenergy with Carbon Capture and Storage) projects. Drax is also preparing for the repayment of its 2025 bonds and continues to explore opportunities for growth in the global carbon removals market.
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