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Drax to pay 702 million pounds for Scottish Power generation facilities

Reuters - UK Focus

Oct (Shenzhen: 000069.SZ - news) 16 (Reuters) - British power producer Drax has agreed to buy Scottish Power's portfolio of pumped storage, hydro and gas-fired power generation assets for 702 million pounds ($922.85 million) in cash.

The company said on Tuesday it had secured bridge funding of 725 million pounds to finance the deal, which includes the huge Cruachan hydro facility in the Scottish highlands, and expects no impact on its previous guidance for full year earnings before interest, tax, depreciationa and amortisation (EBITDA).

($1 = 0.7607 pounds) (Reporting by Karina Dsouza in Bengaluru; editing by Patrick Graham)