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UK's Haven Power to provide Thames Water with renewable energy

(Adds more detail)

LONDON, May 26 (Reuters) - Britain's Haven Power has signed a 520 million pound ($800 million) deal with Thames Water to supply the water utility with renewable electricity over five years, Haven's parent company Drax Group (LSE: DRX.L - news) Plc said on Tuesday.

The deal carries an option for two further five-year renewals which could increase the overall value of the contract to more than 1.5 billion pounds over 15 years, it said.

Haven Power supplies electricity to businesses and sources its power from Drax's power plant in Yorkshire, which is converting from coal to biomass.

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Two of the six units at Drax's 4-gigawatt plant have been converted to biomass and the firm plans to convert another this year.

Thames Water already sources around 20 percent of its electricity from renewables such as solar, wind, hydro and biogas but the deal will enable it to meet all of its electricity needs from renewables.

($1 = 0.6500 pounds) (Reporting by Nina Chestney; editing by Mark Potter and Jason Neely)