Bloomberg the Company & Products

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Drax Plan to Switch to Wood From Coal May Get $160 Million Loan

Don't Miss Out —
Follow us on:

June 27 (Bloomberg) -- The European Investment Bank is considering whether to approve a loan to Drax Group Plc for its plan to convert Britain’s largest coal-fired power station to burn wood.

The bank may lend 123 million euros ($160 million) to the project that will help Drax turn half the six units at its site in Selby, northeast England, to burn biomass in the next three to four years, the EIB said today in a statement on its website.

Drax already has received funding from the U.K.’s Green Investment Bank alongside Prudential Plc and the M&G U.K. Companies Financing Fund toward its $1 billion plan. RWE AG of Germany and the Dutch utility Dong Energy A/S are also switching to renewable fuels as they strive to meet European Union air-pollution standards.

To contact the reporter on this story: Louise Downing in London at

To contact the editor responsible for this story: Reed Landberg at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.