Drax Aims for $12.5 Billion US Power Push Drawn by Subsidies
- Generous US clean energy subsidies make Drax’s business case
- Company CEO says biomass use must be limited to keep it green
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Drax Group Plc, operator of the UK’s largest power station, aims to invest $12.5 billion building new biomass power plants in the US over the next decade, taking advantage of generous subsidies.
The first plant will need between $2 billion to $3.5 billion in investment and could be ready by 2030, Chief Executive Officer Will Gardiner said in an interview. Twenty further sites are being evaluated for future projects to be built under Drax’s newly launched US-based subsidiary Elimini, according to a press statement.