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Drax secures €300m investment from EU

09 Jul 2014
Drax has secured a €300m investment from the European Union to build a power plant in the UK. 

The operator of Britain’s biggest power station will build the new plant next to its existing power station near Selby, in Yorkshire.

The plant will burn coal sufficient enough to power 630,000 homes and 90% of its carbon dioxide emissions will be transported by pipeline for permanent storage deep beneath the North Sea.

Drax has partnered with Alstom and BOC for the project, called White Rose. The joint venture is the first large-scale Carbon Capture and Storage project in the EU, with up to 19 more across the EU totaling €1 billion.

The funding comes from the European NER300 programme – a fund set to up by the European Commission to encourage private investment in low-carbon energy projects.