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MarketBeat
Mon, June 1, 2026 astatine 7:03 AM CDT 6 min read
Key Points
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Drax agreed to bargain Bluefield Solar Income Fund for astir £561 million, a woody that would grow its UK renewables footprint with astir 900 MW of star and upwind assets positive a 2.9 GW improvement pipeline. The transaction inactive needs BSIF shareholder and regulatory support and is expected to adjacent successful Q3 if completed.
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The acquisition is expected to boost net and trim risk by expanding Drax’s stock of contracted revenues and diversifying its portfolio beyond biomass and flexible generation. Drax besides highlighted imaginable trading, operational and vigor services synergies crossed the larger plus base.
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Drax volition money the acquisition with span financing and intermission its stock buyback until the woody closes, portion keeping its nett indebtedness people of astir 2x adjusted EBITDA. The institution remains committed to dividends and longer-term superior returns, but is prioritizing balance-sheet spot during the acquisition.
Drax Group (LON:DRX) Chief Executive Will Gardiner said the company’s recommended all-cash connection to get Bluefield Solar Income Fund would importantly grow Drax’s U.K. renewables concern and broaden its procreation portfolio, portion prompting a intermission successful its existent stock buyback programme pending completion.
Speaking connected a telephone aft the institution issued an RNS, Gardiner said Drax had agreed a projected acquisition of Bluefield Solar Income Fund, oregon BSIF, for astir £561 million. The transaction remains taxable to support by BSIF shareholders and different regulatory conditions. The shareholder ballot requires 75% of votes formed to beryllium successful favor, and a strategy papers is expected to beryllium posted to BSIF shareholders wrong 28 days of the meeting. Drax expects the acquisition to go effectual during the 3rd 4th of this year.
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Gardiner described BSIF arsenic “an charismatic accidental to substantially turn our U.K. renewables business,” adding that the woody is aligned with Drax’s strategy to allocate up to £2 cardinal into flexible and renewable energy. He said the acquisition would determination Drax toward 3 important generating businesses: biomass, flexible procreation and intermittent renewables.
Bluefield Portfolio Adds Solar, Wind and Development Pipeline
Bluefield Solar Income Fund is simply a U.K.-listed concern money with astir 900 megawatts of operational star and upwind assets crossed much than 200 sites successful England, Scotland, Wales and Northern Ireland, Gardiner said. It besides has a 2.9-gigawatt improvement pipeline that Drax would measure aft taking control, successful enactment with its superior allocation policy.
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