Reports related to this article:
Project(s): View 3 related projects in PECWeb
Plant(s): View 1 related plant in PECWeb
Released July 04, 2013 | GALWAY, IRELAND
en
Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland) - The U.K.'s largest coal-fired plant could be in line for additional European funding to convert half of its units from burning coal to biomass.
The European Investment Bank (EIB) is considering loaning U.K. firm Drax Group plc (LSE:DRX) (Selby, England) 123 million ($160 million) to support its coal-to-biomass conversion project at the 4,000-megawatt (MW) coal-fired plant in Selby.
The financing is currently "under appraisal" the EIB stated. If granted it would go towards converting three of the six coal-fired units at the power plant for burning biomass. Last summer, Drax confirmed its plans to invest up to 893 million ($1.1 billion) to carry out converting the units. For additional information, see related August 1, 2012, article - Drax Coal-fired Plant Switching to Biomass.
The project will involve retrofitting large sub-critical pulverised coal-fired units to fire approximately 100% from biomass (wood pellets) and includes the building of biomass handling facilities as well as boiler modifications. Drax said the project will contribute to meeting electricity demand using a renewable source, as well as help contribute to the diversification of fuel and electricity supply.
In April, Drax acquired the British power producer and obtained an 88 million ($114 million) loan from insurance firm, Friends Life, for the project.
Tony Quinlan, finance director of Drax said: "This further strengthens our balance sheet, as we progress our project to transform the largest coal-fired power station in the UK into an electricity generator fuelled predominantly by sustainable biomass. The benefits are multiple, from securing jobs at Drax and across the UK in the supply chain to providing low carbon, cost effective and reliable renewable power for the consumer."
In March, Drax awarded a new contract to upgrade the intermediate pressure (IP) turbines in three of the plant's operating units to Siemens Energy Service Fossil (Newcastle, England), a subsidiary of German engineering giant Siemens (NYSE:SI) (Munich, Germany). In 2012, Siemens finished a five-year overhaul of all of the steam turbines in a contract worth 125 million ($160.6 million). For additional information, see related May 12, 2012, article - U.K. Drax Coal-fired Plant Cleans up Act.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
The European Investment Bank (EIB) is considering loaning U.K. firm Drax Group plc (LSE:DRX) (Selby, England) 123 million ($160 million) to support its coal-to-biomass conversion project at the 4,000-megawatt (MW) coal-fired plant in Selby.
The financing is currently "under appraisal" the EIB stated. If granted it would go towards converting three of the six coal-fired units at the power plant for burning biomass. Last summer, Drax confirmed its plans to invest up to 893 million ($1.1 billion) to carry out converting the units. For additional information, see related August 1, 2012, article - Drax Coal-fired Plant Switching to Biomass.
The project will involve retrofitting large sub-critical pulverised coal-fired units to fire approximately 100% from biomass (wood pellets) and includes the building of biomass handling facilities as well as boiler modifications. Drax said the project will contribute to meeting electricity demand using a renewable source, as well as help contribute to the diversification of fuel and electricity supply.
In April, Drax acquired the British power producer and obtained an 88 million ($114 million) loan from insurance firm, Friends Life, for the project.
Tony Quinlan, finance director of Drax said: "This further strengthens our balance sheet, as we progress our project to transform the largest coal-fired power station in the UK into an electricity generator fuelled predominantly by sustainable biomass. The benefits are multiple, from securing jobs at Drax and across the UK in the supply chain to providing low carbon, cost effective and reliable renewable power for the consumer."
In March, Drax awarded a new contract to upgrade the intermediate pressure (IP) turbines in three of the plant's operating units to Siemens Energy Service Fossil (Newcastle, England), a subsidiary of German engineering giant Siemens (NYSE:SI) (Munich, Germany). In 2012, Siemens finished a five-year overhaul of all of the steam turbines in a contract worth 125 million ($160.6 million). For additional information, see related May 12, 2012, article - U.K. Drax Coal-fired Plant Cleans up Act.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
